Cantor Fitzgerald Increases MongoDB (NASDAQ:MDB) Price Target to $416.00

MongoDB (NASDAQ:MDB) had its target price increased by research analysts at Cantor Fitzgerald from $378.00 to $416.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 27.56% from the stock’s current price.

MDB has been the subject of a number of other research reports. Sanford C. Bernstein downgraded MongoDB from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 3rd. Wedbush decreased their price objective on MongoDB from $440.00 to $380.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Piper Sandler decreased their price objective on MongoDB from $490.00 to $330.00 and set an “overweight” rating for the company in a report on Tuesday, March 3rd. The Goldman Sachs Group decreased their price objective on MongoDB from $475.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Finally, Zacks Research upgraded MongoDB from a “strong sell” rating to a “hold” rating in a report on Friday, May 15th. Twenty-six analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, MongoDB currently has a consensus rating of “Moderate Buy” and a consensus price target of $374.63.

MongoDB Price Performance

Shares of MongoDB stock opened at $326.13 on Tuesday. The company has a market cap of $26.21 billion, a PE ratio of -370.60 and a beta of 1.48. The business has a 50 day moving average of $269.54 and a 200 day moving average of $334.71. MongoDB has a 52 week low of $182.43 and a 52 week high of $444.72.

MongoDB (NASDAQ:MDB) last announced its earnings results on Monday, March 2nd. The company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.18. The company had revenue of $695.07 million during the quarter, compared to the consensus estimate of $669.40 million. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.28 earnings per share. On average, research analysts anticipate that MongoDB will post -0.46 earnings per share for the current year.

Insiders Place Their Bets

In other MongoDB news, Director Hope F. Cochran sold 1,566 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $249.33, for a total value of $390,450.78. Following the completion of the transaction, the director owned 24,093 shares in the company, valued at approximately $6,007,107.69. This represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dwight A. Merriman sold 10,000 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $297.99, for a total value of $2,979,900.00. Following the completion of the sale, the director directly owned 993,316 shares in the company, valued at approximately $295,998,234.84. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 31,566 shares of company stock valued at $8,744,791. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MongoDB

A number of institutional investors have recently modified their holdings of MDB. Cornerstone Planning Group LLC grew its stake in shares of MongoDB by 1,220.0% in the fourth quarter. Cornerstone Planning Group LLC now owns 66 shares of the company’s stock worth $27,000 after acquiring an additional 61 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of MongoDB in the fourth quarter worth $28,000. Huntington National Bank grew its stake in shares of MongoDB by 110.9% in the third quarter. Huntington National Bank now owns 97 shares of the company’s stock worth $30,000 after acquiring an additional 51 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of MongoDB in the fourth quarter worth $33,000. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of MongoDB in the first quarter worth $34,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

About MongoDB

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company’s platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.