MongoDB (NASDAQ:MDB) Receives “Buy” Rating from Rosenblatt Securities

MongoDB (NASDAQ:MDB)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a note issued to investors on Tuesday,Benzinga reports. They currently have a $385.00 price objective on the stock. Rosenblatt Securities’ price objective points to a potential upside of 18.05% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Cantor Fitzgerald raised their target price on MongoDB from $378.00 to $416.00 and gave the company an “overweight” rating in a report on Tuesday. UBS Group dropped their price objective on MongoDB from $440.00 to $275.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Zacks Research upgraded MongoDB from a “strong sell” rating to a “hold” rating in a report on Friday, May 15th. BMO Capital Markets lifted their price objective on MongoDB from $285.00 to $360.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. Finally, Bank of America lifted their price objective on MongoDB from $350.00 to $375.00 in a report on Tuesday, May 19th. Twenty-six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, MongoDB has a consensus rating of “Moderate Buy” and an average price target of $373.30.

MongoDB Stock Performance

Shares of NASDAQ:MDB opened at $326.13 on Tuesday. The company has a market cap of $26.21 billion, a P/E ratio of -370.60 and a beta of 1.48. MongoDB has a one year low of $182.43 and a one year high of $444.72. The business’s 50-day simple moving average is $269.54 and its 200 day simple moving average is $334.71.

MongoDB (NASDAQ:MDB) last announced its earnings results on Monday, March 2nd. The company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.47 by $0.18. The business had revenue of $695.07 million for 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 company’s revenue was up 26.8% on a year-over-year basis. During the same period last year, the business posted $1.28 EPS. Analysts predict that MongoDB will post -0.46 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Hope F. Cochran sold 1,566 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 24,093 shares in the company, valued at approximately $6,007,107.69. The trade was a 6.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dwight A. Merriman sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $314.98, for a total value of $1,889,880.00. Following the completion of the sale, the director owned 470,896 shares of the company’s stock, valued at $148,322,822.08. This trade represents a 1.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 31,566 shares of company stock valued at $8,744,791 over the last quarter. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On MongoDB

A number of institutional investors have recently made changes to their positions in MDB. ValueAct Holdings L.P. increased its holdings in shares of MongoDB by 206.8% in the 3rd quarter. ValueAct Holdings L.P. now owns 2,118,200 shares of the company’s stock valued at $657,447,000 after acquiring an additional 1,427,700 shares during the last quarter. Norges Bank bought a new stake in shares of MongoDB in the 4th quarter valued at approximately $574,821,000. AQR Capital Management LLC increased its holdings in shares of MongoDB by 2,567.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company’s stock valued at $233,435,000 after acquiring an additional 1,069,969 shares during the last quarter. Jericho Capital Asset Management L.P. boosted its position in MongoDB by 162.1% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 1,378,540 shares of the company’s stock valued at $427,871,000 after purchasing an additional 852,540 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in MongoDB by 162.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,097,059 shares of the company’s stock valued at $340,505,000 after purchasing an additional 678,746 shares during the period. 89.29% of the stock is currently owned by 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.