MongoDB (NASDAQ:MDB) Given New $230.00 Price Target at Scotiabank

MongoDB (NASDAQ:MDB) had its price objective raised by Scotiabank from $160.00 to $230.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a sector perform rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Monness Crespi & Hardt raised shares of MongoDB from a “neutral” rating to a “buy” rating and set a $295.00 target price for the company in a research report on Thursday. Truist Financial dropped their target price on shares of MongoDB from $300.00 to $275.00 and set a “buy” rating for the company in a report on Monday, March 31st. Needham & Company LLC reissued a “buy” rating and issued a $270.00 target price on shares of MongoDB in a report on Thursday. Morgan Stanley dropped their target price on shares of MongoDB from $315.00 to $235.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Loop Capital cut shares of MongoDB from a “buy” rating to a “hold” rating and dropped their target price for the stock from $350.00 to $190.00 in a report on Tuesday, May 20th. Eight analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, MongoDB currently has an average rating of “Moderate Buy” and an average target price of $282.47.

MongoDB Trading Down 2.3%

Shares of MDB opened at $220.14 on Thursday. The company has a market cap of $17.87 billion, a price-to-earnings ratio of -80.34 and a beta of 1.40. MongoDB has a 1-year low of $140.78 and a 1-year high of $370.00. The company’s fifty day simple moving average is $176.52 and its 200 day simple moving average is $229.93.

MongoDB (NASDAQ:MDB) last released its quarterly earnings data on Wednesday, June 4th. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.65 by $0.35. MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. The firm had revenue of $549.01 million for the quarter, compared to the consensus estimate of $527.49 million. During the same period in the previous year, the company earned $0.51 earnings per share. The company’s quarterly revenue was up 21.8% on a year-over-year basis. As a group, research analysts forecast that MongoDB will post -1.78 earnings per share for the current year.

Insider Transactions at MongoDB

In related news, Director Hope F. Cochran sold 1,175 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $174.69, for a total value of $205,260.75. Following the transaction, the director now directly owns 19,333 shares in the company, valued at $3,377,281.77. This trade represents a 5.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Thomas Bull sold 301 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $173.25, for a total value of $52,148.25. Following the completion of the transaction, the chief accounting officer now owns 14,598 shares in the company, valued at approximately $2,529,103.50. This represents a 2.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,203 shares of company stock valued at $3,848,569 in the last quarter. 3.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MongoDB

A number of large investors have recently modified their holdings of MDB. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of MongoDB by 287.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 55,736 shares of the company’s stock worth $13,130,000 after purchasing an additional 41,339 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of MongoDB by 12.2% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 195,443 shares of the company’s stock worth $45,501,000 after purchasing an additional 21,308 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of MongoDB by 20.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,382 shares of the company’s stock worth $1,719,000 after purchasing an additional 1,274 shares in the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of MongoDB by 34.3% in the 4th quarter. Stephens Investment Management Group LLC now owns 41,183 shares of the company’s stock worth $9,588,000 after purchasing an additional 10,519 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. bought a new position in shares of MongoDB in the 4th quarter worth $15,522,000. 89.29% of the stock is currently owned by institutional investors.

MongoDB Company Profile

MongoDB, Inc, together with its subsidiaries, provides general purpose database platform worldwide. The company provides MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.