MongoDB (NASDAQ:MDB) Shares Gap Up After Analyst Upgrade

MongoDB, Inc. (NASDAQ:MDB) shares gapped up prior to trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $375.00 to $400.00. The stock had previously closed at $294.46, but opened at $321.50. Canaccord Genuity Group currently has a buy rating on the stock. MongoDB shares last traded at $326.7040, with a volume of 955,624 shares traded.

Other analysts also recently issued reports about the stock. Citigroup increased their price objective on shares of MongoDB from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. DA Davidson decreased their target price on shares of MongoDB from $465.00 to $385.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Stifel Nicolaus cut their price target on shares of MongoDB from $450.00 to $330.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $385.00 price target on shares of MongoDB in a report on Tuesday. Finally, Zacks Research raised shares of MongoDB from a “strong sell” rating to a “hold” rating in a research 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $374.13.

Insider Buying and Selling at MongoDB

In other news, Director Hope F. Cochran sold 1,566 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total value of $390,450.78. Following the transaction, the director owned 24,093 shares in the company, valued at $6,007,107.69. This represents a 6.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dwight A. Merriman sold 6,000 shares of the company’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 transaction of $1,889,880.00. Following the sale, the director directly owned 470,896 shares of the company’s stock, valued at approximately $148,322,822.08. This 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 31,566 shares of company stock valued at $8,744,791 in the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of MongoDB

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Planning Group LLC grew its stake in MongoDB by 1,220.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 66 shares of the company’s stock valued at $27,000 after acquiring an additional 61 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in shares of MongoDB during the 4th quarter valued at about $28,000. Huntington National Bank boosted its stake in MongoDB by 110.9% during the third quarter. Huntington National Bank now owns 97 shares of the company’s stock valued at $30,000 after buying an additional 51 shares during the last quarter. International Assets Investment Management LLC purchased a new position in MongoDB during the 4th quarter valued at approximately $33,000. Finally, Cassaday & Co Wealth Management LLC bought a new stake in MongoDB in the 1st quarter worth approximately $34,000. Institutional investors own 89.29% of the company’s stock.

MongoDB Trading Up 11.7%

The firm has a market cap of $26.43 billion, a P/E ratio of -373.63 and a beta of 1.48. The stock has a 50 day simple moving average of $271.03 and a 200-day simple moving average of $333.98.

MongoDB (NASDAQ:MDB) last posted its earnings results on Monday, March 2nd. The company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.18. The firm had revenue of $695.07 million during the quarter, compared to analyst estimates of $669.40 million. MongoDB had a negative net margin of 2.89% and a negative return on equity of 1.03%. MongoDB’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period last year, the firm posted $1.28 earnings per share. As a group, equities analysts forecast that MongoDB, Inc. will post -0.46 earnings per share for the current fiscal year.

MongoDB Company Profile

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.