MongoDB (NASDAQ:MDB) Price Target Raised to $260.00

MongoDB (NASDAQ:MDB) had its price target raised by Guggenheim from $235.00 to $260.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently issued reports on MDB. Bank of America lowered their target price on MongoDB from $420.00 to $286.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Wells Fargo & Company downgraded MongoDB from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $365.00 to $225.00 in a research report on Thursday, March 6th. UBS Group set a $350.00 target price on MongoDB in a research report on Tuesday, March 4th. Redburn Atlantic raised MongoDB from a “sell” rating to a “neutral” rating and set a $170.00 target price on the stock in a research report on Thursday, April 17th. Finally, Scotiabank reaffirmed a “sector perform” rating and issued a $160.00 target price (down previously from $240.00) on shares of MongoDB in a research report on Friday, April 25th. Eight analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, MongoDB currently has an average rating of “Moderate Buy” and an average price target of $282.47.

MongoDB Price Performance

Shares of MongoDB stock opened at $220.14 on Thursday. The firm has a market cap of $17.87 billion, a price-to-earnings ratio of -80.34 and a beta of 1.40. The stock’s 50-day moving average is $176.52 and its 200-day moving average is $229.93. MongoDB has a one year low of $140.78 and a one year high of $370.00.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings results on Wednesday, June 4th. The company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.35. The company had revenue of $549.01 million for the quarter, compared to analyst estimates of $527.49 million. MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.51 earnings per share. On average, equities analysts expect that MongoDB will post -1.78 EPS for the current year.

Insider Activity

In related news, CEO Dev Ittycheria sold 18,512 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $173.26, for a total value of $3,207,389.12. Following the completion of the sale, the chief executive officer now directly owns 268,948 shares in the company, valued at approximately $46,597,930.48. The trade was a 6.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Hope F. Cochran sold 1,175 shares of the firm’s 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 owns 19,333 shares in the company, valued at approximately $3,377,281.77. This trade represents a 5.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,203 shares of company stock valued at $3,848,569. 3.10% of the stock is owned by insiders.

Hedge Funds Weigh In On MongoDB

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC raised its holdings in MongoDB by 181.8% in the 1st quarter. Acadian Asset Management LLC now owns 562,190 shares of the company’s stock valued at $98,586,000 after acquiring an additional 362,705 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in MongoDB by 4.3% in the 1st quarter. IFM Investors Pty Ltd now owns 13,796 shares of the company’s stock valued at $2,420,000 after acquiring an additional 569 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in MongoDB by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,271,444 shares of the company’s stock valued at $223,011,000 after acquiring an additional 129,451 shares in the last quarter. Woodline Partners LP raised its holdings in MongoDB by 30,297.0% in the 1st quarter. Woodline Partners LP now owns 322,208 shares of the company’s stock valued at $56,515,000 after acquiring an additional 321,148 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co raised its holdings in MongoDB by 36.1% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 3,997 shares of the company’s stock valued at $701,000 after acquiring an additional 1,060 shares in the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

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.