Insider Selling: MongoDB (NASDAQ:MDB) Director Sells 10,000 Shares of Stock

MongoDB, Inc. (NASDAQ:MDB) Director Dwight Merriman sold 10,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $297.99, for a total value of $2,979,900.00. Following the transaction, the director owned 993,316 shares in the company, valued at $295,998,234.84. This trade represents a 1.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MongoDB Stock Performance

Shares of NASDAQ:MDB traded up $17.84 during midday trading on Monday, reaching $330.00. 2,685,051 shares of the company’s stock traded hands, compared to its average volume of 1,825,074. MongoDB, Inc. has a 1 year low of $182.43 and a 1 year high of $444.72. The company has a market cap of $26.52 billion, a P/E ratio of -375.00 and a beta of 1.48. The company has a fifty day simple moving average of $262.43 and a two-hundred day simple moving average of $335.74.

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

Institutional Trading of MongoDB

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantinno Capital Management LP raised its holdings in shares of MongoDB by 68.5% during the 1st quarter. Quantinno Capital Management LP now owns 167,745 shares of the company’s stock worth $41,059,000 after acquiring an additional 68,191 shares during the period. Daventry Group LP raised its holdings in shares of MongoDB by 21.3% during the 1st quarter. Daventry Group LP now owns 82,105 shares of the company’s stock worth $20,097,000 after acquiring an additional 14,412 shares during the period. SummitTX Capital L.P. raised its holdings in shares of MongoDB by 60.9% during the 1st quarter. SummitTX Capital L.P. now owns 3,704 shares of the company’s stock worth $907,000 after acquiring an additional 1,402 shares during the period. OMERS ADMINISTRATION Corp raised its holdings in shares of MongoDB by 13.8% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 32,831 shares of the company’s stock worth $8,036,000 after acquiring an additional 3,984 shares during the period. Finally, Lead Edge Capital Management LLC raised its holdings in shares of MongoDB by 33.1% during the 1st quarter. Lead Edge Capital Management LLC now owns 170,425 shares of the company’s stock worth $41,715,000 after acquiring an additional 42,370 shares during the period. 89.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on MDB. Bank of America reduced their price objective on MongoDB from $400.00 to $350.00 and set an “underperform” rating for the company in a research note on Wednesday, April 22nd. Scotiabank raised MongoDB from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $275.00 to $310.00 in a research note on Thursday, March 5th. Rosenblatt Securities reissued a “buy” rating and issued a $425.00 price objective on shares of MongoDB in a research note on Monday, March 2nd. Stifel Nicolaus reduced their price objective on MongoDB from $450.00 to $330.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Truist Financial reduced their price objective on MongoDB from $500.00 to $375.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Twenty-six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $364.23.

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.