MongoDB (NASDAQ:MDB) Stock Price Expected to Rise, Guggenheim Analyst Says

MongoDB (NASDAQ:MDB) had its price objective lifted by investment analysts at Guggenheim from $235.00 to $260.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 18.11% from the company’s current price.

A number of other analysts have also recently weighed in on the company. Bank of America reduced their price target on MongoDB from $420.00 to $286.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Truist Financial reduced their price target on MongoDB from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Redburn Atlantic raised MongoDB from a “sell” rating to a “neutral” rating and set a $170.00 price objective for the company in a research report on Thursday, April 17th. Royal Bank of Canada reissued an “outperform” rating and set a $320.00 price objective on shares of MongoDB in a research report on Tuesday, May 20th. Finally, Daiwa Capital Markets started coverage on MongoDB in a research report on Tuesday, April 1st. They set an “outperform” rating and a $202.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $282.47.

MongoDB Price Performance

Shares of NASDAQ:MDB opened at $220.14 on Thursday. MongoDB has a fifty-two week low of $140.78 and a fifty-two week high of $370.00. The business has a 50-day moving average of $176.52 and a two-hundred day moving average of $229.93. The stock has a market capitalization of $17.87 billion, a P/E ratio of -80.34 and a beta of 1.40.

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

Insider Activity

In other news, CEO Dev Ittycheria sold 18,512 shares of the company’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 sale, the chief executive officer now directly owns 268,948 shares in the company, valued at approximately $46,597,930.48. This represents a 6.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Thomas Bull sold 301 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $173.25, for a total value of $52,148.25. Following the completion of the sale, 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. In the last ninety days, insiders have sold 22,203 shares of company stock worth $3,848,569. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On MongoDB

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in MongoDB by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 7,809,768 shares of the company’s stock worth $1,369,833,000 after acquiring an additional 481,023 shares during the last quarter. Franklin Resources Inc. grew its position in MongoDB by 9.7% during the 4th quarter. Franklin Resources Inc. now owns 2,054,888 shares of the company’s stock worth $478,398,000 after acquiring an additional 181,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in MongoDB by 11.3% during 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 worth $223,011,000 after acquiring an additional 129,451 shares during the last quarter. Geode Capital Management LLC grew its position in MongoDB by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 1,252,142 shares of the company’s stock worth $290,987,000 after acquiring an additional 22,106 shares during the last quarter. Finally, Amundi grew its position in MongoDB by 53.0% during the 1st quarter. Amundi now owns 1,061,457 shares of the company’s stock worth $173,378,000 after acquiring an additional 367,717 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

About MongoDB

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.