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

MongoDB (NASDAQ:MDB) had its price target raised by analysts at Scotiabank from $160.00 to $230.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price target indicates a potential upside of 4.48% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Rosenblatt Securities dropped their target price on MongoDB from $305.00 to $290.00 and set a “buy” rating on the stock in a report on Thursday. Mizuho lowered their price objective on shares of MongoDB from $250.00 to $190.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Citigroup cut their price objective on shares of MongoDB from $430.00 to $330.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. The Goldman Sachs Group reduced their target price on shares of MongoDB from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Finally, Truist Financial dropped their price target on shares of MongoDB from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Eight equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $282.47.

MongoDB Price Performance

Shares of NASDAQ:MDB opened at $220.14 on Thursday. The firm has a fifty day moving average price of $176.52 and a 200 day moving average price of $229.93. MongoDB has a 1-year low of $140.78 and a 1-year high of $370.00. The stock has a market cap of $17.87 billion, a P/E ratio of -80.34 and a beta of 1.40.

MongoDB (NASDAQ:MDB) last released its quarterly earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.35. The firm 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 business’s revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the company posted $0.51 earnings per share. Sell-side analysts expect that MongoDB will post -1.78 EPS for the current fiscal year.

Insider Transactions at MongoDB

In other news, CEO Dev Ittycheria sold 18,512 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $173.26, for a total transaction of $3,207,389.12. Following the completion of the transaction, the chief executive officer now directly owns 268,948 shares of the company’s stock, valued at $46,597,930.48. This trade represents a 6.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Cedric Pech sold 1,690 shares of MongoDB 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 $292,809.40. Following the transaction, the insider now owns 57,634 shares of the company’s stock, valued at $9,985,666.84. This represents a 2.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,203 shares of company stock valued at $3,848,569 in the last 90 days. 3.10% of the stock is currently owned by insiders.

Institutional Trading of MongoDB

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. acquired a new position in MongoDB in the 1st quarter valued at about $161,543,000. Norges Bank purchased a new stake in shares of MongoDB during the fourth quarter worth about $189,584,000. Primecap Management Co. CA raised its position in shares of MongoDB by 863.5% in the first quarter. Primecap Management Co. CA now owns 870,550 shares of the company’s stock valued at $152,694,000 after buying an additional 780,200 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in MongoDB in the 1st quarter valued at $128,706,000. Finally, Vanguard Group Inc. raised its holdings in MongoDB by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 7,809,768 shares of the company’s stock valued at $1,369,833,000 after acquiring an additional 481,023 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

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.