BMO Capital Markets Begins Coverage on MongoDB (NASDAQ:MDB)

Investment analysts at BMO Capital Markets began coverage on shares of MongoDB (NASDAQ:MDB) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $280.00 price target on the stock. BMO Capital Markets’ target price would suggest a potential upside of 16.24% from the stock’s current price.

MDB has been the topic of several other research reports. Monness Crespi & Hardt upgraded MongoDB from a “neutral” rating to a “buy” rating and set a $295.00 target price on the stock in a research note on Thursday, June 5th. 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. Piper Sandler lifted their price objective on shares of MongoDB from $200.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, June 5th. Barclays upped their price objective on shares of MongoDB from $252.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, June 5th. Finally, Stephens began coverage on MongoDB in a report on Friday, July 18th. They set an “equal weight” rating and a $247.00 price target for the company. Nine investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $281.31.

MongoDB Price Performance

MongoDB stock opened at $240.88 on Monday. MongoDB has a fifty-two week low of $140.78 and a fifty-two week high of $370.00. The firm has a market cap of $19.68 billion, a price-to-earnings ratio of -211.30 and a beta of 1.41. The firm has a fifty day moving average price of $208.62 and a two-hundred day moving average price of $212.38.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.35. MongoDB had a negative net margin of 4.09% and a negative return on equity of 3.16%. The business had revenue of $549.01 million for the quarter, compared to the consensus estimate of $527.49 million. During the same quarter in the prior year, the company earned $0.51 EPS. The firm’s quarterly revenue was up 21.8% on a year-over-year basis. As a group, sell-side analysts expect that MongoDB will post -1.78 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Dev Ittycheria sold 25,005 shares of the firm’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $234.00, for a total transaction of $5,851,170.00. Following the completion of the sale, the chief executive officer directly owned 256,974 shares of the company’s stock, valued at $60,131,916. This trade represents a 8.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dwight A. Merriman sold 2,000 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $234.00, for a total value of $468,000.00. Following the transaction, the director directly owned 1,107,006 shares in the company, valued at approximately $259,039,404. This represents a 0.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,416 shares of company stock worth $11,936,656. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On MongoDB

Several large investors have recently made changes to their positions in MDB. Cloud Capital Management LLC acquired a new position in MongoDB in the first quarter valued at about $25,000. Hollencrest Capital Management acquired a new position in MongoDB in the 1st quarter worth $26,000. Cullen Frost Bankers Inc. boosted its holdings in MongoDB by 315.8% during the first quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company’s stock worth $28,000 after purchasing an additional 120 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of MongoDB in the 4th quarter valued at approximately $29,000. Finally, Coppell Advisory Solutions LLC boosted its stake in shares of MongoDB by 364.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 232 shares of the company’s stock worth $54,000 after acquiring an additional 182 shares during the period. Institutional investors and hedge funds 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.