MongoDB (NASDAQ:MDB) Receives Outperform Rating from Royal Bank Of Canada

Royal Bank Of Canada reaffirmed their outperform rating on shares of MongoDB (NASDAQ:MDB) in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a $350.00 price target on the stock.

Several other brokerages also recently commented on MDB. Truist Financial upped their price objective on shares of MongoDB from $275.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, August 27th. Citigroup lifted their price target on shares of MongoDB from $405.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, August 27th. Guggenheim raised their target price on shares of MongoDB from $260.00 to $310.00 and gave the company a “buy” rating in a research note on Wednesday, August 27th. Piper Sandler lifted their price objective on shares of MongoDB from $275.00 to $345.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 27th. Finally, Monness Crespi & Hardt lifted their price target on shares of MongoDB from $295.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, August 27th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.86.

MongoDB Stock Performance

NASDAQ:MDB opened at $318.29 on Tuesday. The firm has a market cap of $26.01 billion, a price-to-earnings ratio of -324.79 and a beta of 1.49. MongoDB has a 52 week low of $140.78 and a 52 week high of $370.00. The firm has a 50-day moving average price of $227.35 and a two-hundred day moving average price of $207.05.

MongoDB (NASDAQ:MDB) last released its quarterly earnings data on Wednesday, June 4th. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.65 by $0.35. MongoDB had a negative net margin of 3.54% and a negative return on equity of 1.67%. The company had revenue of $549.01 million during the quarter, compared to the consensus estimate of $527.49 million. During the same period last year, the firm earned $0.51 EPS. MongoDB’s revenue for the quarter was up 21.8% on a year-over-year basis. As a group, sell-side analysts forecast that MongoDB will post -1.78 earnings per share for the current year.

Insider Activity at MongoDB

In other MongoDB news, Director Hope F. Cochran sold 1,174 shares of MongoDB stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $201.08, for a total value of $236,067.92. Following the completion of the transaction, the director owned 21,096 shares in the company, valued at approximately $4,241,983.68. The trade was a 5.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dwight A. Merriman sold 1,000 shares of the business’s stock in a transaction on Friday, July 25th. The stock was sold at an average price of $245.00, for a total value of $245,000.00. Following the sale, the director owned 1,104,316 shares of the company’s stock, valued at approximately $270,557,420. The trade was a 0.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,736 shares of company stock valued at $21,975,639 in the last 90 days. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MDB. Main Management ETF Advisors LLC boosted its position in shares of MongoDB by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 3,665 shares of the company’s stock worth $770,000 after buying an additional 60 shares during the period. Carnegie Investment Counsel raised its stake in MongoDB by 3.6% in the second quarter. Carnegie Investment Counsel now owns 1,803 shares of the company’s stock valued at $379,000 after buying an additional 62 shares during the period. Handelsbanken Fonder AB raised its stake in MongoDB by 0.4% in the first quarter. Handelsbanken Fonder AB now owns 14,816 shares of the company’s stock valued at $2,599,000 after buying an additional 65 shares during the period. New York Life Investment Management LLC grew its position in shares of MongoDB by 6.2% in the second quarter. New York Life Investment Management LLC now owns 1,236 shares of the company’s stock valued at $260,000 after purchasing an additional 72 shares during the last quarter. Finally, Wedbush Securities Inc. grew its position in shares of MongoDB by 2.6% in the first quarter. Wedbush Securities Inc. now owns 3,022 shares of the company’s stock valued at $530,000 after purchasing an additional 77 shares during 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.