MongoDB (NASDAQ:MDB) Given “Outperform” Rating at Royal Bank Of Canada

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

Other equities analysts have also recently issued reports about the stock. Bank of America raised their price objective on shares of MongoDB from $345.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday. BMO Capital Markets raised their price objective on shares of MongoDB from $315.00 to $365.00 and gave the company an “outperform” rating in a research note on Thursday. Morgan Stanley raised their price objective on shares of MongoDB from $255.00 to $325.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Guggenheim lifted their price target on shares of MongoDB from $310.00 to $400.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Monness Crespi & Hardt lifted their price target on shares of MongoDB from $295.00 to $360.00 and gave the company 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 issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $332.69.

MongoDB Stock Up 0.3%

NASDAQ:MDB opened at $316.30 on Thursday. MongoDB has a 12-month low of $140.78 and a 12-month high of $370.00. The firm has a market capitalization of $25.73 billion, a PE ratio of -322.76 and a beta of 1.49. The firm has a 50-day moving average price of $255.16 and a 200 day moving average price of $211.65.

Insider Activity

In other news, CEO Dev Ittycheria sold 33,320 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $301.29, for a total transaction of $10,038,982.80. Following the completion of the sale, the chief executive officer owned 203,237 shares of the company’s stock, valued at approximately $61,233,275.73. This represents a 14.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Thomas Bull sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $326.25, for a total transaction of $326,250.00. Following the sale, the chief accounting officer directly owned 11,598 shares of the company’s stock, valued at approximately $3,783,847.50. This trade represents a 7.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,556 shares of company stock worth $16,056,341. Insiders own 3.10% of the company’s stock.

Institutional Trading of MongoDB

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Main Management ETF Advisors LLC lifted its holdings in shares of MongoDB by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 3,665 shares of the company’s stock worth $770,000 after acquiring an additional 60 shares during the period. Carnegie Investment Counsel lifted its holdings in shares of MongoDB by 3.6% during the 2nd quarter. Carnegie Investment Counsel now owns 1,803 shares of the company’s stock worth $379,000 after acquiring an additional 62 shares during the period. Handelsbanken Fonder AB increased its position in MongoDB by 0.4% during the 1st quarter. Handelsbanken Fonder AB now owns 14,816 shares of the company’s stock worth $2,599,000 after purchasing an additional 65 shares in the last quarter. New York Life Investment Management LLC increased its position in MongoDB by 6.2% during the 2nd quarter. New York Life Investment Management LLC now owns 1,236 shares of the company’s stock worth $260,000 after purchasing an additional 72 shares in the last quarter. Finally, Wedbush Securities Inc. increased its position in MongoDB by 2.6% during the 1st quarter. Wedbush Securities Inc. now owns 3,022 shares of the company’s stock worth $530,000 after purchasing an additional 77 shares in the last quarter. 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.