MongoDB (NASDAQ:MDB) Stock Price Up 2.3% on Analyst Upgrade

MongoDB, Inc. (NASDAQ:MDB) shot up 2.3% on Friday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $325.54 and last traded at $323.43. 3,033,079 shares changed hands during trading, an increase of 20% from the average session volume of 2,524,852 shares. The stock had previously closed at $316.30.

Other equities analysts have also recently issued research reports about the company. UBS Group upped their price target on MongoDB from $310.00 to $330.00 and gave the stock a “neutral” rating in a report on Thursday. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $350.00 price target on shares of MongoDB in a report on Thursday. Needham & Company LLC upped their price target on MongoDB from $325.00 to $365.00 and gave the stock a “buy” rating in a report on Friday. BMO Capital Markets upped their price target on MongoDB from $315.00 to $365.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Oppenheimer upped their price target on MongoDB from $325.00 to $385.00 and gave the stock an “outperform” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $335.83.

Insider Buying and Selling at MongoDB

In other news, Director Dwight A. Merriman sold 1,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 1,104,316 shares in the company, valued at $270,557,420. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value 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 $61,233,275.73. This trade represents a 14.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,730 shares of company stock valued at $16,441,331. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On MongoDB

A number of large investors have recently made changes to their positions in MDB. AQR Capital Management LLC grew its position in shares of MongoDB by 2,567.2% in the second quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company’s stock valued at $233,435,000 after purchasing an additional 1,069,969 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new position in MongoDB in the first quarter worth approximately $161,543,000. Norges Bank purchased a new position in MongoDB in the second quarter worth approximately $164,338,000. Primecap Management Co. CA grew its position in MongoDB by 863.5% in the first quarter. Primecap Management Co. CA now owns 870,550 shares of the company’s stock worth $152,694,000 after acquiring an additional 780,200 shares during the period. Finally, Vanguard Group Inc. grew its position in MongoDB by 9.5% in the second quarter. Vanguard Group Inc. now owns 8,554,315 shares of the company’s stock worth $1,796,321,000 after acquiring an additional 744,547 shares during the period. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

MongoDB Stock Up 2.3%

The company has a market capitalization of $26.31 billion, a PE ratio of -330.03 and a beta of 1.49. The firm has a 50-day moving average of $257.58 and a two-hundred day moving average of $212.13.

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.