Scotiabank Forecasts Strong Price Appreciation for MongoDB (NASDAQ:MDB) Stock

MongoDB (NASDAQ:MDB) had its price objective increased by research analysts at Scotiabank from $280.00 to $320.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s target price would suggest a potential downside of 1.06% from the company’s current price.

Other analysts also recently issued reports about the stock. Stifel Nicolaus raised their target price on shares of MongoDB from $325.00 to $375.00 and gave the stock a “buy” rating in a report on Thursday. William Blair restated an “outperform” rating on shares of MongoDB in a report on Thursday, June 26th. Morgan Stanley raised their target price on shares of MongoDB from $255.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. DA Davidson raised their target price on shares of MongoDB from $325.00 to $365.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Monness Crespi & Hardt raised their target price on shares of MongoDB from $295.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, August 27th. One equities 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’s stock. According to MarketBeat, MongoDB has a consensus rating of “Moderate Buy” and an average target price of $335.83.

MongoDB Stock Performance

Shares of MDB stock opened at $323.43 on Friday. The company has a market capitalization of $26.31 billion, a P/E ratio of -330.03 and a beta of 1.49. The company’s 50 day moving average price is $257.58 and its two-hundred day moving average price is $211.77. MongoDB has a 52 week low of $140.78 and a 52 week high of $370.00.

Insider Buying and Selling

In other news, CEO Dev Ittycheria sold 33,320 shares of MongoDB 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 sale, the chief executive officer directly owned 203,237 shares in the company, valued at $61,233,275.73. This trade represents a 14.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Thomas Bull sold 1,000 shares of MongoDB stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $326.25, for a total transaction of $326,250.00. Following the completion of the sale, the chief accounting officer owned 11,598 shares in the company, valued at $3,783,847.50. This trade represents a 7.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,730 shares of company stock valued at $16,441,331 over the last ninety days. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On MongoDB

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cloud Capital Management LLC bought a new position in shares of MongoDB in the first quarter valued at $25,000. Hollencrest Capital Management bought a new position in shares of MongoDB in the first quarter valued at $26,000. Cullen Frost Bankers Inc. grew its stake in shares of MongoDB by 315.8% in the first quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company’s stock valued at $28,000 after buying an additional 120 shares in the last quarter. Montag A & Associates Inc. grew its stake in shares of MongoDB by 144.3% in the second quarter. Montag A & Associates Inc. now owns 171 shares of the company’s stock valued at $36,000 after buying an additional 101 shares in the last quarter. Finally, Promus Capital LLC bought a new position in shares of MongoDB in the second quarter valued at $36,000. 89.29% of the stock is owned by institutional investors.

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.