MongoDB (NASDAQ:MDB) Stock Price Down 1.1% on Insider Selling

MongoDB, Inc. (NASDAQ:MDB) fell 1.1% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $315.20 and last traded at $315.30. 1,306,845 shares changed hands during trading, a decline of 48% from the average session volume of 2,510,888 shares. The stock had previously closed at $318.96.

Specifically, Director Dwight A. Merriman sold 6,000 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $320.80, for a total value of $1,924,800.00. Following the sale, the director directly owned 514,896 shares in the company, valued at approximately $165,178,636.80. This represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dwight A. Merriman sold 25,000 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $320.15, for a total value of $8,003,750.00. Following the completion of the sale, the director owned 1,079,316 shares in the company, valued at approximately $345,543,017.40. The trade was a 2.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Hope F. Cochran sold 1,174 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $327.93, for a total value of $384,989.82. Following the sale, the director directly owned 24,308 shares in the company, valued at approximately $7,971,322.44. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MDB. Canaccord Genuity Group increased their price target on MongoDB from $340.00 to $375.00 and gave the stock a “buy” rating in a report on Monday. Guggenheim increased their price objective on MongoDB from $310.00 to $400.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Zacks Research raised MongoDB to a “hold” rating in a research note on Friday, August 8th. Scotiabank increased their price objective on MongoDB from $280.00 to $320.00 and gave the stock a “sector perform” rating in a research note on Friday, September 19th. Finally, The Goldman Sachs Group increased their price objective on MongoDB from $325.00 to $370.00 and gave the stock a “buy” rating in a research note on Thursday, September 18th. One 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 stock has an average rating of “Moderate Buy” and a consensus price target of $336.83.

MongoDB Price Performance

The business has a fifty day simple moving average of $264.34 and a two-hundred day simple moving average of $214.29. The company has a market cap of $25.65 billion, a PE ratio of -321.73 and a beta of 1.49.

Institutional Trading of MongoDB

Hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC lifted its holdings in MongoDB by 20.0% during the second quarter. Parallel Advisors LLC now owns 1,494 shares of the company’s stock worth $314,000 after buying an additional 249 shares during the period. 111 Capital purchased a new stake in MongoDB during the fourth quarter worth $390,000. Park Avenue Securities LLC lifted its holdings in shares of MongoDB by 52.6% during the 1st quarter. Park Avenue Securities LLC now owns 2,630 shares of the company’s stock valued at $461,000 after purchasing an additional 907 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of MongoDB by 4.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,748 shares of the company’s stock valued at $1,359,000 after purchasing an additional 298 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new stake in shares of MongoDB during the 1st quarter valued at $263,000. Hedge funds and other 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.