MongoDB (NASDAQ:MDB) Upgraded by Mizuho to “Outperform” Rating

Mizuho upgraded shares of MongoDB (NASDAQ:MDB) from a neutral rating to an outperform rating in a research report released on Monday morning, Marketbeat reports. They currently have $325.00 price objective on the stock, up from their prior price objective of $290.00.

Several other brokerages have also weighed in on MDB. Scotiabank raised MongoDB from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $275.00 to $310.00 in a research report on Thursday, March 5th. Guggenheim reaffirmed a “buy” rating and issued a $475.00 price target on shares of MongoDB in a report on Tuesday, March 3rd. Truist Financial cut their price objective on shares of MongoDB from $500.00 to $375.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Rosenblatt Securities restated a “buy” rating and set a $425.00 price objective on shares of MongoDB in a research report on Monday, March 2nd. Finally, Wedbush dropped their target price on shares of MongoDB from $440.00 to $380.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $355.24.

MongoDB Stock Up 4.6%

Shares of MongoDB stock opened at $273.25 on Monday. MongoDB has a 52-week low of $140.78 and a 52-week high of $444.72. The company has a market capitalization of $21.96 billion, a P/E ratio of -310.51 and a beta of 1.40. The company has a 50 day moving average of $335.58 and a 200 day moving average of $352.07.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.18. The company had revenue of $695.07 million for the quarter, compared to the consensus estimate of $669.40 million. MongoDB had a negative net margin of 2.89% and a negative return on equity of 1.03%. The company’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.28 EPS. As a group, research analysts anticipate that MongoDB will post -1.78 earnings per share for the current fiscal year.

Insider Transactions at MongoDB

In other MongoDB news, Director Dwight A. Merriman sold 10,000 shares of MongoDB stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $407.70, for a total value of $4,077,000.00. Following the transaction, the director directly owned 1,031,316 shares in the company, valued at approximately $420,467,533.20. The trade was a 0.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 19,383 shares of company stock worth $7,910,983. Company insiders own 3.10% of the company’s stock.

Institutional Trading of MongoDB

Hedge funds have recently added to or reduced their stakes in the stock. Cornerstone Planning Group LLC lifted its holdings in shares of MongoDB by 1,220.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 66 shares of the company’s stock worth $27,000 after purchasing an additional 61 shares during the period. Central Pacific Bank Trust Division purchased a new position in MongoDB during the fourth quarter worth about $28,000. Huntington National Bank lifted its position in MongoDB by 110.9% in the third quarter. Huntington National Bank now owns 97 shares of the company’s stock valued at $30,000 after purchasing an additional 51 shares during the period. International Assets Investment Management LLC purchased a new stake in MongoDB in the 4th quarter valued at approximately $33,000. Finally, Promus Capital LLC purchased a new stake in MongoDB in the 2nd quarter valued at approximately $36,000. 89.29% of the stock is owned by institutional investors and hedge funds.

About MongoDB

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company’s platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.