Connor Clark & Lunn Investment Management Ltd. Has $72.06 Million Stock Position in MongoDB, Inc. $MDB

Connor Clark & Lunn Investment Management Ltd. grew its stake in MongoDB, Inc. (NASDAQ:MDB) by 24.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 232,167 shares of the company’s stock after acquiring an additional 45,056 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.29% of MongoDB worth $72,060,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Huntington National Bank raised its position in MongoDB by 110.9% in the 3rd quarter. Huntington National Bank now owns 97 shares of the company’s stock worth $30,000 after purchasing an additional 51 shares during the last quarter. Montag A & Associates Inc. lifted its holdings in MongoDB by 144.3% during the 2nd quarter. Montag A & Associates Inc. now owns 171 shares of the company’s stock worth $36,000 after buying an additional 101 shares in the last quarter. Promus Capital LLC bought a new position in MongoDB in the 2nd quarter valued at $36,000. TD Private Client Wealth LLC increased its stake in shares of MongoDB by 2,825.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 117 shares of the company’s stock valued at $36,000 after buying an additional 113 shares during the period. Finally, Hollencrest Capital Management acquired a new stake in shares of MongoDB in the 3rd quarter valued at $37,000. 89.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MDB. Oppenheimer cut their price target on MongoDB from $425.00 to $375.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 3rd. Morgan Stanley lifted their price objective on MongoDB from $400.00 to $440.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. Raymond James Financial began coverage on shares of MongoDB in a research note on Monday, December 15th. They issued a “market perform” rating for the company. Needham & Company LLC lowered their price target on MongoDB from $500.00 to $300.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Finally, Stifel Nicolaus lowered their price objective on shares of MongoDB from $450.00 to $330.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $354.18.

Insider Buying and Selling

In related news, Director Hope F. Cochran sold 1,566 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $421.85, for a total value of $660,617.10. Following the transaction, the director owned 25,659 shares in the company, valued at $10,824,249.15. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dwight A. Merriman sold 1,190 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $369.75, for a total value of $440,002.50. Following the sale, the director owned 80,462 shares in the company, valued at approximately $29,750,824.50. The trade was a 1.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,949 shares of company stock worth $13,159,930 over the last three months. Insiders own 3.10% of the company’s stock.

MongoDB Stock Performance

NASDAQ:MDB opened at $270.57 on Thursday. The company has a market cap of $22.02 billion, a price-to-earnings ratio of -307.47 and a beta of 1.40. MongoDB, Inc. has a fifty-two week low of $140.78 and a fifty-two week high of $444.72. The stock has a fifty day moving average price of $360.04 and a 200-day moving average price of $353.08.

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

MongoDB Company Profile

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.