MongoDB (NASDAQ:MDB) Price Target Raised to $375.00 at Bank of America

MongoDB (NASDAQ:MDB) had its price objective boosted by equities research analysts at Bank of America from $350.00 to $375.00 in a research report issued on Tuesday,MarketScreener reports. Bank of America‘s price objective would suggest a potential upside of 13.64% from the company’s current price.

A number of other research analysts have also commented on MDB. BMO Capital Markets upped their target price on MongoDB from $285.00 to $360.00 and gave the company an “outperform” rating in a research note on Friday. Guggenheim restated a “buy” rating and issued a $475.00 price objective on shares of MongoDB in a research note on Tuesday, April 14th. Stifel Nicolaus decreased their target price on shares of MongoDB from $450.00 to $330.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Canaccord Genuity Group lowered their target price on shares of MongoDB from $455.00 to $375.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Finally, Wells Fargo & Company cut their price target on shares of MongoDB from $450.00 to $375.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. Twenty-six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $365.03.

MongoDB Stock Performance

NASDAQ:MDB opened at $330.00 on Tuesday. The firm’s 50-day moving average is $263.75 and its 200-day moving average is $335.69. The company has a market cap of $26.52 billion, a price-to-earnings ratio of -375.00 and a beta of 1.48. MongoDB has a 52-week low of $182.43 and a 52-week high of $444.72.

MongoDB (NASDAQ:MDB) last released its earnings results on Monday, March 2nd. The company reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.18. The business had revenue of $695.07 million for the quarter, compared to the consensus estimate of $669.40 million. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The firm’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period last year, the business earned $1.28 earnings per share. Equities analysts predict that MongoDB will post -0.46 EPS for the current year.

Insider Buying and Selling

In other MongoDB news, Director Dwight A. Merriman sold 6,000 shares of MongoDB stock in a transaction on Monday, May 18th. The stock was sold at an average price of $314.98, for a total value of $1,889,880.00. Following the completion of the transaction, the director owned 470,896 shares in the company, valued at approximately $148,322,822.08. The trade was a 1.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,566 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $249.33, for a total value of $390,450.78. Following the completion of the transaction, the director directly owned 24,093 shares in the company, valued at approximately $6,007,107.69. This represents a 6.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 31,566 shares of company stock worth $8,744,791. 3.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MongoDB

A number of large investors have recently modified their holdings of the stock. Cornerstone Planning Group LLC grew its stake 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 valued at $27,000 after purchasing an additional 61 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in MongoDB in the 4th quarter worth approximately $28,000. 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. International Assets Investment Management LLC acquired a new position in MongoDB during the 4th quarter worth $33,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in MongoDB during the 1st quarter worth $34,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

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.