Spyglass Capital Management LLC Cuts Stock Holdings in MongoDB, Inc. $MDB

Spyglass Capital Management LLC reduced its position in MongoDB, Inc. (NASDAQ:MDB) by 11.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 223,226 shares of the company’s stock after selling 29,948 shares during the quarter. MongoDB comprises about 4.1% of Spyglass Capital Management LLC’s portfolio, making the stock its 11th biggest holding. Spyglass Capital Management LLC’s holdings in MongoDB were worth $74,982,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in MDB. Cornerstone Planning Group LLC grew its position in 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 buying an additional 61 shares during the period. International Assets Investment Management LLC acquired a new position in shares of MongoDB in the fourth quarter worth about $33,000. Root Financial Partners LLC raised its position in shares of MongoDB by 58.2% in the fourth quarter. Root Financial Partners LLC now owns 87 shares of the company’s stock worth $37,000 after acquiring an additional 32 shares during the period. CX Institutional raised its position in shares of MongoDB by 94.3% in the second quarter. CX Institutional now owns 103 shares of the company’s stock worth $35,000 after acquiring an additional 50 shares during the period. Finally, Murphy & Mullick Capital Management Corp boosted its stake in shares of MongoDB by 500.0% during the 4th quarter. Murphy & Mullick Capital Management Corp now owns 120 shares of the company’s stock worth $50,000 after acquiring an additional 100 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MDB shares. Rosenblatt Securities restated a “buy” rating and set a $385.00 target price on shares of MongoDB in a research report on Tuesday, May 26th. Wall Street Zen cut MongoDB from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. DA Davidson increased their price target on MongoDB from $375.00 to $465.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Canaccord Genuity Group raised their price objective on MongoDB from $375.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Finally, Oppenheimer boosted their price objective on MongoDB from $410.00 to $475.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, MongoDB has a consensus rating of “Moderate Buy” and a consensus target price of $458.65.

Insider Transactions at MongoDB

In other MongoDB news, Director Hope F. Cochran sold 1,566 shares of MongoDB stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $344.05, for a total transaction of $538,782.30. Following the sale, the director owned 25,444 shares of the company’s stock, valued at $8,754,008.20. The trade was a 5.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Michael J. Berry sold 5,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $356.63, for a total transaction of $1,783,150.00. Following the sale, the chief financial officer directly owned 1,500 shares of the company’s stock, valued at $534,945. The trade was a 76.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 80,696 shares of company stock worth $31,425,055. Company insiders own 2.60% of the company’s stock.

MongoDB Price Performance

Shares of MongoDB stock opened at $453.37 on Tuesday. The business has a 50 day simple moving average of $367.65 and a two-hundred day simple moving average of $321.78. MongoDB, Inc. has a 12 month low of $215.68 and a 12 month high of $473.10. The stock has a market capitalization of $36.46 billion, a P/E ratio of -1,225.32, a PEG ratio of 3,172.71 and a beta of 1.55.

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.