MongoDB (NASDAQ:MDB) Posts Quarterly Earnings Results, Beats Expectations By $0.28 EPS

MongoDB (NASDAQ:MDB) issued its quarterly earnings results on Tuesday. The company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.28, FiscalAI reports. The firm had revenue of $771.77 million for the quarter, compared to analyst estimates of $735.01 million. MongoDB had a negative return on equity of 1.39% and a negative net margin of 1.12%.

MongoDB Stock Down 4.2%

Shares of MDB traded down $19.16 during trading hours on Tuesday, hitting $434.21. The company had a trading volume of 2,710,904 shares, compared to its average volume of 1,853,676. The business has a fifty day moving average of $367.65 and a 200-day moving average of $321.78. The firm has a market cap of $34.92 billion, a price-to-earnings ratio of -1,173.54, a PEG ratio of 3,172.71 and a beta of 1.55. MongoDB has a 12 month low of $215.68 and a 12 month high of $473.10.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Oppenheimer boosted their target price on shares of MongoDB from $410.00 to $475.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Stifel Nicolaus set a $475.00 target price on shares of MongoDB in a research report on Tuesday, August 18th. Royal Bank Of Canada boosted their price objective on shares of MongoDB from $395.00 to $515.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. KGI Securities began coverage on MongoDB in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $470.00 price objective for the company. Finally, Canaccord Genuity Group lifted their target price on shares of MongoDB from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $458.65.

Insider Activity at MongoDB

In other MongoDB news, Director Hope F. Cochran sold 1,566 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 25,444 shares in the company, valued at $8,754,008.20. This trade represents a 5.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Dwight A. Merriman sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $353.91, for a total value of $3,539,100.00. Following the sale, the director owned 983,316 shares of the company’s stock, valued at approximately $348,005,365.56. This represents a 1.01% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 80,696 shares of company stock valued at $31,425,055 in the last 90 days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On MongoDB

A number of hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC lifted its holdings in shares of MongoDB by 31.6% during the first quarter. Integrated Wealth Concepts LLC now owns 1,363 shares of the company’s stock worth $239,000 after purchasing an additional 327 shares during the period. NewEdge Advisors LLC increased its position in shares of MongoDB by 55.0% during the first quarter. NewEdge Advisors LLC now owns 4,238 shares of the company’s stock valued at $743,000 after buying an additional 1,504 shares during the period. Sivia Capital Partners LLC bought a new position in MongoDB in the second quarter worth about $329,000. Cresset Asset Management LLC raised its stake in MongoDB by 13.4% in the second quarter. Cresset Asset Management LLC now owns 3,138 shares of the company’s stock worth $659,000 after buying an additional 370 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in MongoDB by 28.3% in the second quarter. Cerity Partners LLC now owns 12,215 shares of the company’s stock worth $2,565,000 after buying an additional 2,697 shares during the period. 89.29% of the stock is owned by institutional investors.

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.