Bank of America Lowers MongoDB (NASDAQ:MDB) Price Target to $350.00

MongoDB (NASDAQ:MDB) had its price objective decreased by Bank of America from $400.00 to $350.00 in a research note issued to investors on Wednesday,MarketScreener reports. The brokerage presently has an “underperform” rating on the stock. Bank of America‘s price target suggests a potential upside of 35.86% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Barclays reduced their price target on MongoDB from $440.00 to $370.00 and set an “overweight” rating for the company in a research report on Tuesday, March 3rd. Mizuho upgraded shares of MongoDB from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $290.00 to $325.00 in a report on Monday, March 23rd. Royal Bank Of Canada reduced their target price on MongoDB from $500.00 to $395.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. Canaccord Genuity Group cut their price target on shares of MongoDB from $455.00 to $375.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald reduced their target price on shares of MongoDB from $454.00 to $378.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 3rd. Twenty-six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three 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 an average target price of $361.97.

MongoDB Stock Down 1.5%

MDB stock opened at $257.63 on Wednesday. The stock has a market cap of $20.71 billion, a PE ratio of -306.30 and a beta of 1.60. The firm’s 50-day simple moving average is $277.33 and its 200 day simple moving average is $340.31. MongoDB has a fifty-two week low of $159.58 and a fifty-two week high of $444.72.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.47 by $0.18. MongoDB had a negative net margin of 2.89% and a negative return on equity of 1.03%. The business had revenue of $695.07 million during the quarter, compared to the consensus estimate of $669.40 million. During the same quarter in the prior year, the firm earned $1.28 EPS. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. Equities analysts forecast that MongoDB will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Hope F. Cochran sold 1,566 shares of the firm’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 transaction, the director directly owned 24,093 shares in the company, valued at $6,007,107.69. This trade represents a 6.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dwight A. Merriman sold 8,000 shares of the company’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $236.89, for a total value of $1,895,120.00. Following the completion of the sale, the director owned 1,005,316 shares of the company’s stock, valued at $238,149,307.24. This represents a 0.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 14,756 shares of company stock worth $3,734,893. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC lifted its holdings in MongoDB by 168.1% during the first quarter. Janney Montgomery Scott LLC now owns 2,560 shares of the company’s stock worth $627,000 after acquiring an additional 1,605 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of MongoDB by 33.1% during the first quarter. Pictet Asset Management Holding SA now owns 390,253 shares of the company’s stock worth $95,516,000 after purchasing an additional 97,002 shares during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych lifted its holdings in shares of MongoDB by 8.8% during the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 7,400 shares of the company’s stock valued at $1,811,000 after purchasing an additional 600 shares in the last quarter. Aaron Wealth Advisors LLC grew its position in shares of MongoDB by 21.8% in the 1st quarter. Aaron Wealth Advisors LLC now owns 1,962 shares of the company’s stock valued at $480,000 after purchasing an additional 351 shares during the period. Finally, Ritholtz Wealth Management bought a new stake in MongoDB during the 1st quarter worth approximately $284,000. Institutional investors own 89.29% of the company’s stock.

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.