Couchbase (NASDAQ:BASE) Trading Down 7.5% on Analyst Downgrade

Couchbase Inc (NASDAQ:BASE)’s stock price was down 7.5% on Thursday after Barclays lowered their price target on the stock from $41.00 to $30.00. Barclays currently has an overweight rating on the stock. Couchbase traded as low as $20.86 and last traded at $20.95. Approximately 1,711 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 603,337 shares. The stock had previously closed at $22.64.

Several other research firms have also recently issued reports on BASE. Oppenheimer cut their price objective on shares of Couchbase from $50.00 to $44.00 and set an “outperform” rating for the company in a research report on Wednesday, December 8th. The Goldman Sachs Group dropped their price target on shares of Couchbase from $49.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, December 8th. Royal Bank of Canada dropped their price target on shares of Couchbase from $53.00 to $43.00 and set an “outperform” rating for the company in a research report on Monday, December 6th. Finally, Zacks Investment Research upgraded shares of Couchbase from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, January 5th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $39.50.

Several hedge funds have recently made changes to their positions in BASE. Bamco Inc. NY acquired a new position in shares of Couchbase in the third quarter valued at approximately $33,534,000. Invesco Ltd. purchased a new position in Couchbase in the third quarter worth approximately $31,974,000. Franklin Resources Inc. purchased a new position in Couchbase in the third quarter worth approximately $21,768,000. BlackRock Inc. purchased a new position in Couchbase in the third quarter worth approximately $18,290,000. Finally, Frontier Capital Management Co. LLC purchased a new position in Couchbase in the third quarter worth approximately $10,863,000. Hedge funds and other institutional investors own 49.23% of the company’s stock.

The business has a 50 day moving average of $28.91.

Couchbase (NASDAQ:BASE) last issued its quarterly earnings results on Monday, December 6th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.06. The firm had revenue of $30.80 million during the quarter, compared to analysts’ expectations of $29.42 million. During the same quarter in the prior year, the firm earned ($1.84) EPS. The firm’s revenue was up 20.3% compared to the same quarter last year. As a group, equities analysts predict that Couchbase Inc will post -2.37 earnings per share for the current year.

Couchbase Company Profile (NASDAQ:BASE)

Couchbase Inc provides software solutions. The Company offers cloud database for business applications on platform which delivers unmatched versatility, performance, scalability and financial value across cloud, on-premises, hybrid, distributed cloud and edge computing deployments. Couchbase Inc is based in Santa Clara, United States.

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