MongoDB (NASDAQ:MDB) Shares Up 11.7% – Here’s Why

MongoDB, Inc. (NASDAQ:MDB) traded up 11.7% during mid-day trading on Thursday . The company traded as high as $301.08 and last traded at $296.1850. 801,535 shares were traded during trading, a decline of 55% from the average session volume of 1,792,851 shares. The stock had previously closed at $265.26.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Weiss Ratings downgraded shares of MongoDB from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Mizuho upgraded shares of MongoDB from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $290.00 to $325.00 in a research report on Monday, March 23rd. Wells Fargo & Company cut their target price on shares of MongoDB from $450.00 to $375.00 and set an “overweight” rating for the company in a research report on Tuesday, March 3rd. Stifel Nicolaus cut their target price on shares of MongoDB from $450.00 to $330.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Finally, Guggenheim reiterated a “buy” rating and set a $475.00 target price on shares of MongoDB in a research report on Tuesday, April 14th. Twenty-six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, MongoDB currently has a consensus rating of “Moderate Buy” and a consensus target price of $361.97.

MongoDB Stock Up 10.6%

The stock has a market cap of $23.58 billion, a P/E ratio of -333.43 and a beta of 1.48. The business’s 50-day simple moving average is $262.50 and its two-hundred day simple moving average is $337.05.

MongoDB (NASDAQ:MDB) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $695.07 million during the quarter, compared to analyst estimates of $669.40 million. During the same period last year, the business earned $1.28 earnings per share. MongoDB’s revenue was up 26.8% compared to the same quarter last year. Analysts anticipate that MongoDB, Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Dwight A. Merriman sold 8,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director directly owned 1,005,316 shares in the company, valued at approximately $238,149,307.24. This trade represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,566 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total transaction of $390,450.78. Following the completion of the transaction, the director owned 24,093 shares of the company’s stock, valued at $6,007,107.69. This trade represents a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,566 shares of company stock valued at $3,294,891 over the last 90 days. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On MongoDB

Large investors have recently modified their holdings of the company. Central Pacific Bank Trust Division purchased a new stake in MongoDB in the fourth quarter valued at approximately $28,000. Cornerstone Planning Group LLC raised its stake in MongoDB by 1,220.0% in 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 in the last quarter. International Assets Investment Management LLC purchased a new stake in MongoDB in the fourth quarter valued at approximately $33,000. Root Financial Partners LLC raised its stake in MongoDB by 58.2% in the fourth quarter. Root Financial Partners LLC now owns 87 shares of the company’s stock valued at $37,000 after purchasing an additional 32 shares in the last quarter. Finally, Global Trust Asset Management LLC purchased a new stake in MongoDB in the fourth quarter valued at approximately $38,000. 89.29% of the stock is currently 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.