MongoDB (NASDAQ:MDB) Shares Up 3.3% – Here’s Why

MongoDB, Inc. (NASDAQ:MDB)’s share price traded up 3.3% on Thursday . The stock traded as high as $217.96 and last traded at $217.54. 350,033 shares traded hands during trading, a decline of 82% from the average session volume of 1,949,819 shares. The stock had previously closed at $210.60.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MDB. DA Davidson reissued a “buy” rating and set a $275.00 price target on shares of MongoDB in a research report on Thursday, June 5th. Guggenheim lifted their target price on MongoDB from $235.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, June 5th. Wedbush restated an “outperform” rating and issued a $300.00 price target on shares of MongoDB in a report on Thursday, June 5th. Wells Fargo & Company cut MongoDB from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $365.00 to $225.00 in a report on Thursday, March 6th. Finally, Cantor Fitzgerald increased their target price on MongoDB from $252.00 to $271.00 and gave the stock an “overweight” rating in a research note on Thursday, June 5th. Eight analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, MongoDB has an average rating of “Moderate Buy” and a consensus price target of $282.47.

MongoDB Price Performance

The business has a 50-day simple moving average of $180.65 and a two-hundred day simple moving average of $227.04. The stock has a market cap of $16.69 billion, a price-to-earnings ratio of -75.05 and a beta of 1.39.

MongoDB (NASDAQ:MDB) last posted its earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.35. MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. The business had revenue of $549.01 million for the quarter, compared to analyst estimates of $527.49 million. During the same period in the previous year, the firm earned $0.51 EPS. The firm’s revenue was up 21.8% compared to the same quarter last year. As a group, equities analysts anticipate that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Thomas Bull sold 301 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $173.25, for a total value of $52,148.25. Following the transaction, the chief accounting officer now owns 14,598 shares of the company’s stock, valued at approximately $2,529,103.50. This represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Srdjan Tanjga sold 525 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $173.26, for a total value of $90,961.50. Following the transaction, the chief financial officer now owns 6,406 shares in the company, valued at approximately $1,109,903.56. This trade represents a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,208 shares of company stock valued at $10,167,739 over the last ninety days. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MongoDB

Hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC increased its position in MongoDB by 2.0% during the fourth quarter. HighTower Advisors LLC now owns 18,773 shares of the company’s stock worth $4,371,000 after acquiring an additional 372 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of MongoDB by 68.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,020 shares of the company’s stock worth $237,000 after purchasing an additional 413 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of MongoDB by 56.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 370 shares of the company’s stock worth $87,000 after purchasing an additional 134 shares during the period. 111 Capital acquired a new stake in shares of MongoDB in the fourth quarter valued at approximately $390,000. Finally, GAMMA Investing LLC boosted its stake in shares of MongoDB by 19,491.2% in the first quarter. GAMMA Investing LLC now owns 33,501 shares of the company’s stock valued at $5,876,000 after buying an additional 33,330 shares during the period. Institutional investors and hedge funds own 89.29% of the company’s stock.

MongoDB Company Profile

MongoDB, Inc, together with its subsidiaries, provides general purpose database platform worldwide. The company provides MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.