MongoDB (NASDAQ:MDB) Stock Rating Lowered by Zacks Research

MongoDB (NASDAQ:MDB) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities research analysts also recently issued reports on the company. Canaccord Genuity Group decreased their price target on MongoDB from $455.00 to $375.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Sanford C. Bernstein cut MongoDB from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 3rd. Needham & Company LLC cut their price objective on shares of MongoDB from $500.00 to $300.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Barclays reduced their target price on shares of MongoDB from $440.00 to $370.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. Finally, Royal Bank Of Canada dropped their price target on shares of MongoDB from $500.00 to $395.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Twenty-seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $360.03.

MongoDB Stock Performance

Shares of NASDAQ MDB opened at $249.36 on Tuesday. MongoDB has a fifty-two week low of $140.78 and a fifty-two week high of $444.72. The stock has a market cap of $20.04 billion, a price-to-earnings ratio of -283.36 and a beta of 1.40. The firm’s 50-day simple moving average is $314.65 and its 200 day simple moving average is $347.72.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.18. The firm had revenue of $695.07 million during the quarter, compared to analyst estimates of $669.40 million. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The company’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.28 EPS. On average, sell-side analysts predict that MongoDB will post -1.78 EPS for the current year.

Insider Activity

In other news, Director Dwight A. Merriman sold 1,190 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $369.75, for a total transaction of $440,002.50. Following the completion of the sale, the director directly owned 80,462 shares of the company’s stock, valued at $29,750,824.50. This trade represents a 1.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 19,383 shares of company stock worth $7,910,983. Company insiders own 3.10% of the company’s stock.

Institutional Trading of MongoDB

Large investors have recently added to or reduced their stakes in the stock. ValueAct Holdings L.P. boosted its stake in MongoDB by 206.8% in the third quarter. ValueAct Holdings L.P. now owns 2,118,200 shares of the company’s stock valued at $657,447,000 after acquiring an additional 1,427,700 shares during the last quarter. Norges Bank purchased a new position in MongoDB in the fourth quarter valued at approximately $574,821,000. AQR Capital Management LLC grew its holdings in MongoDB by 2,567.2% during the second quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company’s stock valued at $233,435,000 after purchasing an additional 1,069,969 shares during the period. Jericho Capital Asset Management L.P. increased its position in MongoDB by 162.1% in the third quarter. Jericho Capital Asset Management L.P. now owns 1,378,540 shares of the company’s stock worth $427,871,000 after buying an additional 852,540 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in MongoDB by 162.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,097,059 shares of the company’s stock worth $340,505,000 after buying an additional 678,746 shares during the last quarter. Hedge funds and other 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.