Wedbush Has Lowered Expectations for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its price target cut by research analysts at Wedbush from $360.00 to $300.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 13.58% from the stock’s current price.

A number of other research firms have also recently weighed in on MDB. Tigress Financial boosted their target price on shares of MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. JMP Securities reaffirmed a “market outperform” rating and set a $380.00 target price on shares of MongoDB in a research note on Wednesday, December 11th. Oppenheimer boosted their target price on shares of MongoDB from $350.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Bank of America decreased their target price on shares of MongoDB from $420.00 to $286.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Citigroup boosted their price objective on shares of MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $340.52.

MongoDB Price Performance

Shares of MDB opened at $264.13 on Thursday. MongoDB has a one year low of $210.47 and a one year high of $424.00. The company has a market cap of $19.67 billion, a P/E ratio of -96.40 and a beta of 1.30. The firm has a 50 day simple moving average of $263.70 and a two-hundred day simple moving average of $275.28.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings data on Wednesday, March 5th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.45). The firm had revenue of $548.40 million for the quarter, compared to analyst estimates of $519.65 million. MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. During the same quarter in the prior year, the firm earned $0.86 earnings per share. On average, analysts expect that MongoDB will post -1.78 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Thomas Bull sold 1,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $355.92, for a total value of $355,920.00. Following the sale, the chief accounting officer now owns 15,068 shares in the company, valued at $5,363,002.56. This represents a 6.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Cedric Pech sold 287 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $234.09, for a total transaction of $67,183.83. Following the completion of the sale, the insider now owns 24,390 shares of the company’s stock, valued at approximately $5,709,455.10. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,314 shares of company stock worth $13,337,753. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On MongoDB

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of MongoDB during the 4th quarter valued at approximately $189,584,000. Jennison Associates LLC grew its position in shares of MongoDB by 23.6% during the 3rd quarter. Jennison Associates LLC now owns 3,102,024 shares of the company’s stock valued at $838,632,000 after acquiring an additional 592,038 shares during the period. Marshall Wace LLP bought a new position in shares of MongoDB during the 4th quarter valued at approximately $110,356,000. Raymond James Financial Inc. bought a new position in shares of MongoDB during the 4th quarter valued at approximately $90,478,000. Finally, D1 Capital Partners L.P. bought a new position in shares of MongoDB during the 4th quarter valued at approximately $76,129,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

About MongoDB

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.