Wedbush Reiterates “Outperform” Rating for MongoDB (NASDAQ:MDB)

Wedbush reaffirmed their outperform rating on shares of MongoDB (NASDAQ:MDB) in a research note released on Thursday morning,Benzinga reports. They currently have a $300.00 price objective on the stock.

MDB has been the subject of several other research reports. Wells Fargo & Company lowered shares of MongoDB from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $365.00 to $225.00 in a research note on Thursday, March 6th. Daiwa America upgraded shares of MongoDB to a “strong-buy” rating in a research note on Tuesday, April 1st. UBS Group boosted their target price on shares of MongoDB from $213.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday. Needham & Company LLC restated a “buy” rating and set a $270.00 price target on shares of MongoDB in a research report on Thursday. Finally, Morgan Stanley reduced their target price on shares of MongoDB from $315.00 to $235.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Eight research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $282.47.

MongoDB Trading Down 2.3%

Shares of NASDAQ:MDB opened at $220.14 on Thursday. The company has a fifty day simple moving average of $176.52 and a 200 day simple moving average of $229.93. The firm has a market cap of $17.87 billion, a PE ratio of -80.34 and a beta of 1.40. MongoDB has a 12-month low of $140.78 and a 12-month high of $370.00.

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

Insider Buying and Selling

In other news, insider Cedric Pech sold 1,690 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $173.26, for a total value of $292,809.40. Following the completion of the sale, the insider now directly owns 57,634 shares in the company, valued at approximately $9,985,666.84. The trade was a 2.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Srdjan Tanjga sold 525 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $173.26, for a total transaction of $90,961.50. Following the completion of the sale, the chief financial officer now owns 6,406 shares of the company’s stock, valued at $1,109,903.56. The trade was a 7.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,203 shares of company stock worth $3,848,569 in the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of MongoDB

Institutional investors and hedge funds have recently modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of MongoDB in the fourth quarter worth $29,000. Cloud Capital Management LLC acquired a new stake in shares of MongoDB in the first quarter worth $25,000. NCP Inc. acquired a new stake in shares of MongoDB in the fourth quarter worth $35,000. Hollencrest Capital Management acquired a new position in MongoDB during the 1st quarter valued at $26,000. Finally, Cullen Frost Bankers Inc. raised its stake in MongoDB by 315.8% during the 1st quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company’s stock valued at $28,000 after purchasing an additional 120 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

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.