Rosenblatt Securities Reaffirms Buy Rating for MongoDB (NASDAQ:MDB)

MongoDB (NASDAQ:MDB)‘s stock had its “buy” rating reissued by Rosenblatt Securities in a report issued on Monday,Benzinga reports. They presently have a $425.00 price target on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 29.39% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on MDB. Sanford C. Bernstein increased their target price on MongoDB from $338.00 to $452.00 and gave the stock an “outperform” rating in a report on Tuesday, December 2nd. Cantor Fitzgerald increased their price objective on MongoDB from $406.00 to $454.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. Scotiabank lifted their price objective on MongoDB from $320.00 to $415.00 and gave the company a “sector perform” rating in a report on Tuesday, December 2nd. UBS Group boosted their target price on shares of MongoDB from $330.00 to $440.00 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. Finally, Bank of America upped their target price on shares of MongoDB from $440.00 to $480.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, MongoDB has a consensus rating of “Moderate Buy” and a consensus target price of $416.15.

MongoDB Price Performance

Shares of MongoDB stock opened at $328.47 on Monday. MongoDB has a 52-week low of $140.78 and a 52-week high of $444.72. The firm has a market capitalization of $26.73 billion, a PE ratio of -377.55 and a beta of 1.40. The company’s fifty day moving average price is $385.52 and its two-hundred day moving average price is $350.92.

MongoDB (NASDAQ:MDB) last posted its earnings results on Monday, December 1st. The company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.53. The business had revenue of $628.31 million for the quarter, compared to analysts’ expectations of $592.98 million. MongoDB had a negative net margin of 3.06% and a negative return on equity of 1.12%. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.16 earnings per share. Analysts predict that MongoDB will post -1.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Hope F. Cochran sold 1,566 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $421.85, for a total value of $660,617.10. Following the sale, the director directly owned 25,659 shares in the company, valued at $10,824,249.15. This represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dwight A. Merriman sold 10,000 shares of the company’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $417.83, for a total transaction of $4,178,300.00. Following the completion of the sale, the director directly owned 1,041,316 shares in the company, valued at approximately $435,093,064.28. This represents a 0.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 61,354 shares of company stock valued at $25,114,994 over the last ninety days. 3.10% of the stock is owned by company insiders.

Institutional Trading of MongoDB

Several large investors have recently made changes to their positions in MDB. Vanguard Group Inc. grew its position in shares of MongoDB by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 8,985,697 shares of the company’s stock valued at $2,788,981,000 after acquiring an additional 431,382 shares during the period. ValueAct Holdings L.P. lifted 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 purchasing an additional 1,427,700 shares during the last quarter. State Street Corp grew its holdings in MongoDB by 2.3% during the fourth quarter. State Street Corp now owns 1,796,847 shares of the company’s stock valued at $754,119,000 after purchasing an additional 40,219 shares during the period. Amundi increased its position in MongoDB by 61.3% in the third quarter. Amundi now owns 1,483,396 shares of the company’s stock worth $477,550,000 after buying an additional 563,995 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of MongoDB by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,444,384 shares of the company’s stock valued at $604,429,000 after buying an additional 9,693 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

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.