Fred Alger Management LLC Acquires New Position in MongoDB, Inc. $MDB

Fred Alger Management LLC bought a new position in MongoDB, Inc. (NASDAQ:MDB) in the third quarter, according to its most recent filing with the SEC. The firm bought 523,389 shares of the company’s stock, valued at approximately $162,449,000. MongoDB makes up 0.6% of Fred Alger Management LLC’s investment portfolio, making the stock its 26th largest position. Fred Alger Management LLC owned 0.64% of MongoDB as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of MongoDB by 5.0% in the third quarter. Vanguard Group Inc. now owns 8,985,697 shares of the company’s stock worth $2,788,981,000 after buying an additional 431,382 shares during the last quarter. State Street Corp grew its holdings in shares of MongoDB by 5.0% during the second quarter. State Street Corp now owns 1,693,194 shares of the company’s stock valued at $355,554,000 after buying an additional 80,334 shares during the last quarter. Amundi grew its holdings in shares of MongoDB by 61.3% during the third quarter. Amundi now owns 1,483,396 shares of the company’s stock valued at $477,550,000 after buying an additional 563,995 shares during the last quarter. Geode Capital Management LLC increased its position in shares of MongoDB by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,397,898 shares of the company’s stock valued at $292,597,000 after acquiring an additional 68,611 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of MongoDB by 2,567.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company’s stock valued at $233,435,000 after acquiring an additional 1,069,969 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

MongoDB Stock Performance

NASDAQ:MDB opened at $260.50 on Monday. The firm’s fifty day moving average is $354.08 and its two-hundred day moving average is $354.11. The firm has a market cap of $21.20 billion, a price-to-earnings ratio of -296.02 and a beta of 1.40. MongoDB, Inc. has a one year low of $140.78 and a one year high of $444.72.

MongoDB (NASDAQ:MDB) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.18. The business 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 was up 26.8% on a year-over-year basis. During the same quarter last year, the business posted $1.28 EPS. As a group, equities research analysts predict that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

Insider Activity

In other MongoDB news, Director Hope F. Cochran sold 1,566 shares of the business’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 completion of the transaction, the director directly owned 25,659 shares of the company’s stock, valued at approximately $10,824,249.15. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dwight A. Merriman sold 1,190 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $369.75, for a total value of $440,002.50. Following the completion of the sale, the director owned 80,462 shares in the company, valued at approximately $29,750,824.50. This represents a 1.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 21,949 shares of company stock worth $8,981,630. 3.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MDB shares. Wedbush lowered their price target on MongoDB from $440.00 to $380.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. Citigroup cut their price objective on MongoDB from $435.00 to $400.00 and set a “buy” rating on the stock 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. BMO Capital Markets reaffirmed an “outperform” rating and set a $340.00 target price (down from $400.00) on shares of MongoDB in a report on Tuesday, March 3rd. Finally, Macquarie Infrastructure upped their target price on MongoDB from $305.00 to $385.00 and gave the company a “neutral” rating in a research report on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, MongoDB currently has a consensus rating of “Moderate Buy” and an average target price of $354.18.

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.