Jericho Capital Asset Management L.P. Raises Stock Position in MongoDB, Inc. $MDB

Jericho Capital Asset Management L.P. lifted its holdings in shares of MongoDB, Inc. (NASDAQ:MDB) by 162.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,378,540 shares of the company’s stock after buying an additional 852,540 shares during the quarter. MongoDB comprises approximately 4.4% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 7th biggest holding. Jericho Capital Asset Management L.P. owned about 1.69% of MongoDB worth $427,871,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MDB. Vanguard Group Inc. lifted its holdings in MongoDB by 5.0% in the third quarter. Vanguard Group Inc. now owns 8,985,697 shares of the company’s stock valued at $2,788,981,000 after buying an additional 431,382 shares during the period. State Street Corp grew its holdings in MongoDB by 5.0% during the 2nd quarter. State Street Corp now owns 1,693,194 shares of the company’s stock worth $355,554,000 after acquiring an additional 80,334 shares during the period. Amundi raised its position in shares of MongoDB by 61.3% during the 3rd quarter. Amundi now owns 1,483,396 shares of the company’s stock valued at $477,550,000 after acquiring an additional 563,995 shares during the last quarter. Geode Capital Management LLC raised its position in shares of MongoDB by 5.2% during 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 last quarter. Finally, AQR Capital Management LLC lifted its stake 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 purchasing an additional 1,069,969 shares during the period. 89.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on MDB shares. Wells Fargo & Company reduced their price target on MongoDB from $450.00 to $375.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 3rd. The Goldman Sachs Group dropped their price objective on MongoDB from $475.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. UBS Group cut their target price on MongoDB from $440.00 to $275.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. BMO Capital Markets restated 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, Sanford C. Bernstein cut MongoDB from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, MongoDB presently has a consensus rating of “Moderate Buy” and an average target price of $354.18.

Insider Activity at MongoDB

In other news, Director Dwight A. Merriman sold 1,190 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $369.75, for a total transaction of $440,002.50. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Hope F. Cochran sold 1,566 shares of MongoDB stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $421.85, for a total transaction of $660,617.10. Following the completion of the sale, the director owned 25,659 shares in the company, valued at $10,824,249.15. This trade represents a 5.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 21,949 shares of company stock worth $8,981,630 in the last 90 days. Company insiders own 3.10% of the company’s stock.

MongoDB Trading Down 0.1%

MDB stock opened at $260.50 on Monday. The stock has a 50-day moving average price of $354.08 and a two-hundred day moving average price of $354.11. MongoDB, Inc. has a 1 year low of $140.78 and a 1 year high of $444.72. The stock has a market cap of $21.20 billion, a PE ratio of -296.02 and a beta of 1.40.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.18. The company had revenue of $695.07 million for 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 quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.28 earnings per share. On average, analysts forecast that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

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.