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

MongoDB (NASDAQ:MDB) had its price target dropped by equities researchers at Barclays from $330.00 to $280.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 33.74% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of MongoDB from $385.00 to $320.00 and set a “buy” rating on the stock in a research report on Thursday. Wells Fargo & Company downgraded shares of MongoDB from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $365.00 to $225.00 in a report on Thursday. Piper Sandler cut their target price on shares of MongoDB from $425.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday. Robert W. Baird decreased their price objective on MongoDB from $390.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Cantor Fitzgerald began coverage on MongoDB in a research note on Wednesday. They issued an “overweight” rating and a $344.00 price target on the stock. One 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 company’s stock. Based on data from MarketBeat.com, MongoDB currently has an average rating of “Moderate Buy” and an average price target of $331.65.

MongoDB Stock Down 20.7 %

MDB stock traded down $54.77 during mid-day trading on Thursday, reaching $209.36. The company had a trading volume of 3,662,394 shares, compared to its average volume of 1,615,806. The stock has a market capitalization of $15.59 billion, a P/E ratio of -76.92 and a beta of 1.30. The stock’s 50-day simple moving average is $263.70 and its two-hundred day simple moving average is $275.28. MongoDB has a one year low of $200.36 and a one year high of $424.00.

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

Insider Activity at MongoDB

In related news, CAO Thomas Bull sold 169 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $234.09, for a total transaction of $39,561.21. Following the completion of the sale, the chief accounting officer now owns 14,899 shares in the company, valued at approximately $3,487,706.91. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cedric Pech sold 287 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $234.09, for a total transaction of $67,183.83. Following the sale, the insider now directly owns 24,390 shares of the company’s stock, valued at approximately $5,709,455.10. The trade was a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,314 shares of company stock valued at $13,337,753. 3.60% of the stock is owned by insiders.

Hedge Funds Weigh In On MongoDB

Several institutional investors have recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in MongoDB during the fourth quarter worth approximately $13,270,000. Azzad Asset Management Inc. ADV increased its stake in MongoDB by 17.7% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 7,519 shares of the company’s stock worth $1,750,000 after buying an additional 1,132 shares during the period. Infinitum Asset Management LLC bought a new stake in shares of MongoDB during the fourth quarter valued at approximately $8,148,000. Polar Asset Management Partners Inc. bought a new stake in MongoDB during the 4th quarter valued at $14,458,000. Finally, Mackenzie Financial Corp lifted its stake in MongoDB by 47.8% in the fourth quarter. Mackenzie Financial Corp now owns 5,731 shares of the company’s stock worth $1,334,000 after acquiring an additional 1,854 shares during the period. 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.