MongoDB (NASDAQ:MDB) Price Target Lowered to $270.00 at Needham & Company LLC

MongoDB (NASDAQ:MDB) had its price objective cut by Needham & Company LLC from $415.00 to $270.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also weighed in on MDB. DA Davidson boosted their price target on MongoDB from $340.00 to $405.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Barclays dropped their price target on MongoDB from $400.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Piper Sandler restated an “overweight” rating and set a $425.00 price target on shares of MongoDB in a research note on Tuesday, December 10th. Citigroup boosted their price target on MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Finally, Guggenheim upgraded MongoDB from a “neutral” rating to a “buy” rating and set a $300.00 price target on the stock in a research note on Monday, January 6th. 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $322.61.

MongoDB Stock Performance

Shares of MongoDB stock opened at $192.98 on Thursday. The company has a market capitalization of $14.37 billion, a PE ratio of -70.43 and a beta of 1.30. The company has a 50-day simple moving average of $262.69 and a two-hundred day simple moving average of $274.71. MongoDB has a one year low of $192.79 and a one year high of $413.87.

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

Insiders Place Their Bets

In other news, insider Cedric Pech sold 287 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $234.09, for a total transaction of $67,183.83. Following the completion of the transaction, the insider now directly owns 24,390 shares of the company’s stock, valued at $5,709,455.10. This represents a 1.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Dev Ittycheria sold 8,335 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $254.86, for a total value of $2,124,258.10. Following the transaction, the chief executive officer now directly owns 217,294 shares of the company’s stock, valued at approximately $55,379,548.84. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,314 shares of company stock worth $13,337,753. Corporate insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of MongoDB during the 4th quarter worth approximately $13,270,000. Azzad Asset Management Inc. ADV raised 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 valued at $1,750,000 after purchasing an additional 1,132 shares during the last quarter. Infinitum Asset Management LLC acquired a new position in MongoDB in the 4th quarter valued at $8,148,000. Polar Asset Management Partners Inc. acquired a new position in MongoDB in the 4th quarter valued at $14,458,000. Finally, Mackenzie Financial Corp raised its stake in MongoDB by 47.8% in the 4th quarter. Mackenzie Financial Corp now owns 5,731 shares of the company’s stock valued at $1,334,000 after purchasing an additional 1,854 shares during the last quarter. 89.29% of the stock is 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.