MongoDB (NASDAQ:MDB) Updates FY 2023 Earnings Guidance

MongoDB (NASDAQ:MDBGet Rating) issued an update on its FY 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of -$0.35–$0.28 for the period, compared to the consensus earnings per share estimate of -$0.21. The company issued revenue guidance of $1.20 billion-$1.21 billion, compared to the consensus revenue estimate of $1.19 billion. MongoDB also updated its Q3 2023 guidance to -$0.19–$0.16 EPS.

MongoDB Stock Performance

MDB stock traded down $7.52 during mid-day trading on Friday, reaching $190.68. 81,468 shares of the stock traded hands, compared to its average volume of 2,272,608. The company has a quick ratio of 4.02, a current ratio of 4.02 and a debt-to-equity ratio of 1.70. MongoDB has a 52 week low of $196.80 and a 52 week high of $590.00. The business has a 50-day moving average of $301.30 and a two-hundred day moving average of $315.60. The firm has a market capitalization of $13.10 billion, a PE ratio of -35.92 and a beta of 0.95.

MongoDB (NASDAQ:MDBGet Rating) last announced its quarterly earnings data on Wednesday, August 31st. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.52) by ($0.17). The company had revenue of $303.66 million for the quarter, compared to analyst estimates of $282.31 million. MongoDB had a negative net margin of 33.43% and a negative return on equity of 52.05%. The firm’s quarterly revenue was up 52.8% on a year-over-year basis. During the same period in the prior year, the company posted ($1.15) EPS. As a group, equities analysts predict that MongoDB will post -5.36 EPS for the current fiscal year.

Analyst Ratings Changes

MDB has been the subject of several recent research reports. Credit Suisse Group dropped their price target on shares of MongoDB from $500.00 to $400.00 and set an outperform rating for the company in a research report on Thursday, September 1st. Needham & Company LLC dropped their price target on shares of MongoDB from $350.00 to $330.00 and set a buy rating for the company in a research report on Thursday, September 1st. Citigroup dropped their price target on shares of MongoDB from $450.00 to $445.00 and set a buy rating for the company in a research report on Thursday, September 1st. Robert W. Baird decreased their price objective on shares of MongoDB from $360.00 to $330.00 and set an outperform rating on the stock in a research note on Thursday, September 1st. Finally, Morgan Stanley decreased their price objective on shares of MongoDB from $378.00 to $368.00 and set an overweight rating on the stock in a research note on Thursday, June 2nd. One research analyst has rated the stock with a sell rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $386.83.

Insider Activity

In other MongoDB news, insider Thomas Bull sold 489 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $264.45, for a total value of $129,316.05. Following the transaction, the insider now directly owns 17,104 shares of the company’s stock, valued at $4,523,152.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other MongoDB news, Director Dwight A. Merriman sold 629 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $292.64, for a total value of $184,070.56. Following the transaction, the director now directly owns 1,322,755 shares of the company’s stock, valued at $387,091,023.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Thomas Bull sold 489 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $264.45, for a total transaction of $129,316.05. Following the completion of the transaction, the insider now directly owns 17,104 shares in the company, valued at $4,523,152.80. The disclosure for this sale can be found here. Insiders have sold 69,789 shares of company stock valued at $18,925,825 over the last three months. 5.70% of the stock is owned by insiders.

Institutional Investors Weigh In On MongoDB

Several hedge funds have recently bought and sold shares of MDB. Shay Capital LLC acquired a new stake in shares of MongoDB during the first quarter worth $200,000. Penserra Capital Management LLC grew its position in shares of MongoDB by 23.3% in the 1st quarter. Penserra Capital Management LLC now owns 546 shares of the company’s stock valued at $241,000 after acquiring an additional 103 shares during the period. Fund Management at Engine No. 1 LLC bought a new position in shares of MongoDB in the 1st quarter valued at about $251,000. Geneos Wealth Management Inc. grew its position in shares of MongoDB by 27.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 574 shares of the company’s stock valued at $254,000 after acquiring an additional 125 shares during the period. Finally, Beacon Pointe Advisors LLC grew its position in shares of MongoDB by 78.0% in the 1st quarter. Beacon Pointe Advisors LLC now owns 678 shares of the company’s stock valued at $301,000 after acquiring an additional 297 shares during the period. 89.85% of the stock is currently owned by institutional investors and hedge funds.

About MongoDB

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MongoDB, Inc provides general purpose database platform worldwide. The company offers MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premise, or in a hybrid environment; MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.

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Earnings History and Estimates for MongoDB (NASDAQ:MDB)

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