MongoDB (NASDAQ:MDB) Trading Up 9.1% – What’s Next?

MongoDB, Inc. (NASDAQ:MDB)’s share price rose 9.1% during trading on Wednesday . The company traded as high as $319.88 and last traded at $318.14. Approximately 983,008 shares changed hands during trading, a decline of 31% from the average daily volume of 1,422,409 shares. The stock had previously closed at $291.65.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MDB shares. Morgan Stanley raised their price objective on shares of MongoDB from $320.00 to $340.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Citigroup lifted their price target on shares of MongoDB from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Mizuho raised their target price on MongoDB from $250.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Needham & Company LLC lifted their target price on MongoDB from $290.00 to $335.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $350.00 price target on shares of MongoDB in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $334.25.

MongoDB Stock Performance

The business has a fifty day moving average of $278.11 and a 200 day moving average of $275.45. The company has a quick ratio of 5.03, a current ratio of 5.03 and a debt-to-equity ratio of 0.84.

MongoDB (NASDAQ:MDB) last posted its earnings results on Thursday, August 29th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.21. The firm had revenue of $478.11 million during the quarter, compared to analyst estimates of $465.03 million. MongoDB had a negative return on equity of 15.06% and a negative net margin of 12.08%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.63) EPS. On average, sell-side analysts anticipate that MongoDB, Inc. will post -2.39 EPS for the current year.

Insider Activity

In other news, CAO Thomas Bull sold 154 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $256.25, for a total transaction of $39,462.50. Following the sale, the chief accounting officer now directly owns 16,068 shares in the company, valued at approximately $4,117,425. The trade was a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael Lawrence Gordon sold 5,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $290.31, for a total value of $1,451,550.00. Following the completion of the transaction, the chief financial officer now directly owns 80,307 shares of the company’s stock, valued at approximately $23,313,925.17. This trade represents a 5.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,281 shares of company stock valued at $6,657,121. 3.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On MongoDB

A number of hedge funds and other institutional investors have recently made changes to their positions in MDB. Benjamin Edwards Inc. acquired a new stake in MongoDB in the 3rd quarter valued at $1,055,000. Avala Global LP bought a new position in shares of MongoDB during the third quarter valued at $47,960,000. Point72 Hong Kong Ltd acquired a new stake in shares of MongoDB in the 3rd quarter valued at $7,964,000. Firsthand Capital Management Inc. grew its holdings in shares of MongoDB by 150.0% in the 3rd quarter. Firsthand Capital Management Inc. now owns 10,000 shares of the company’s stock worth $2,741,000 after purchasing an additional 6,000 shares during the last quarter. Finally, JAT Capital Mgmt LP increased its position in shares of MongoDB by 53.5% during the 3rd quarter. JAT Capital Mgmt LP now owns 86,320 shares of the company’s stock worth $23,337,000 after purchasing an additional 30,073 shares in the last quarter. 89.29% of the stock is owned by institutional investors.

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.