MongoDB (NASDAQ:MDB) Price Target Cut to $400.00

MongoDB (NASDAQ:MDB) had its price objective dropped by stock analysts at Tigress Financial from $500.00 to $400.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Tigress Financial’s price target suggests a potential upside of 60.78% from the company’s previous close.

Several other analysts have also recently weighed in on MDB. Piper Sandler reduced their price objective on shares of MongoDB from $480.00 to $350.00 and set an “overweight” rating on the stock in a research note on Friday, May 31st. Truist Financial reduced their price objective on shares of MongoDB from $475.00 to $300.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. JMP Securities reduced their price objective on shares of MongoDB from $440.00 to $380.00 and set a “market outperform” rating on the stock in a research note on Friday, May 31st. Canaccord Genuity Group dropped their target price on shares of MongoDB from $435.00 to $325.00 and set a “buy” rating on the stock in a report on Friday, May 31st. Finally, Mizuho dropped their target price on shares of MongoDB from $380.00 to $250.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, MongoDB currently has an average rating of “Moderate Buy” and a consensus price target of $357.59.

MongoDB Price Performance

MongoDB stock traded up $2.60 during mid-day trading on Thursday, reaching $248.78. The company had a trading volume of 1,361,987 shares, compared to its average volume of 1,550,124. MongoDB has a fifty-two week low of $214.74 and a fifty-two week high of $509.62. The company has a current ratio of 4.93, a quick ratio of 4.93 and a debt-to-equity ratio of 0.90. The company has a market cap of $18.25 billion, a P/E ratio of -88.53 and a beta of 1.13. The business has a fifty day simple moving average of $287.41 and a 200 day simple moving average of $357.76.

MongoDB (NASDAQ:MDB) last issued its earnings results on Thursday, May 30th. The company reported ($0.80) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.80). MongoDB had a negative net margin of 11.50% and a negative return on equity of 14.88%. The firm had revenue of $450.56 million for the quarter, compared to analyst estimates of $438.44 million. On average, equities research analysts predict that MongoDB will post -2.67 earnings per share for the current year.

Insiders Place Their Bets

In other MongoDB news, CAO Thomas Bull sold 138 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $265.29, for a total value of $36,610.02. Following the completion of the sale, the chief accounting officer now directly owns 17,222 shares of the company’s stock, valued at approximately $4,568,824.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CRO Cedric Pech sold 273 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $265.29, for a total transaction of $72,424.17. Following the completion of the transaction, the executive now directly owns 35,719 shares of the company’s stock, valued at approximately $9,475,893.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Thomas Bull sold 138 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $265.29, for a total transaction of $36,610.02. Following the transaction, the chief accounting officer now directly owns 17,222 shares of the company’s stock, valued at $4,568,824.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,179 shares of company stock valued at $8,274,689. Corporate insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in MongoDB by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 6,910,761 shares of the company’s stock worth $2,478,475,000 after buying an additional 68,348 shares during the period. Jennison Associates LLC boosted its holdings in MongoDB by 14.3% in the 1st quarter. Jennison Associates LLC now owns 4,408,424 shares of the company’s stock worth $1,581,037,000 after buying an additional 551,567 shares during the period. Norges Bank purchased a new stake in MongoDB in the 4th quarter worth approximately $326,237,000. Champlain Investment Partners LLC lifted its stake in MongoDB by 22.4% in the 1st quarter. Champlain Investment Partners LLC now owns 550,684 shares of the company’s stock worth $197,497,000 after purchasing an additional 100,725 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in MongoDB by 59.3% in the 4th quarter. First Trust Advisors LP now owns 549,052 shares of the company’s stock worth $224,480,000 after purchasing an additional 204,284 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.