Piper Sandler Issues Positive Forecast for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its price target raised by equities researchers at Piper Sandler from $335.00 to $425.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 24.50% from the company’s current price.

MDB has been the subject of several other reports. UBS Group raised their price objective on MongoDB from $250.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Mizuho increased their price target on MongoDB from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Morgan Stanley boosted their price objective on MongoDB from $320.00 to $340.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. JMP Securities reissued a “market outperform” rating and issued a $380.00 target price on shares of MongoDB in a research report on Friday, August 30th. Finally, Citigroup upped 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $340.29.

MongoDB Trading Up 2.7 %

Shares of MongoDB stock opened at $341.36 on Tuesday. The business has a fifty day simple moving average of $279.98 and a 200-day simple moving average of $271.41. MongoDB has a fifty-two week low of $212.74 and a fifty-two week high of $509.62. The firm has a market cap of $25.22 billion, a price-to-earnings ratio of -113.03 and a beta of 1.15. 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 announced its quarterly earnings data on Thursday, August 29th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.21. MongoDB had a negative net margin of 12.08% and a negative return on equity of 15.06%. The company had revenue of $478.11 million for the quarter, compared to analysts’ expectations of $465.03 million. During the same quarter in the previous year, the company posted ($0.63) EPS. The business’s revenue was up 12.8% compared to the same quarter last year. On average, equities analysts forecast that MongoDB will post -2.39 EPS for the current fiscal year.

Insider Buying and Selling at MongoDB

In other news, CAO Thomas Bull sold 154 shares of MongoDB stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $256.25, for a total value of $39,462.50. Following the transaction, 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 this hyperlink. Also, Director Dwight A. Merriman sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $290.79, for a total value of $872,370.00. Following the sale, the director now owns 1,135,006 shares of the company’s stock, valued at approximately $330,048,394.74. The trade was a 0.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,600 shares of company stock worth $7,034,249 over the last three months. Corporate insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On MongoDB

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC grew its position in MongoDB by 23.6% during the third quarter. Jennison Associates LLC now owns 3,102,024 shares of the company’s stock worth $838,632,000 after buying an additional 592,038 shares in the last quarter. Swedbank AB grew its holdings in shares of MongoDB by 156.3% during the 2nd quarter. Swedbank AB now owns 656,993 shares of the company’s stock worth $164,222,000 after purchasing an additional 400,705 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of MongoDB by 1,098.1% during the second quarter. Thrivent Financial for Lutherans now owns 424,402 shares of the company’s stock valued at $106,084,000 after purchasing an additional 388,979 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of MongoDB in the second quarter valued at $52,131,000. Finally, Avala Global LP bought a new position in MongoDB in the third quarter worth $47,960,000. Institutional investors and hedge funds 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.