MongoDB (NASDAQ:MDB) Stock Price Down 5.3% Following Insider Selling

MongoDB, Inc. (NASDAQ:MDB)’s share price was down 5.3% on Thursday following insider selling activity. The company traded as low as $259.69 and last traded at $263.48. Approximately 481,810 shares were traded during trading, a decline of 69% from the average daily volume of 1,543,591 shares. The stock had previously closed at $278.33.

Specifically, CEO Dev Ittycheria sold 8,335 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $279.99, for a total value of $2,333,716.65. Following the completion of the transaction, the chief executive officer now directly owns 217,294 shares in the company, valued at $60,840,147.06. This represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

MDB has been the subject of several research reports. Wells Fargo & Company increased their price objective on shares of MongoDB from $350.00 to $425.00 and gave the company an “overweight” rating in a report on Tuesday, December 10th. Royal Bank of Canada increased their target price on shares of MongoDB from $350.00 to $400.00 and gave the company an “outperform” rating in a research note on Tuesday, December 10th. Needham & Company LLC lifted their target price on MongoDB from $335.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Citigroup lifted their price target on shares of MongoDB from $400.00 to $430.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Finally, Robert W. Baird increased their price objective on MongoDB from $380.00 to $390.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-three have assigned a buy rating and two have issued 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 $361.00.

MongoDB Stock Up 0.8 %

The business’s 50-day simple moving average is $272.39 and its two-hundred day simple moving average is $269.78. The firm has a market cap of $20.35 billion, a price-to-earnings ratio of -99.75 and a beta of 1.25.

MongoDB (NASDAQ:MDB) last announced its earnings results on Monday, December 9th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.48. MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. The business had revenue of $529.40 million during the quarter, compared to the consensus estimate of $497.39 million. During the same period in the prior year, the company posted $0.96 EPS. The business’s quarterly revenue was up 22.3% on a year-over-year basis. On average, analysts expect that MongoDB, Inc. will post -1.78 earnings per share for the current year.

Hedge Funds Weigh In On MongoDB

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hilltop National Bank boosted its position in MongoDB by 47.2% during the fourth quarter. Hilltop National Bank now owns 131 shares of the company’s stock worth $30,000 after acquiring an additional 42 shares during the last quarter. Quarry LP lifted its stake in MongoDB by 2,580.0% in the 2nd quarter. Quarry LP now owns 134 shares of the company’s stock worth $33,000 after purchasing an additional 129 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of MongoDB during the 3rd quarter worth approximately $36,000. Continuum Advisory LLC grew its position in shares of MongoDB by 621.1% in the third quarter. Continuum Advisory LLC now owns 137 shares of the company’s stock valued at $40,000 after purchasing an additional 118 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of MongoDB by 178.8% in the third quarter. GAMMA Investing LLC now owns 145 shares of the company’s stock valued at $39,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other institutional investors 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.