The Goldman Sachs Group Cuts MongoDB (NASDAQ:MDB) Price Target to $335.00

MongoDB (NASDAQ:MDB) had its price objective decreased by investment analysts at The Goldman Sachs Group from $390.00 to $335.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 65.50% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. KeyCorp increased their price objective on shares of MongoDB from $330.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Piper Sandler reduced their price target on MongoDB from $425.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday. Wedbush lowered their price target on MongoDB from $360.00 to $300.00 and set an “outperform” rating on the stock in a research report on Thursday. Citigroup increased their price objective on MongoDB from $400.00 to $430.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, Tigress Financial boosted their target price on shares of MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, MongoDB currently has an average rating of “Moderate Buy” and a consensus target price of $323.74.

MongoDB Stock Performance

NASDAQ MDB traded down $61.71 on Thursday, reaching $202.42. The company had a trading volume of 8,253,887 shares, compared to its average volume of 1,631,389. The company’s fifty day moving average is $263.70 and its 200-day moving average is $275.28. MongoDB has a 1-year low of $200.04 and a 1-year high of $424.00. The firm has a market capitalization of $15.07 billion, a price-to-earnings ratio of -74.14 and a beta of 1.30.

MongoDB (NASDAQ:MDB) last announced its earnings results on Wednesday, March 5th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.45). MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. The firm had revenue of $548.40 million during the quarter, compared to analyst estimates of $519.65 million. During the same period in the prior year, the business posted $0.86 EPS. On average, research analysts forecast that MongoDB will post -1.78 earnings per share for the current year.

Insider Activity

In other news, CEO Dev Ittycheria sold 8,335 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $254.86, for a total value of $2,124,258.10. Following the completion of the transaction, the chief executive officer now directly owns 217,294 shares in the company, valued at approximately $55,379,548.84. The trade was a 3.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Thomas Bull sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $355.92, for a total transaction of $355,920.00. Following the sale, the chief accounting officer now directly owns 15,068 shares of the company’s stock, valued at approximately $5,363,002.56. This trade represents a 6.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,314 shares of company stock worth $13,337,753. Corporate insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On MongoDB

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL acquired a new position in shares of MongoDB during the 4th quarter worth $29,000. Hilltop National Bank raised its stake 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 in the last quarter. Brooklyn Investment Group bought a new position in shares of MongoDB in the third quarter worth about $36,000. Continuum Advisory LLC boosted its stake in shares of MongoDB by 621.1% in the 3rd 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, NCP Inc. bought a new stake in shares of MongoDB during the 4th quarter valued at approximately $35,000. 89.29% of the stock is currently 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.