MongoDB (NASDAQ:MDB) Shares Up 7.4% – Here’s What Happened

MongoDB, Inc. (NASDAQ:MDB) was up 7.4% during mid-day trading on Tuesday . The stock traded as high as $285.10 and last traded at $284.28. Approximately 819,510 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 1,427,558 shares. The stock had previously closed at $264.58.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MDB shares. Wells Fargo & Company upped their price objective on shares of MongoDB from $350.00 to $425.00 and gave the stock an “overweight” rating in a report on Tuesday, December 10th. JMP Securities reaffirmed a “market outperform” rating and issued a $380.00 price target on shares of MongoDB in a research report on Wednesday, December 11th. Robert W. Baird boosted their price objective on MongoDB from $380.00 to $390.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Scotiabank dropped their target price on MongoDB from $350.00 to $275.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald assumed coverage on MongoDB in a report on Friday, January 17th. They set an “overweight” rating and a $344.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $361.00.

MongoDB Price Performance

The stock has a market capitalization of $21.11 billion, a PE ratio of -103.48 and a beta of 1.25. The firm’s 50 day simple moving average is $275.02 and its 200 day simple moving average is $269.23.

MongoDB (NASDAQ:MDB) last posted its quarterly 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 net margin of 10.46% and a negative return on equity of 12.22%. 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 previous year, the firm posted $0.96 earnings per share. The firm’s revenue for the quarter was up 22.3% on a year-over-year basis. Analysts expect that MongoDB, Inc. will post -1.79 earnings per share for the current fiscal year.

Insider Buying and Selling at MongoDB

In related news, CEO Dev Ittycheria sold 2,581 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $234.09, for a total transaction of $604,186.29. Following the transaction, the chief executive officer now owns 217,294 shares in the company, valued at $50,866,352.46. The trade was a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Thomas Bull sold 169 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $234.09, for a total transaction of $39,561.21. Following the completion of the sale, the chief accounting officer now owns 14,899 shares of the company’s stock, valued at $3,487,706.91. This trade represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,156 shares of company stock worth $9,220,473. 3.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MongoDB

Institutional investors and hedge funds have recently made changes to their positions in the business. Hilltop National Bank grew its position in MongoDB by 47.2% during the 4th quarter. Hilltop National Bank now owns 131 shares of the company’s stock valued at $30,000 after purchasing an additional 42 shares during the last quarter. Quarry LP grew its holdings in shares of MongoDB by 2,580.0% during the second quarter. Quarry LP now owns 134 shares of the company’s stock valued at $33,000 after buying an additional 129 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of MongoDB during the third quarter valued at approximately $36,000. GAMMA Investing LLC raised its holdings in MongoDB by 178.8% in the 3rd quarter. GAMMA Investing LLC now owns 145 shares of the company’s stock worth $39,000 after acquiring an additional 93 shares during the last quarter. Finally, Continuum Advisory LLC lifted its position in 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 acquiring an additional 118 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.

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.