Piper Sandler Forecasts Strong Price Appreciation for MongoDB (NASDAQ:MDB) Stock

MongoDB (NASDAQ:MDB) had its price objective upped by Piper Sandler from $335.00 to $425.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities analysts have also commented on MDB. Oppenheimer increased their target price on shares of MongoDB from $300.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, August 30th. UBS Group lifted their price objective on MongoDB from $250.00 to $275.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Bank of America boosted their target price on MongoDB from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Scotiabank raised their price target on MongoDB from $250.00 to $295.00 and gave the stock a “sector perform” rating in a research report on Friday, August 30th. Finally, Sanford C. Bernstein boosted their price objective on MongoDB from $358.00 to $360.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, MongoDB currently has a consensus rating of “Moderate Buy” and an average target price of $340.29.

MongoDB Price Performance

MDB opened at $324.60 on Tuesday. The company has a current ratio of 5.03, a quick ratio of 5.03 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $23.98 billion, a P/E ratio of -107.48 and a beta of 1.15. The stock has a 50-day moving average price of $282.65 and a 200-day moving average price of $272.02. MongoDB has a 12-month low of $212.74 and a 12-month high of $509.62.

MongoDB (NASDAQ:MDB) last issued its earnings results 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. The business had revenue of $478.11 million during the quarter, compared to analyst estimates of $465.03 million. MongoDB had a negative return on equity of 15.06% and a negative net margin of 12.08%. MongoDB’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.63) earnings per share. Equities analysts predict that MongoDB will post -2.39 earnings per share for the current fiscal year.

Insider Activity at MongoDB

In other MongoDB news, Director Dwight A. Merriman sold 3,000 shares of MongoDB stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $290.79, for a total transaction of $872,370.00. Following the completion of the transaction, the director now owns 1,135,006 shares in the company, valued at approximately $330,048,394.74. The trade was a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Lawrence Gordon sold 5,000 shares of MongoDB stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $290.31, for a total value of $1,451,550.00. Following the completion of the transaction, the chief financial officer now directly owns 80,307 shares of the company’s stock, valued at approximately $23,313,925.17. This represents a 5.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,600 shares of company stock valued at $7,442,189 in the last three months. Company insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC raised its holdings in MongoDB by 76.8% in the 3rd quarter. Tidal Investments LLC now owns 7,859 shares of the company’s stock worth $2,125,000 after purchasing an additional 3,415 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of MongoDB in the third quarter worth about $44,000. Virtu Financial LLC lifted its position in shares of MongoDB by 351.2% during the 3rd quarter. Virtu Financial LLC now owns 10,016 shares of the company’s stock valued at $2,708,000 after buying an additional 7,796 shares in the last quarter. Teachers Retirement System of The State of Kentucky purchased a new stake in MongoDB in the 3rd quarter worth approximately $5,840,000. Finally, Toronto Dominion Bank raised its stake in MongoDB by 21.9% during the 3rd quarter. Toronto Dominion Bank now owns 9,462 shares of the company’s stock worth $2,558,000 after acquiring an additional 1,699 shares during the period. 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.