Needham & Company LLC Issues Pessimistic Forecast for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its price target dropped by analysts at Needham & Company LLC from $415.00 to $270.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 2.22% from the stock’s previous close.

A number of other brokerages have also weighed in on MDB. Canaccord Genuity Group lifted their target price on shares of MongoDB from $325.00 to $385.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Mizuho lifted their price objective on MongoDB from $275.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Tigress Financial increased their target price on MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Macquarie began coverage on MongoDB in a research report on Thursday, December 12th. They set a “neutral” rating and a $300.00 price target on the stock. Finally, Royal Bank of Canada increased their price objective on MongoDB from $350.00 to $400.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, MongoDB presently has a consensus rating of “Moderate Buy” and a consensus price target of $345.17.

MongoDB Stock Up 3.8 %

Shares of MDB opened at $264.13 on Thursday. The stock has a market capitalization of $19.67 billion, a P/E ratio of -96.40 and a beta of 1.30. MongoDB has a twelve month low of $212.74 and a twelve month high of $424.00. The firm has a fifty day simple moving average of $263.70 and a two-hundred day simple moving average of $275.28.

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

Insiders Place Their Bets

In related news, CEO Dev Ittycheria sold 8,335 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $254.86, for a total value of $2,124,258.10. Following the transaction, the chief executive officer now directly owns 217,294 shares of the company’s stock, valued at approximately $55,379,548.84. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dwight A. Merriman sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $270.63, for a total value of $811,890.00. Following the completion of the transaction, the director now owns 1,109,006 shares of the company’s stock, valued at $300,130,293.78. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,314 shares of company stock worth $13,337,753 over the last three months. 3.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MongoDB

A number of hedge funds and other institutional investors have recently modified their holdings of MDB. OneDigital Investment Advisors LLC lifted its stake in MongoDB by 3.9% in the 4th quarter. OneDigital Investment Advisors LLC now owns 1,044 shares of the company’s stock worth $243,000 after purchasing an additional 39 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of MongoDB by 3.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,090 shares of the company’s stock worth $295,000 after acquiring an additional 40 shares in the last quarter. Hilltop National Bank raised its holdings in shares of MongoDB by 47.2% during the 4th 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. Avestar Capital LLC grew its stake in shares of MongoDB by 2.0% in the 4th quarter. Avestar Capital LLC now owns 2,165 shares of the company’s stock worth $504,000 after buying an additional 42 shares in the last quarter. Finally, Rakuten Securities Inc. grew its stake in shares of MongoDB by 16.5% in the 3rd quarter. Rakuten Securities Inc. now owns 332 shares of the company’s stock worth $90,000 after buying an additional 47 shares in the last quarter. 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.