MongoDB (NASDAQ:MDB) Shares Down 5.3% After Insider Selling

MongoDB, Inc. (NASDAQ:MDB) dropped 5.3% during trading on Thursday after an insider sold shares in the company. The company traded as low as $259.69 and last traded at $263.48. Approximately 481,810 shares traded hands during mid-day 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 MongoDB stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $279.99, for a total transaction of $2,333,716.65. Following the sale, the chief executive officer now owns 217,294 shares of the company’s stock, valued at approximately $60,840,147.06. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Ratings Changes

MDB has been the subject of several recent analyst reports. DA Davidson raised their target price on MongoDB from $340.00 to $405.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Macquarie began coverage on MongoDB in a research report on Thursday, December 12th. They set a “neutral” rating and a $300.00 price objective for the company. Tigress Financial upped their target price on shares of MongoDB from $400.00 to $430.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. KeyCorp lifted their price target on shares of MongoDB from $330.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Mizuho upped their price objective on shares of MongoDB from $275.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $361.00.

MongoDB Stock Performance

The firm has a 50-day moving average price of $272.39 and a two-hundred day moving average price of $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 quarterly earnings results on Monday, December 9th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.48. The firm had revenue of $529.40 million during the quarter, compared to analysts’ expectations of $497.39 million. MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. MongoDB’s quarterly revenue was up 22.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.96 earnings per share. Research analysts anticipate that MongoDB, Inc. will post -1.78 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MDB. Nisa Investment Advisors LLC increased its stake in MongoDB by 3.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,090 shares of the company’s stock valued at $295,000 after purchasing an additional 40 shares during the period. Hilltop National Bank increased its position in MongoDB by 47.2% in the 4th quarter. Hilltop National Bank now owns 131 shares of the company’s stock valued at $30,000 after acquiring an additional 42 shares during the period. Avestar Capital LLC increased its position in MongoDB by 2.0% in the 4th quarter. Avestar Capital LLC now owns 2,165 shares of the company’s stock valued at $504,000 after acquiring an additional 42 shares during the period. Tanager Wealth Management LLP raised its stake in MongoDB by 4.7% during the 3rd quarter. Tanager Wealth Management LLP now owns 957 shares of the company’s stock valued at $259,000 after acquiring an additional 43 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its position in MongoDB by 16.5% during the 3rd quarter. Rakuten Securities Inc. now owns 332 shares of the company’s stock worth $90,000 after acquiring an additional 47 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.