MongoDB (NASDAQ:MDB) Price Target Cut to $315.00 by Analysts at Morgan Stanley

MongoDB (NASDAQ:MDB) had its price target reduced by research analysts at Morgan Stanley from $350.00 to $315.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 19.26% from the stock’s previous close.

Several other brokerages also recently commented on MDB. Oppenheimer upped their price objective on shares of MongoDB from $350.00 to $400.00 and gave the company an “outperform” rating in a research note on Tuesday, December 10th. Cantor Fitzgerald assumed coverage on MongoDB in a research report on Wednesday. They set an “overweight” rating and a $344.00 price target for the company. Scotiabank reiterated a “sector perform” rating on shares of MongoDB in a research report on Wednesday. Tigress Financial upped their target price on MongoDB from $400.00 to $430.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company lowered MongoDB from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $365.00 to $225.00 in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $341.87.

MongoDB Price Performance

Shares of MongoDB stock opened at $264.13 on Thursday. MongoDB has a one year low of $212.74 and a one year high of $424.00. The business’s 50 day simple moving average is $263.70 and its two-hundred day simple moving average is $275.28. The stock has a market capitalization of $19.67 billion, a P/E ratio of -96.40 and a beta of 1.30.

MongoDB (NASDAQ:MDB) last issued its earnings results on Monday, December 9th. The company reported $1.16 EPS 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 company had revenue of $529.40 million for the quarter, compared to the consensus estimate of $497.39 million. During the same period in the previous year, the firm earned $0.96 earnings per share. The firm’s revenue for the quarter was up 22.3% on a year-over-year basis. Sell-side analysts expect that MongoDB will post -1.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Dwight A. Merriman sold 3,000 shares of the business’s stock in a transaction 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 in the company, valued at $300,130,293.78. The trade was a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Thomas Bull sold 1,000 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $355.92, for a total value of $355,920.00. Following the transaction, the chief accounting officer now directly owns 15,068 shares in the company, valued at approximately $5,363,002.56. The trade was a 6.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,314 shares of company stock worth $13,337,753 in the last quarter. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On MongoDB

A number of hedge funds have recently bought and sold shares of MDB. Strategic Investment Solutions Inc. IL purchased a new stake in shares of MongoDB during the 4th quarter valued at about $29,000. Hilltop National Bank lifted its position in MongoDB by 47.2% during the fourth 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 period. NCP Inc. purchased a new stake in MongoDB in the fourth quarter worth approximately $35,000. Brooklyn Investment Group bought a new stake in MongoDB in the 3rd quarter worth approximately $36,000. Finally, Continuum Advisory LLC raised its stake in MongoDB by 621.1% during the 3rd quarter. Continuum Advisory LLC now owns 137 shares of the company’s stock valued at $40,000 after buying an additional 118 shares during the last quarter. 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.