Scotiabank Boosts MongoDB (NASDAQ:MDB) Price Target to $350.00

MongoDB (NASDAQ:MDB) had its price target hoisted by investment analysts at Scotiabank from $295.00 to $350.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s target price would suggest a potential downside of 0.04% from the company’s previous close.

MDB has been the subject of a number of other research reports. Morgan Stanley lifted their price objective on MongoDB from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. Royal Bank of Canada reissued an “outperform” rating and issued a $350.00 price objective on shares of MongoDB in a research report on Friday, August 30th. Truist Financial raised their target price on shares of MongoDB from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Bank of America boosted their price target on MongoDB from $300.00 to $350.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, JMP Securities restated a “market outperform” rating and set a $380.00 price objective on shares of MongoDB in a report on Friday, August 30th. One equities 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $356.33.

MongoDB Stock Performance

Shares of MDB opened at $350.13 on Tuesday. The company has a 50-day moving average of $290.90 and a two-hundred day moving average of $269.20. The stock has a market cap of $25.86 billion, a P/E ratio of -115.94 and a beta of 1.17. MongoDB has a 12-month low of $212.74 and a 12-month high of $509.62. The company has a current ratio of 5.03, a quick ratio of 5.03 and a debt-to-equity ratio of 0.84.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings data on Monday, December 9th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.48. The firm had revenue of $529.40 million during the quarter, compared to the consensus estimate of $497.39 million. MongoDB had a negative return on equity of 15.06% and a negative net margin of 12.08%. The company’s quarterly revenue was up 22.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.96 EPS. As a group, research analysts predict that MongoDB will post -2.37 EPS for the current fiscal year.

Insider Buying and Selling at MongoDB

In other MongoDB news, Director Dwight A. Merriman sold 3,000 shares of MongoDB stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $256.25, for a total value of $768,750.00. Following the completion of the transaction, the director now directly owns 1,131,006 shares in the company, valued at $289,820,287.50. The trade was a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Thomas Bull sold 154 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $256.25, for a total value of $39,462.50. Following the sale, the chief accounting officer now owns 16,068 shares in the company, valued at $4,117,425. The trade was a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,600 shares of company stock worth $7,255,929 over the last quarter. 3.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its position in shares of MongoDB by 3.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,090 shares of the company’s stock worth $295,000 after acquiring an additional 40 shares during the last quarter. Taylor Frigon Capital Management LLC increased its stake in shares of MongoDB by 0.4% in the second quarter. Taylor Frigon Capital Management LLC now owns 9,903 shares of the company’s stock valued at $2,475,000 after purchasing an additional 42 shares during the period. Tanager Wealth Management LLP raised its holdings in shares of MongoDB by 4.7% during the third quarter. Tanager Wealth Management LLP now owns 957 shares of the company’s stock valued at $259,000 after buying an additional 43 shares during the last quarter. Fifth Third Bancorp grew its holdings in MongoDB by 7.6% in the 2nd quarter. Fifth Third Bancorp now owns 620 shares of the company’s stock worth $155,000 after buying an additional 44 shares in the last quarter. Finally, Rakuten Securities Inc. increased its position in MongoDB by 16.5% in the 3rd quarter. Rakuten Securities Inc. now owns 332 shares of the company’s stock valued at $90,000 after acquiring an additional 47 shares during the period. 89.29% of the stock is currently owned by institutional investors.

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.