The Goldman Sachs Group Issues Positive Forecast for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its target price boosted by The Goldman Sachs Group from $340.00 to $390.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also issued reports on MDB. Stifel Nicolaus increased their price objective on shares of MongoDB from $325.00 to $360.00 and gave the company a “buy” rating in a report on Monday. UBS Group increased their target price on MongoDB from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Wells Fargo & Company increased their target price on MongoDB from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Sanford C. Bernstein increased their target price on MongoDB from $358.00 to $360.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, Wedbush upgraded MongoDB to a “strong-buy” rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, MongoDB presently has a consensus rating of “Moderate Buy” and an average price target of $370.08.

MongoDB Price Performance

MongoDB stock opened at $288.61 on Tuesday. The firm has a 50 day moving average of $293.13 and a 200 day moving average of $269.12. MongoDB has a 12-month low of $212.74 and a 12-month high of $509.62.

MongoDB (NASDAQ:MDB) last released its earnings results 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. 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 during the quarter, compared to analyst estimates of $497.39 million. During the same period in the prior year, the firm posted $0.96 EPS. The firm’s quarterly revenue was up 22.3% compared to the same quarter last year. Sell-side analysts predict that MongoDB will post -2.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Thomas Bull sold 1,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $355.92, for a total transaction of $355,920.00. Following the transaction, the chief accounting officer now owns 15,068 shares in the company, valued at approximately $5,363,002.56. This trade represents a 6.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dwight A. Merriman sold 3,000 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $256.25, for a total value of $768,750.00. Following the transaction, the director now owns 1,131,006 shares in the company, valued at approximately $289,820,287.50. This represents a 0.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,600 shares of company stock worth $7,611,849 over the last quarter. Company insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On MongoDB

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its stake in MongoDB by 23.6% in the third quarter. Jennison Associates LLC now owns 3,102,024 shares of the company’s stock valued at $838,632,000 after purchasing an additional 592,038 shares during the last quarter. Geode Capital Management LLC grew its stake in MongoDB by 2.9% in the third quarter. Geode Capital Management LLC now owns 1,230,036 shares of the company’s stock valued at $331,776,000 after purchasing an additional 34,814 shares during the last quarter. Swedbank AB grew its stake in MongoDB by 156.3% in the second quarter. Swedbank AB now owns 656,993 shares of the company’s stock valued at $164,222,000 after purchasing an additional 400,705 shares during the last quarter. Westfield Capital Management Co. LP boosted its holdings in MongoDB by 1.5% in the third quarter. Westfield Capital Management Co. LP now owns 496,248 shares of the company’s stock worth $134,161,000 after acquiring an additional 7,526 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in MongoDB by 1,098.1% in the second quarter. Thrivent Financial for Lutherans now owns 424,402 shares of the company’s stock worth $106,084,000 after acquiring an additional 388,979 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

MongoDB Company Profile

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.