MongoDB (NASDAQ:MDB) Price Target Cut to $286.00 by Analysts at Bank of America

MongoDB (NASDAQ:MDB) had its price objective dropped by stock analysts at Bank of America from $420.00 to $286.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 8.28% from the company’s current price.

A number of other analysts have also recently commented on MDB. Wells Fargo & Company cut shares of MongoDB from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $365.00 to $225.00 in a research note on Thursday. Rosenblatt Securities reissued a “buy” rating and set a $350.00 target price on shares of MongoDB in a report on Tuesday. Royal Bank of Canada raised their price objective on MongoDB from $350.00 to $400.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Tigress Financial increased 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. Finally, Piper Sandler restated an “overweight” rating and set a $425.00 price target on shares of MongoDB in a research report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, MongoDB has an average rating of “Moderate Buy” and a consensus price target of $343.03.

MongoDB Stock Performance

MongoDB stock opened at $264.13 on Thursday. MongoDB has a fifty-two week low of $212.74 and a fifty-two week high of $424.00. The company has a market cap of $19.67 billion, a PE ratio of -96.40 and a beta of 1.30. The business’s 50-day simple moving average is $263.70 and its two-hundred day simple moving average is $275.28.

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

Insider Activity at MongoDB

In other MongoDB news, CFO Michael Lawrence Gordon sold 5,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $267.85, for a total transaction of $1,339,250.00. Following the completion of the transaction, the chief financial officer now owns 80,307 shares of the company’s stock, valued at approximately $21,510,229.95. This trade represents a 5.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Thomas Bull sold 1,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $355.92, for a total transaction of $355,920.00. Following the completion of the transaction, the chief accounting officer now directly owns 15,068 shares of the company’s stock, valued at $5,363,002.56. The trade was a 6.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,314 shares of company stock worth $13,337,753 in the last quarter. Company insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors 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 $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 buying an additional 42 shares in the last quarter. NCP Inc. purchased a new stake in MongoDB during the fourth quarter worth approximately $35,000. Brooklyn Investment Group acquired a new stake in shares of MongoDB in the third quarter worth $36,000. Finally, Continuum Advisory LLC raised its stake in shares of MongoDB by 621.1% in the 3rd quarter. Continuum Advisory LLC now owns 137 shares of the company’s stock valued at $40,000 after acquiring an additional 118 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

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.