MongoDB (NASDAQ:MDB) Given New $320.00 Price Target at Canaccord Genuity Group

MongoDB (NASDAQ:MDB) had its price objective dropped by investment analysts at Canaccord Genuity Group from $385.00 to $320.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 21.15% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC lowered their target price on shares of MongoDB from $415.00 to $270.00 and set a “buy” rating on the stock in a research note on Thursday. Mizuho upped their price objective on MongoDB from $275.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Citigroup raised their target price on MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. China Renaissance assumed coverage on MongoDB in a research report on Tuesday, January 21st. They issued a “buy” rating and a $351.00 price target on the stock. Finally, Stifel Nicolaus lifted their price objective on MongoDB from $325.00 to $360.00 and gave the company a “buy” rating in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $345.17.

MongoDB Price Performance

NASDAQ MDB opened at $264.13 on Thursday. The company’s fifty day moving average is $263.70 and its two-hundred day moving average is $275.28. MongoDB has a 52-week low of $212.74 and a 52-week high of $424.00. The firm has a market capitalization of $19.67 billion, a price-to-earnings ratio of -96.40 and a beta of 1.30.

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

Insider Transactions at MongoDB

In other MongoDB news, insider Cedric Pech sold 287 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $234.09, for a total value of $67,183.83. Following the transaction, the insider now directly owns 24,390 shares of the company’s stock, valued at approximately $5,709,455.10. This trade represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $355,920.00. Following the sale, the chief accounting officer now 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 sold a total of 50,314 shares of company stock worth $13,337,753 in the last quarter. 3.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On MongoDB

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC raised its position in shares of MongoDB by 3.9% in the 4th quarter. OneDigital Investment Advisors LLC now owns 1,044 shares of the company’s stock valued at $243,000 after acquiring an additional 39 shares during the period. Nisa Investment Advisors LLC raised its holdings in MongoDB by 3.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,090 shares of the company’s stock worth $295,000 after purchasing an additional 40 shares during the period. Hilltop National Bank boosted its position in shares of MongoDB by 47.2% during the fourth quarter. Hilltop National Bank now owns 131 shares of the company’s stock worth $30,000 after purchasing an additional 42 shares in the last quarter. Avestar Capital LLC increased its position in shares of 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 buying an additional 42 shares in the last quarter. Finally, Rakuten Securities Inc. raised its stake 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 buying an additional 47 shares during the period. 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.