MongoDB (NASDAQ:MDB) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of MongoDB (NASDAQ:MDB) in a research note issued to investors on Thursday,Benzinga reports. Royal Bank of Canada currently has a $320.00 target price on the stock.

A number of other brokerages also recently issued reports on MDB. KeyCorp downgraded MongoDB from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 5th. Daiwa Capital Markets began coverage on MongoDB in a report on Tuesday, April 1st. They set an “outperform” rating and a $202.00 price target for the company. Mizuho decreased their price target on MongoDB from $250.00 to $190.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Cantor Fitzgerald lifted their target price on MongoDB from $252.00 to $271.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Oppenheimer cut their target price on MongoDB from $400.00 to $330.00 and set an “outperform” rating on the stock in a research report on Thursday, March 6th. Eight investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, MongoDB has an average rating of “Moderate Buy” and a consensus price target of $282.00.

MongoDB Trading Up 12.8%

NASDAQ:MDB opened at $225.38 on Thursday. The firm has a market cap of $18.30 billion, a PE ratio of -82.26 and a beta of 1.40. The stock has a fifty day moving average price of $175.65 and a 200 day moving average price of $230.40. MongoDB has a 12-month low of $140.78 and a 12-month high of $370.00.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.35. The company had revenue of $549.01 million during the quarter, compared to the consensus estimate of $527.49 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 21.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 EPS. Equities analysts forecast that MongoDB will post -1.78 EPS for the current year.

Insiders Place Their Bets

In other MongoDB news, Director Hope F. Cochran sold 1,175 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $174.69, for a total transaction of $205,260.75. Following the transaction, the director now owns 19,333 shares in the company, valued at approximately $3,377,281.77. The trade was a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Thomas Bull sold 301 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $173.25, for a total value of $52,148.25. Following the transaction, the chief accounting officer now owns 14,598 shares in the company, valued at $2,529,103.50. The trade was a 2.02% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,203 shares of company stock worth $3,848,569. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On MongoDB

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cloud Capital Management LLC purchased a new stake in shares of MongoDB during the 1st quarter worth approximately $25,000. Hollencrest Capital Management purchased a new stake in shares of MongoDB during the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. boosted its stake in shares of MongoDB by 315.8% during the 1st quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company’s stock worth $28,000 after acquiring an additional 120 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of MongoDB during the 4th quarter worth approximately $29,000. Finally, NCP Inc. purchased a new stake in shares of MongoDB during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds 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.