Rosenblatt Securities Has Lowered Expectations for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its price target dropped by research analysts at Rosenblatt Securities from $305.00 to $290.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 31.73% from the company’s previous close.

A number of other brokerages have also recently weighed in on MDB. Bank of America reduced their price target on MongoDB from $420.00 to $286.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Piper Sandler reduced their price target on MongoDB from $280.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Oppenheimer reduced their price target on MongoDB from $400.00 to $330.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Macquarie reduced their price target on MongoDB from $300.00 to $215.00 and set a “neutral” rating for the company in a research report on Friday, March 7th. Finally, Wells Fargo & Company cut MongoDB from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $365.00 to $225.00 in a research report on Thursday, March 6th. Eight analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $282.47.

MongoDB Price Performance

Shares of NASDAQ MDB opened at $220.14 on Thursday. The business’s 50-day moving average price is $176.52 and its two-hundred day moving average price is $229.93. MongoDB has a one year low of $140.78 and a one year high of $370.00. The company has a market capitalization of $17.87 billion, a P/E ratio of -80.34 and a beta of 1.40.

MongoDB (NASDAQ:MDB) last issued its earnings results on Wednesday, June 4th. The company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.35. MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. The firm had revenue of $549.01 million for the quarter, compared to the consensus estimate of $527.49 million. During the same quarter in the previous year, the company posted $0.51 earnings per share. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. On average, equities analysts anticipate that MongoDB will post -1.78 EPS for the current year.

Insider Activity

In related news, CAO Thomas Bull sold 301 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $173.25, for a total transaction of $52,148.25. Following the sale, the chief accounting officer now directly owns 14,598 shares in the company, valued at $2,529,103.50. This represents a 2.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dev Ittycheria sold 18,512 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $173.26, for a total value of $3,207,389.12. Following the sale, the chief executive officer now owns 268,948 shares in the company, valued at approximately $46,597,930.48. This trade represents a 6.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,203 shares of company stock worth $3,848,569. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Cloud Capital Management LLC acquired a new position in shares of MongoDB in the 1st quarter valued at $25,000. Hollencrest Capital Management acquired a new stake in MongoDB during the 1st quarter worth $26,000. Cullen Frost Bankers Inc. raised its stake in 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 buying an additional 120 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in MongoDB during the 4th quarter worth about $29,000. Finally, NCP Inc. bought a new position in MongoDB during the 4th quarter worth about $35,000. 89.29% of the stock is currently owned by institutional investors.

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.