Congress Asset Management Co. Makes New $42.26 Million Investment in MongoDB, Inc. $MDB

Congress Asset Management Co. acquired a new stake in MongoDB, Inc. (NASDAQ:MDB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 100,694 shares of the company’s stock, valued at approximately $42,260,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Central Pacific Bank Trust Division acquired a new stake in MongoDB in the fourth quarter valued at approximately $28,000. Huntington National Bank increased its position in shares of MongoDB by 110.9% in the 3rd quarter. Huntington National Bank now owns 97 shares of the company’s stock worth $30,000 after purchasing an additional 51 shares during the last quarter. Promus Capital LLC acquired a new stake in MongoDB during the second quarter valued at approximately $36,000. TD Private Client Wealth LLC lifted its stake in MongoDB by 2,825.0% during the third quarter. TD Private Client Wealth LLC now owns 117 shares of the company’s stock worth $36,000 after purchasing an additional 113 shares during the last quarter. Finally, Hollencrest Capital Management acquired a new stake in shares of MongoDB during the third quarter worth $37,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Truist Financial cut their target price on MongoDB from $500.00 to $375.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Robert W. Baird reiterated a “neutral” rating and issued a $260.00 target price (down from $500.00) on shares of MongoDB in a research report on Tuesday, March 3rd. Wells Fargo & Company lowered their target price on shares of MongoDB from $450.00 to $375.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 3rd. Argus boosted their price target on shares of MongoDB from $340.00 to $488.00 and gave the stock a “buy” rating in a research report on Thursday, December 4th. Finally, Mizuho upgraded MongoDB from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $290.00 to $325.00 in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $355.24.

MongoDB Trading Up 4.6%

Shares of MongoDB stock opened at $273.25 on Tuesday. MongoDB, Inc. has a 1-year low of $140.78 and a 1-year high of $444.72. The firm has a fifty day simple moving average of $335.58 and a 200-day simple moving average of $352.07. The stock has a market capitalization of $22.24 billion, a price-to-earnings ratio of -310.51 and a beta of 1.40.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.18. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The company had revenue of $695.07 million during the quarter, compared to analyst estimates of $669.40 million. During the same period in the previous year, the company earned $1.28 earnings per share. The company’s quarterly revenue was up 26.8% compared to the same quarter last year. As a group, research analysts predict that MongoDB, Inc. will post -1.78 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Dwight A. Merriman sold 1,190 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $369.75, for a total transaction of $440,002.50. Following the sale, the director owned 80,462 shares in the company, valued at approximately $29,750,824.50. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 19,383 shares of company stock worth $7,910,983. 3.10% of the stock is owned by corporate insiders.

MongoDB Profile

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company’s platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.