MongoDB (NASDAQ:MDB) Announces Quarterly Earnings Results

MongoDB (NASDAQ:MDB) posted its quarterly earnings data on Thursday. The company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.14, FiscalAI reports. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The business had revenue of $687.62 million for the quarter, compared to analysts’ expectations of $664.53 million.

MongoDB Price Performance

NASDAQ MDB traded up $31.22 during trading on Thursday, reaching $325.68. The company’s stock had a trading volume of 7,448,948 shares, compared to its average volume of 1,888,397. The stock has a market capitalization of $26.17 billion, a PE ratio of -370.09 and a beta of 1.48. The firm has a fifty day moving average of $271.03 and a 200 day moving average of $333.98. MongoDB has a one year low of $182.43 and a one year high of $444.72.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Scotiabank raised MongoDB from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $275.00 to $310.00 in a research report on Thursday, March 5th. Sanford C. Bernstein cut MongoDB from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 3rd. Truist Financial cut their price objective on MongoDB from $500.00 to $375.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Rosenblatt Securities restated a “buy” rating and issued a $385.00 target price on shares of MongoDB in a research note on Tuesday. Finally, Monness Crespi & Hardt lowered their target price on MongoDB from $475.00 to $370.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Twenty-six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, MongoDB presently has a consensus rating of “Moderate Buy” and an average price target of $374.13.

Insider Transactions at MongoDB

In other news, Director Dwight A. Merriman sold 10,000 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $297.99, for a total value of $2,979,900.00. Following the completion of the transaction, the director directly owned 993,316 shares in the company, valued at approximately $295,998,234.84. This represents a 1.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,566 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $249.33, for a total value of $390,450.78. Following the completion of the transaction, the director owned 24,093 shares of the company’s stock, valued at $6,007,107.69. The trade was a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,566 shares of company stock worth $8,744,791 over the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On MongoDB

Hedge funds and other institutional investors have recently modified their holdings of the company. Mcguire Capital Advisors Inc. purchased a new position in shares of MongoDB in the 4th quarter worth about $84,000. Geneos Wealth Management Inc. boosted its holdings in shares of MongoDB by 79.7% in the 2nd quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $46,000 after purchasing an additional 98 shares in the last quarter. Hollencrest Capital Management boosted its holdings in shares of MongoDB by 129.2% in the 4th quarter. Hollencrest Capital Management now owns 275 shares of the company’s stock worth $115,000 after purchasing an additional 155 shares in the last quarter. Quadrant Capital Group LLC purchased a new position in shares of MongoDB in the 3rd quarter worth about $156,000. Finally, Arete Wealth Advisors LLC purchased a new position in shares of MongoDB in the 4th quarter worth about $220,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

MongoDB Company 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.