Bank of America Issues Pessimistic Forecast for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its target price cut by investment analysts at Bank of America from $420.00 to $286.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 8.28% from the stock’s previous close.

A number of other brokerages also recently weighed in on MDB. Cantor Fitzgerald initiated coverage on shares of MongoDB in a research report on Wednesday. They set an “overweight” rating and a $344.00 price objective for the company. Truist Financial reiterated a “buy” rating and issued a $400.00 target price (up from $320.00) on shares of MongoDB in a research note on Tuesday, December 10th. Piper Sandler restated an “overweight” rating and set a $425.00 price target on shares of MongoDB in a research report on Tuesday, December 10th. Canaccord Genuity Group decreased their price objective on MongoDB from $385.00 to $320.00 and set a “buy” rating for the company in a report on Thursday. Finally, China Renaissance started coverage on MongoDB in a research note on Tuesday, January 21st. They issued a “buy” rating and a $351.00 price target for the company. One 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 given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $343.03.

MongoDB Stock Performance

Shares of NASDAQ MDB opened at $264.13 on Thursday. MongoDB has a 1 year low of $212.74 and a 1 year high of $424.00. The firm has a market cap of $19.67 billion, a price-to-earnings ratio of -96.40 and a beta of 1.30. The stock’s 50-day simple moving average is $263.70 and its 200-day simple moving average is $275.28.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings data on Monday, December 9th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.48. The firm had revenue of $529.40 million for the quarter, compared to analysts’ expectations 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 in the prior year, the firm posted $0.96 earnings per share. As a group, research analysts predict that MongoDB will post -1.78 EPS for the current year.

Insider Activity at MongoDB

In related news, CAO Thomas Bull sold 1,000 shares of MongoDB stock in a transaction on Monday, December 9th. The stock was sold at an average price of $355.92, for a total transaction of $355,920.00. Following the completion of the sale, the chief accounting officer now owns 15,068 shares of the company’s stock, valued at approximately $5,363,002.56. This trade represents a 6.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dwight A. Merriman sold 3,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $270.63, for a total value of $811,890.00. Following the completion of the transaction, the director now owns 1,109,006 shares in the company, valued at $300,130,293.78. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,314 shares of company stock valued at $13,337,753. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On MongoDB

Large investors have recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL bought a new stake in MongoDB in the fourth quarter worth approximately $29,000. Hilltop National Bank boosted its stake in shares of MongoDB by 47.2% during the 4th quarter. Hilltop National Bank now owns 131 shares of the company’s stock worth $30,000 after acquiring an additional 42 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of MongoDB during the 3rd quarter worth about $36,000. Continuum Advisory LLC increased its holdings in shares of MongoDB by 621.1% during the 3rd quarter. Continuum Advisory LLC now owns 137 shares of the company’s stock valued at $40,000 after acquiring an additional 118 shares during the last quarter. Finally, NCP Inc. bought a new position in shares of MongoDB in the 4th quarter valued at approximately $35,000. 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.