Couchbase (NASDAQ:BASE) Shares Gap Down After Analyst Downgrade

Couchbase, Inc. (NASDAQ:BASE) shares gapped down before the market opened on Wednesday after Morgan Stanley lowered their price target on the stock from $27.00 to $25.00. The stock had previously closed at $21.12, but opened at $18.17. Morgan Stanley currently has an equal weight rating on the stock. Couchbase shares last traded at $16.50, with a volume of 399,251 shares changing hands.

A number of other brokerages have also recently commented on BASE. Robert W. Baird decreased their price target on Couchbase from $27.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday. DA Davidson reduced their target price on Couchbase from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Piper Sandler Companies started coverage on Couchbase in a research note on Friday, August 16th. They set an “overweight” rating and a $22.00 target price on the stock. Oppenheimer reduced their target price on Couchbase from $25.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of Couchbase in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.27.

Insider Transactions at Couchbase

In other news, SVP Huw Owen sold 6,736 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $15.07, for a total value of $101,511.52. Following the transaction, the senior vice president now owns 373,647 shares of the company’s stock, valued at $5,630,860.29. This trade represents a 1.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward T. Anderson bought 21,080 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were acquired at an average cost of $14.16 per share, for a total transaction of $298,492.80. Following the purchase, the director now directly owns 85,902 shares in the company, valued at $1,216,372.32. This trade represents a 32.52 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 10,548 shares of company stock valued at $163,390 over the last quarter. 16.10% of the stock is currently owned by company insiders.

Institutional Trading of Couchbase

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EVR Research LP raised its stake in Couchbase by 9.4% during the 2nd quarter. EVR Research LP now owns 2,081,585 shares of the company’s stock valued at $38,010,000 after purchasing an additional 179,585 shares during the period. Franklin Resources Inc. raised its stake in Couchbase by 27.3% during the 3rd quarter. Franklin Resources Inc. now owns 1,647,334 shares of the company’s stock valued at $27,379,000 after purchasing an additional 353,233 shares during the period. Hood River Capital Management LLC increased its stake in Couchbase by 7.8% in the 2nd quarter. Hood River Capital Management LLC now owns 1,629,893 shares of the company’s stock worth $29,762,000 after acquiring an additional 118,372 shares during the last quarter. Wasatch Advisors LP increased its stake in Couchbase by 56.4% in the 3rd quarter. Wasatch Advisors LP now owns 990,331 shares of the company’s stock worth $15,964,000 after acquiring an additional 357,169 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Couchbase by 10.3% in the 3rd quarter. Geode Capital Management LLC now owns 944,447 shares of the company’s stock worth $15,228,000 after acquiring an additional 88,068 shares during the last quarter. Institutional investors own 96.07% of the company’s stock.

Couchbase Trading Down 21.9 %

The stock has a 50 day simple moving average of $17.50 and a 200-day simple moving average of $18.20. The firm has a market cap of $846.27 million, a P/E ratio of -10.43 and a beta of 0.71.

Couchbase (NASDAQ:BASE) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The business had revenue of $51.60 million for the quarter, compared to the consensus estimate of $51.11 million. Couchbase had a negative return on equity of 54.84% and a negative net margin of 39.51%. The company’s revenue was up 19.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.44) EPS. As a group, equities analysts forecast that Couchbase, Inc. will post -1.51 earnings per share for the current fiscal year.

About Couchbase

Couchbase, Inc provides cloud database platform for enterprise applications in the United States and internationally. Its database works in multiple configurations, ranging from cloud to multi- or hybrid-cloud to on-premise environments to the edge. The company offers Couchbase Capella, an automated and secure Database-as-a-Service that simplifies database management by deploying, managing, and operating Couchbase Server across cloud environments; and Couchbase Server, a multi-service NoSQL database, which provides SQL-compatible query language and SQL++ that allows for a various array of data manipulation functions.