Canaccord Genuity Group Lowers MongoDB (NASDAQ:MDB) Price Target to $320.00

MongoDB (NASDAQ:MDB) had its target price lowered by equities researchers at Canaccord Genuity Group from $385.00 to $320.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 70.53% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Macquarie initiated coverage on MongoDB in a report on Thursday, December 12th. They set a “neutral” rating and a $300.00 price target on the stock. Scotiabank reaffirmed a “sector perform” rating and set a $240.00 price objective (down from $275.00) on shares of MongoDB in a research report on Wednesday. Oppenheimer lifted their price objective on MongoDB from $350.00 to $400.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Tigress Financial lifted their price objective on MongoDB from $400.00 to $430.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Finally, Loop Capital cut their price objective on MongoDB from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $319.87.

MongoDB Price Performance

Shares of NASDAQ:MDB opened at $187.65 on Thursday. MongoDB has a 1 year low of $181.05 and a 1 year high of $411.50. The company has a market cap of $13.97 billion, a PE ratio of -68.49 and a beta of 1.30. The stock’s 50-day moving average is $261.68 and its 200 day moving average is $274.23.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings results on Wednesday, March 5th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.45). MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. The business had revenue of $548.40 million for the quarter, compared to analysts’ expectations of $519.65 million. During the same quarter in the prior year, the firm earned $0.86 EPS. Analysts expect that MongoDB will post -1.78 EPS for the current fiscal year.

Insider Activity at MongoDB

In other MongoDB news, CAO Thomas Bull sold 1,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were 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 directly owns 15,068 shares in the company, valued at approximately $5,363,002.56. The trade was a 6.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cedric Pech sold 287 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $234.09, for a total transaction of $67,183.83. Following the sale, the insider now owns 24,390 shares of the company’s stock, valued at approximately $5,709,455.10. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,314 shares of company stock valued at $13,337,753. 3.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MongoDB

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of MongoDB by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 7,328,745 shares of the company’s stock worth $1,706,205,000 after purchasing an additional 23,942 shares in the last quarter. Jennison Associates LLC increased its stake in shares of MongoDB by 23.6% in the 3rd quarter. Jennison Associates LLC now owns 3,102,024 shares of the company’s stock worth $838,632,000 after purchasing an additional 592,038 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of MongoDB by 9.7% in the 4th quarter. Franklin Resources Inc. now owns 2,054,888 shares of the company’s stock worth $478,398,000 after purchasing an additional 181,962 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of MongoDB by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,252,142 shares of the company’s stock worth $290,987,000 after purchasing an additional 22,106 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of MongoDB by 12.6% in the 4th quarter. First Trust Advisors LP now owns 854,906 shares of the company’s stock worth $199,031,000 after purchasing an additional 95,893 shares in the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

About MongoDB

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.