Royal Bank of Canada Lowers MongoDB (NASDAQ:MDB) Price Target to $320.00

MongoDB (NASDAQ:MDB) had its price target dropped by equities research analysts at Royal Bank of Canada from $400.00 to $320.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 70.53% from the stock’s current price.

MDB has been the subject of several other reports. Oppenheimer increased their price target 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 raised 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. JMP Securities reaffirmed a “market outperform” rating and issued a $380.00 price objective on shares of MongoDB in a research report on Wednesday, December 11th. Macquarie started coverage on MongoDB in a research report on Thursday, December 12th. They issued a “neutral” rating and a $300.00 price objective for the company. Finally, Truist Financial reaffirmed a “buy” rating and issued a $400.00 price objective (up from $320.00) on shares of MongoDB in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, MongoDB currently has an average rating of “Moderate Buy” and a consensus price target of $319.87.

MongoDB Stock Performance

Shares of NASDAQ MDB opened at $187.65 on Thursday. The stock has a 50 day moving average price of $261.68 and a 200 day moving average price of $274.23. MongoDB has a 52 week low of $181.05 and a 52 week high of $411.50. The stock has a market capitalization of $13.97 billion, a PE ratio of -68.49 and a beta of 1.30.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings results on Wednesday, March 5th. The company reported $0.19 EPS for the quarter, missing the consensus estimate 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 company had revenue of $548.40 million for the quarter, compared to analyst estimates of $519.65 million. During the same period last year, the company posted $0.86 earnings per share. As a group, research analysts forecast that MongoDB will post -1.78 EPS for the current year.

Insider Transactions at MongoDB

In other news, CEO Dev Ittycheria sold 8,335 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $267.48, for a total transaction of $2,229,445.80. Following the completion of the transaction, the chief executive officer now owns 217,294 shares of the company’s stock, valued at approximately $58,121,799.12. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dwight A. Merriman sold 3,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was 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 directly owns 1,109,006 shares of the company’s stock, valued at approximately $300,130,293.78. The trade was a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,314 shares of company stock valued at $13,337,753. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On MongoDB

A number of institutional investors and hedge funds have recently bought and sold shares of MDB. Nisa Investment Advisors LLC increased its holdings in MongoDB by 3.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,090 shares of the company’s stock worth $295,000 after purchasing an additional 40 shares in the last quarter. US Bancorp DE increased its holdings in MongoDB by 9.1% in the 3rd quarter. US Bancorp DE now owns 3,869 shares of the company’s stock worth $1,046,000 after purchasing an additional 324 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in MongoDB in the 3rd quarter worth about $861,000. Principal Financial Group Inc. increased its holdings in MongoDB by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 6,095 shares of the company’s stock worth $1,648,000 after purchasing an additional 160 shares in the last quarter. Finally, Atria Investments Inc increased its holdings in MongoDB by 6.6% in the 3rd quarter. Atria Investments Inc now owns 2,175 shares of the company’s stock worth $588,000 after purchasing an additional 135 shares in the last quarter. Institutional investors and hedge funds 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.