Needham & Company LLC Issues Pessimistic Forecast for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its price target dropped by equities research analysts at Needham & Company LLC from $415.00 to $270.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 43.88% from the stock’s current price.

MDB has been the subject of a number of other research reports. The Goldman Sachs Group raised their price target on shares of MongoDB from $340.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Piper Sandler reissued an “overweight” rating and set a $425.00 price target on shares of MongoDB in a research report on Tuesday, December 10th. KeyCorp raised their price target on shares of MongoDB from $330.00 to $375.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Loop Capital decreased their price target on shares of MongoDB from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Finally, Scotiabank restated a “sector perform” rating and set a $240.00 price objective (down from $275.00) on shares of MongoDB in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, MongoDB presently has a consensus rating of “Moderate Buy” and a consensus price target of $319.87.

MongoDB Stock Down 2.8 %

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

MongoDB (NASDAQ:MDB) last released its quarterly earnings results on Wednesday, March 5th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.45). MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. The company had revenue of $548.40 million for the quarter, compared to analyst estimates of $519.65 million. During the same period in the previous year, the business posted $0.86 EPS. On average, equities analysts anticipate that MongoDB will post -1.78 earnings per share for the current year.

Insider Activity at MongoDB

In related news, CAO Thomas Bull sold 169 shares of MongoDB stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $234.09, for a total transaction of $39,561.21. Following the transaction, the chief accounting officer now directly owns 14,899 shares of the company’s stock, valued at $3,487,706.91. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dev Ittycheria sold 8,335 shares of MongoDB stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $254.86, for a total value of $2,124,258.10. Following the completion of the transaction, the chief executive officer now directly owns 217,294 shares in the company, valued at $55,379,548.84. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,314 shares of company stock worth $13,337,753 over the last ninety days. 3.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MongoDB

Institutional investors and hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted its holdings in shares of MongoDB by 3.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,090 shares of the company’s stock valued at $295,000 after buying an additional 40 shares during the last quarter. US Bancorp DE increased its position 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 buying an additional 324 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of MongoDB during the third quarter valued at approximately $861,000. Principal Financial Group Inc. increased its position in shares of MongoDB by 2.7% during the third quarter. Principal Financial Group Inc. now owns 6,095 shares of the company’s stock valued at $1,648,000 after purchasing an additional 160 shares during the period. Finally, Atria Investments Inc increased its position in shares of MongoDB by 6.6% during the third quarter. Atria Investments Inc now owns 2,175 shares of the company’s stock valued at $588,000 after purchasing an additional 135 shares during the period. Hedge funds and other 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.