MongoDB (NASDAQ:MDB) Shares Gap Up on Analyst Upgrade

Shares of MongoDB, Inc. (NASDAQ:MDB) gapped up before the market opened on Wednesday after KeyCorp raised their price target on the stock from $330.00 to $375.00. The stock had previously closed at $324.01, but opened at $337.99. KeyCorp currently has an overweight rating on the stock. MongoDB shares last traded at $340.37, with a volume of 309,681 shares.

Several other equities analysts have also weighed in on the company. Scotiabank lifted their price objective on MongoDB from $250.00 to $295.00 and gave the company a “sector perform” rating in a research note on Friday, August 30th. Wells Fargo & Company lifted their price target on shares of MongoDB from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. JMP Securities reissued a “market outperform” rating and issued a $380.00 price objective on shares of MongoDB in a research report on Friday, August 30th. Piper Sandler raised their target price on shares of MongoDB from $335.00 to $425.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, Wedbush raised shares of MongoDB to a “strong-buy” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, MongoDB has an average rating of “Moderate Buy” and a consensus target price of $344.25.

Insider Activity

In other MongoDB news, CRO Cedric Pech sold 302 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $256.25, for a total value of $77,387.50. Following the sale, the executive now owns 33,440 shares in the company, valued at approximately $8,569,000. This trade represents a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Lawrence Gordon sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $290.31, for a total value of $1,451,550.00. Following the transaction, the chief financial officer now owns 80,307 shares of the company’s stock, valued at approximately $23,313,925.17. This represents a 5.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,600 shares of company stock worth $7,538,819. 3.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MongoDB

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC grew its position in MongoDB by 76.8% in the 3rd quarter. Tidal Investments LLC now owns 7,859 shares of the company’s stock valued at $2,125,000 after buying an additional 3,415 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of MongoDB during the 3rd quarter valued at $44,000. Virtu Financial LLC raised its position in MongoDB by 351.2% in the third quarter. Virtu Financial LLC now owns 10,016 shares of the company’s stock worth $2,708,000 after acquiring an additional 7,796 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in MongoDB in the 3rd quarter valued at about $5,840,000. Finally, Toronto Dominion Bank boosted its position in shares of MongoDB by 21.9% during the 3rd quarter. Toronto Dominion Bank now owns 9,462 shares of the company’s stock valued at $2,558,000 after purchasing an additional 1,699 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors.

MongoDB Price Performance

The company has a market cap of $24.70 billion, a price-to-earnings ratio of -110.70 and a beta of 1.17. The company’s 50 day moving average price is $287.82 and its 200-day moving average price is $270.71. The company has a debt-to-equity ratio of 0.84, a quick ratio of 5.03 and a current ratio of 5.03.

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.