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

MongoDB (NASDAQ:MDB) had its price target cut by Canaccord Genuity Group from $385.00 to $320.00 in a research report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also issued reports on MDB. Rosenblatt Securities reaffirmed a “buy” rating and issued a $350.00 target price on shares of MongoDB in a research note on Tuesday, March 4th. UBS Group set a $350.00 target price on MongoDB in a research note on Tuesday. Scotiabank reaffirmed a “sector perform” rating and issued a $240.00 target price (down previously from $275.00) on shares of MongoDB in a research note on Wednesday. Barclays cut their target price on MongoDB from $400.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Finally, Stifel Nicolaus increased their price objective on MongoDB from $325.00 to $360.00 and gave the company a “buy” rating in a research note on Monday, December 9th. One 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $319.87.

MongoDB Trading Down 2.8 %

Shares of NASDAQ MDB opened at $187.65 on Thursday. MongoDB has a 12 month low of $181.05 and a 12 month high of $387.19. The firm has a market capitalization of $13.97 billion, a price-to-earnings ratio of -68.49 and a beta of 1.30. The business has a 50-day moving average of $261.68 and a 200-day moving average of $274.38.

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

Insiders Place Their Bets

In other MongoDB news, insider Cedric Pech sold 287 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $234.09, for a total value of $67,183.83. Following the completion of the transaction, the insider now owns 24,390 shares in the company, valued at approximately $5,709,455.10. This represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dwight A. Merriman sold 3,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $270.63, for a total value of $811,890.00. Following the transaction, the director now owns 1,109,006 shares of the company’s stock, valued at $300,130,293.78. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,314 shares of company stock worth $13,337,753. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MongoDB

Several institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of MongoDB during the fourth quarter valued at $189,584,000. Jennison Associates LLC boosted its position in shares of MongoDB by 23.6% during the third quarter. Jennison Associates LLC now owns 3,102,024 shares of the company’s stock valued at $838,632,000 after buying an additional 592,038 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of MongoDB during the fourth quarter valued at $110,356,000. Raymond James Financial Inc. purchased a new stake in shares of MongoDB during the fourth quarter valued at $90,478,000. Finally, D1 Capital Partners L.P. purchased a new stake in shares of MongoDB during the fourth quarter valued at $76,129,000. 89.29% of the stock is currently owned by institutional investors.

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.