Piper Sandler Has Lowered Expectations for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its price target cut by Piper Sandler from $425.00 to $280.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on MDB. Bank of America lowered their price target on shares of MongoDB from $420.00 to $286.00 and set a “buy” rating on the stock in a research note on Thursday. KeyCorp upped their price target on shares of MongoDB from $330.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Cantor Fitzgerald initiated coverage on shares of MongoDB in a research note on Wednesday. They set an “overweight” rating and a $344.00 price target on the stock. Tigress Financial upped their price target on shares of MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, Macquarie initiated coverage on shares of MongoDB in a research note on Thursday, December 12th. They set a “neutral” rating and a $300.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, MongoDB presently has a consensus rating of “Moderate Buy” and an average price target of $322.61.

MongoDB Stock Performance

Shares of MDB opened at $192.98 on Thursday. The stock has a market capitalization of $14.37 billion, a P/E ratio of -70.43 and a beta of 1.30. The company’s fifty day moving average is $262.69 and its two-hundred day moving average is $274.71. MongoDB has a 1 year low of $192.79 and a 1 year high of $413.87.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings data 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 analyst estimates of $519.65 million. MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. During the same period in the prior year, the firm posted $0.86 earnings per share. Sell-side analysts predict that MongoDB will post -1.78 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Thomas Bull sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $355.92, for a total value of $355,920.00. Following the sale, the chief accounting officer now directly owns 15,068 shares of the company’s stock, valued at approximately $5,363,002.56. This trade represents a 6.22 % 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, insider Cedric Pech sold 287 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $234.09, for a total transaction of $67,183.83. Following the completion of the sale, the insider now directly owns 24,390 shares in the company, valued at $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. Insiders have sold 50,314 shares of company stock valued at $13,337,753 in the last ninety days. Insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On MongoDB

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its holdings in MongoDB by 3.8% in the third 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 period. US Bancorp DE raised its holdings in MongoDB by 9.1% in the third quarter. US Bancorp DE now owns 3,869 shares of the company’s stock valued at $1,046,000 after buying an additional 324 shares during the period. Janney Montgomery Scott LLC purchased a new position in MongoDB in the third quarter valued at approximately $861,000. Principal Financial Group Inc. raised its holdings in MongoDB by 2.7% in the third quarter. Principal Financial Group Inc. now owns 6,095 shares of the company’s stock valued at $1,648,000 after buying an additional 160 shares during the period. Finally, Atria Investments Inc raised its holdings in MongoDB by 6.6% in the third quarter. Atria Investments Inc now owns 2,175 shares of the company’s stock valued at $588,000 after buying an additional 135 shares during the period. 89.29% of the stock is owned by institutional investors and hedge funds.

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.