Mongodb (MDB) Trading 9.2% Higher on Earnings Beat

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Mongodb Inc (NASDAQ:MDB) shares traded up 9.2% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $79.11 and last traded at $78.65. 2,454,343 shares changed hands during trading, an increase of 241% from the average session volume of 720,043 shares. The stock had previously closed at $72.04.

The company reported ($0.41) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.04. The business had revenue of $57.50 million for the quarter, compared to the consensus estimate of $51.75 million. The firm’s revenue was up 61.5% compared to the same quarter last year.

MDB has been the topic of several recent analyst reports. Stifel Nicolaus boosted their target price on Mongodb from $53.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday. KeyCorp reissued an “overweight” rating and set a $88.00 target price (up previously from $62.00) on shares of Mongodb in a report on Thursday. Canaccord Genuity reissued a “buy” rating and set a $78.00 target price (up previously from $54.00) on shares of Mongodb in a report on Thursday. Citigroup initiated coverage on Mongodb in a report on Thursday, June 28th. They set a “neutral” rating and a $56.00 target price on the stock. Finally, Morgan Stanley boosted their target price on Mongodb from $41.00 to $66.00 and gave the stock an “equal weight” rating in a report on Thursday, August 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $63.50.

In other Mongodb news, CEO Dev Ittycheria sold 1,206 shares of the company’s stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $49.40, for a total value of $59,576.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kevin P. Ryan sold 24,000 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.01, for a total value of $1,536,240.00. The disclosure for this sale can be found here. Insiders sold 187,889 shares of company stock worth $10,872,828 in the last ninety days. 40.04% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Davidson Kempner Capital Management LP bought a new position in shares of Mongodb in the second quarter valued at $19,848,000. Verition Fund Management LLC bought a new position in shares of Mongodb in the second quarter valued at $616,000. Jane Street Group LLC bought a new position in shares of Mongodb in the second quarter valued at $2,004,000. Scge Management L.P. increased its holdings in shares of Mongodb by 26.6% in the second quarter. Scge Management L.P. now owns 833,247 shares of the company’s stock valued at $41,354,000 after buying an additional 175,000 shares in the last quarter. Finally, TENOR CAPITAL MANAGEMENT Co. L.P. bought a new position in shares of Mongodb in the second quarter valued at $1,747,000. 43.21% of the stock is currently owned by institutional investors.

The stock has a market capitalization of $3.64 billion and a price-to-earnings ratio of -42.13.

Mongodb Company Profile (NASDAQ:MDB)

MongoDB, Inc operates as a general purpose database platform worldwide. The company offers MongoDB Enterprise Advanced, a subscription package for enterprise customers to run in the cloud, on-premise, or in a hybrid environment; MongoDB Atlas, a cloud-hosted database-as-a-service solution; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.

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