Citigroup Issues Pessimistic Forecast for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB - Free Report) had its price target cut by Citigroup from $430.00 to $330.00 in a report published on Tuesday, MarketBeat reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued reports about the company. Loop Capital dropped their target price on MongoDB from $400.00 to $350.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Truist Financial dropped their price objective on shares of MongoDB from $300.00 to $275.00 and set a "buy" rating for the company in a report on Monday. China Renaissance assumed coverage on shares of MongoDB in a research report on Tuesday, January 21st. They set a "buy" rating and a $351.00 target price on the stock. KeyCorp cut shares of MongoDB from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 5th. Finally, Scotiabank reiterated a "sector perform" rating and set a $240.00 price target (down previously from $275.00) on shares of MongoDB in a report on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, MongoDB currently has an average rating of "Moderate Buy" and a consensus target price of $312.84.

MongoDB Trading Up 2.0 %

MongoDB stock traded up $3.58 during midday trading on Tuesday, reaching $180.19. The company's stock had a trading volume of 2,353,185 shares, compared to its average volume of 1,743,152. The stock has a market cap of $14.63 billion, a PE ratio of -65.76 and a beta of 1.30. MongoDB has a 52 week low of $170.66 and a 52 week high of $387.19. The business has a 50-day moving average price of $240.77 and a 200-day moving average price of $263.72.

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MongoDB (NASDAQ:MDB - Get Free Report) last announced its quarterly 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). MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. The company had revenue of $548.40 million for the quarter, compared to the consensus estimate of $519.65 million. During the same period last year, the firm posted $0.86 earnings per share. As a group, research analysts predict that MongoDB will post -1.78 EPS for the current fiscal year.

Insider Activity

In other news, CEO Dev Ittycheria sold 8,335 shares of the business's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $254.86, for a total transaction of $2,124,258.10. Following the completion of the sale, the chief executive officer now directly owns 217,294 shares of the company's stock, valued at $55,379,548.84. The trade was a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Cedric Pech sold 287 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $234.09, for a total transaction of $67,183.83. Following the completion of the transaction, the insider now directly owns 24,390 shares in the company, valued at approximately $5,709,455.10. The trade was a 1.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,139 shares of company stock worth $11,328,869 over the last quarter. 3.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MongoDB

Several institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its stake in shares of MongoDB by 3.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 28,101 shares of the company's stock worth $7,596,000 after acquiring an additional 1,022 shares in the last quarter. MetLife Investment Management LLC grew its position in MongoDB by 1.6% in the 3rd quarter. MetLife Investment Management LLC now owns 4,450 shares of the company's stock worth $1,203,000 after purchasing an additional 72 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in MongoDB by 23.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,143 shares of the company's stock worth $4,094,000 after purchasing an additional 2,858 shares in the last quarter. Captrust Financial Advisors increased its stake in MongoDB by 19.0% in the 3rd quarter. Captrust Financial Advisors now owns 1,445 shares of the company's stock valued at $391,000 after buying an additional 231 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in shares of MongoDB by 8.7% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 14,900 shares of the company's stock worth $4,028,000 after buying an additional 1,189 shares in the last quarter. 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.