MongoDB (NASDAQ:MDB) Shares Gap Down – Here’s What Happened

MongoDB, Inc. (NASDAQ:MDB)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $189.01, but opened at $184.25. MongoDB shares last traded at $187.83, with a volume of 280,277 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently commented on MDB. The Goldman Sachs Group dropped their price target on MongoDB from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Redburn Atlantic raised shares of MongoDB from a “sell” rating to a “neutral” rating and set a $170.00 target price on the stock in a report on Thursday, April 17th. Stifel Nicolaus cut their target price on shares of MongoDB from $340.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Wells Fargo & Company downgraded shares of MongoDB from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $365.00 to $225.00 in a research note on Thursday, March 6th. Finally, Daiwa Capital Markets began coverage on shares of MongoDB in a report on Tuesday, April 1st. They issued an “outperform” rating and a $202.00 target price on the stock. Nine research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, MongoDB currently has a consensus rating of “Moderate Buy” and a consensus target price of $288.91.

MongoDB Price Performance

The stock has a market capitalization of $15.34 billion, a PE ratio of -68.98 and a beta of 1.49. The stock’s 50 day simple moving average is $174.77 and its two-hundred day simple moving average is $238.15.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings data on Wednesday, March 5th. The company reported $0.19 earnings per share 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 last year, the business posted $0.86 EPS. As a group, equities research analysts predict that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Dev Ittycheria sold 8,335 shares of MongoDB stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $267.48, for a total transaction of $2,229,445.80. Following the completion of the sale, the chief executive officer now owns 217,294 shares in the company, valued at approximately $58,121,799.12. This trade represents a 3.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Thomas Bull sold 301 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $173.25, for a total transaction of $52,148.25. Following the completion of the transaction, the chief accounting officer now directly owns 14,598 shares of the company’s stock, valued at approximately $2,529,103.50. This represents a 2.02% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,538 shares of company stock worth $6,889,905. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MongoDB

Several institutional investors have recently modified their holdings of the company. Cloud Capital Management LLC bought a new stake in shares of MongoDB in the 1st quarter worth approximately $25,000. Hollencrest Capital Management bought a new stake in shares of MongoDB in the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. boosted its holdings in MongoDB by 315.8% during the 1st quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company’s stock valued at $28,000 after acquiring an additional 120 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in MongoDB during the 4th quarter worth approximately $29,000. Finally, NCP Inc. purchased a new position in MongoDB in the 4th quarter worth approximately $35,000. 89.29% of the stock is currently owned by institutional investors.

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.