Canaccord Genuity Group Forecasts Strong Price Appreciation for MongoDB (NASDAQ:MDB) Stock

MongoDB (NASDAQ:MDB) had its price target boosted by Canaccord Genuity Group from $340.00 to $375.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

MDB has been the topic of several other research reports. Oppenheimer upped their target price on MongoDB from $325.00 to $385.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. Citigroup reaffirmed an “outperform” rating on shares of MongoDB in a research report on Friday, September 19th. Robert W. Baird upped their target price on MongoDB from $260.00 to $335.00 and gave the company an “outperform” rating in a research report on Wednesday, August 27th. Bank of America upped their target price on MongoDB from $345.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, September 18th. Finally, Wall Street Zen raised MongoDB from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $336.83.

MongoDB Trading Down 1.1%

MongoDB stock opened at $315.30 on Monday. MongoDB has a 12 month low of $140.78 and a 12 month high of $370.00. The stock’s 50 day moving average is $264.34 and its 200-day moving average is $214.29. The company has a market capitalization of $25.65 billion, a price-to-earnings ratio of -321.73 and a beta of 1.49.

Insider Buying and Selling at MongoDB

In other MongoDB news, Director Dwight A. Merriman sold 25,000 shares of the company’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $320.15, for a total transaction of $8,003,750.00. Following the completion of the sale, the director directly owned 1,079,316 shares in the company, valued at $345,543,017.40. This represents a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hope F. Cochran sold 1,174 shares of the company’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $327.93, for a total value of $384,989.82. Following the sale, the director owned 24,308 shares of the company’s stock, valued at $7,971,322.44. The trade was a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 89,910 shares of company stock valued at $26,196,992 over the last ninety days. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MongoDB

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDB. Cloud Capital Management LLC bought a new stake in MongoDB during the first quarter worth $25,000. Hollencrest Capital Management bought a new stake in MongoDB during the first quarter worth $26,000. Cullen Frost Bankers Inc. lifted its stake in MongoDB by 315.8% during the first quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company’s stock worth $28,000 after purchasing an additional 120 shares during the last quarter. Montag A & Associates Inc. lifted its stake in MongoDB by 144.3% during the second quarter. Montag A & Associates Inc. now owns 171 shares of the company’s stock worth $36,000 after purchasing an additional 101 shares during the last quarter. Finally, Promus Capital LLC bought a new stake in MongoDB during the second quarter worth $36,000. 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.