Korea Investment CORP Decreases Stock Position in MongoDB, Inc. $MDB

Korea Investment CORP trimmed its position in shares of MongoDB, Inc. (NASDAQ:MDB) by 7.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,966 shares of the company’s stock after selling 4,699 shares during the period. Korea Investment CORP owned approximately 0.07% of MongoDB worth $18,923,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Huntington National Bank boosted its position in MongoDB by 110.9% in the 3rd quarter. Huntington National Bank now owns 97 shares of the company’s stock valued at $30,000 after buying an additional 51 shares during the last quarter. Montag A & Associates Inc. increased its position in shares of 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 acquiring an additional 101 shares during the last quarter. Promus Capital LLC purchased a new stake in shares of MongoDB during the second quarter worth about $36,000. TD Private Client Wealth LLC lifted its stake in shares of MongoDB by 2,825.0% in the third quarter. TD Private Client Wealth LLC now owns 117 shares of the company’s stock worth $36,000 after acquiring an additional 113 shares in the last quarter. Finally, Hollencrest Capital Management purchased a new position in MongoDB in the third quarter valued at about $37,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

MongoDB Stock Down 0.4%

NASDAQ:MDB opened at $270.56 on Wednesday. The business’s 50 day moving average is $363.02 and its two-hundred day moving average is $353.67. MongoDB, Inc. has a 52 week low of $140.78 and a 52 week high of $444.72. The company has a market cap of $22.02 billion, a PE ratio of -307.45, a P/E/G ratio of 405.31 and a beta of 1.40.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.18. The business had revenue of $695.07 million during the quarter, compared to the consensus estimate of $669.40 million. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The business’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.28 EPS. As a group, sell-side analysts expect that MongoDB, Inc. will post -1.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dwight A. Merriman sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $417.83, for a total value of $4,178,300.00. Following the transaction, the director directly owned 1,041,316 shares in the company, valued at approximately $435,093,064.28. This trade represents a 0.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Hope F. Cochran sold 1,566 shares of MongoDB stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $421.85, for a total transaction of $660,617.10. Following the completion of the transaction, the director directly owned 25,659 shares of the company’s stock, valued at $10,824,249.15. This trade represents a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 31,949 shares of company stock valued at $13,159,930. 3.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MDB. Piper Sandler lowered their price objective on MongoDB from $490.00 to $330.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. The Goldman Sachs Group reduced their target price on MongoDB from $475.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Wall Street Zen downgraded shares of MongoDB from a “buy” rating to a “hold” rating in a research report on Saturday. UBS Group dropped their price target on shares of MongoDB from $440.00 to $275.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Finally, Guggenheim reaffirmed a “buy” rating and issued a $475.00 price target on shares of MongoDB in a report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $354.18.

About MongoDB

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company’s platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.