Month: July 2023

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According to analysis from financial news publication The Tokenist, just ten companies accounted for 35% of the S&P 500’s market cap in March – largely fueled by AI. This faster-than-expected adoption of generative AI technology has played into MongoDB’s hands, with shares gaining as much as 40% in June on several important catalysts.

MongoDB shares erupted as much as 30% in the first week of June after the database software company reported much better-than-expected results and offered a very strong outlook for the second quarter. The company expects full-year EPS of $1.49 on revenue of $1.53 billion, an upward revision to the prior forecast for earnings of $1.04 on revenue of $1.495 billion.

For this quarter, MongoDB’s forecast crushed analyst views, which were looking for a profit per share of 15 cents on revenue of $361 million. This is compared to the company’s outlook for EPS of $0.43-0.46 on revenue of $390 million.

The strong Q2 forecast, coupled with the massive Q1 outperformance, pushed shares sharply higher. The outlook signals a faster-than-expected recovery in the consumption trends and it could be that MongoDB is seeing strong tailwinds from its generative AI exposure.

For the first fiscal quarter, the company reported a profit per share of $0.56, crushing the $0.18 expected by analysts. Revenue rose 29% year-over-year to $368.3 million, again easily ahead of the analyst views. Subscription revenue was $354.7 million, with the company’s core business segment – Atlas (NYSE:ATCO) – seeing its revenue growth hit 40%.

MongoDB stock then continued to rally in the final days of the last month after the company held an investor event, where it unveiled a series of new products. Analysts who attended the event came away increasingly more positive about the company’s long-term growth prospects.

The company’s management presented at least 5 major products, including Atlas Vector Search, Atlas Stream Processing, the general availability of Relational Migrator, Queryable Encryption, as well as MongoDB Time Series Advancements.

For instance, the Atlas Stream Processing product allows the processing of high-velocity streams of complex data. The product offers three 3 key capabilities: Continuous processing, validation, and merge.

In addition to these announcements, MongoDB’s financial team also presented a series of new business metrics around the impact of new workloads on short-term and long-term growth.

During the investor event, the management’s tone surrounding GenAI was extremely positive. MongoDB sees itself as a major beneficiary of this revolution as, among other things,

AI will increase the volume and sophistication of applications. Moreover, MongoDB’s products, especially its document data model, are practically built for AI-fueled applications.

In this context, the biggest focus is on Vector Search, which is now integrated into Atlas. This product now allows MongoDB to address GenAI applications. According to the company, Vector Search is “designed to meet the demands of data in all forms and allow our partners to harness these incredible new capabilities.”

The product allows MongoDB Atlas users to query data based on semantics or the meaning of the data rather than the data itself. The GenAI has enhanced the quality of these vectors, which are now better positioned to “capture the meaning of data by projecting lower dimensional data into a higher dimensional space that contains more context about the data.”

Investors seem to be incrementally positive about the company’s opportunity to become a go-to developer data platform fueled by the GenAI platform shift. In addition to Vector Search, MongoDB Atlas also allows its users to seamlessly integrate major GenAI applications, such as the hyperscalers and open-source LLMs (large language models).

A number of Wall Street analysts boosted their price target forecasts on MongoDB, further fueling a rally in MDB shares. For instance, Stifel analysts hiked their stock target to $420 per share and offered the following commentary after attending the event.

***

Shane Neagle is the EIC of The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and artificial intelligence.

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Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of MongoDB, Inc. (NASDAQ:MDB – Free Report) by 1.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 199,204 shares of the company’s stock after selling 2,158 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.28% of MongoDB worth $46,438,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MDB. Bessemer Group Inc. acquired a new position in shares of MongoDB in the fourth quarter valued at approximately $29,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in MongoDB in the fourth quarter worth approximately $30,000. Lindbrook Capital LLC lifted its stake in MongoDB by 350.0% in the fourth quarter. Lindbrook Capital LLC now owns 171 shares of the company’s stock worth $34,000 after acquiring an additional 133 shares during the last quarter. Y.D. More Investments Ltd purchased a new position in MongoDB in the fourth quarter worth approximately $36,000. Finally, CI Investments Inc. lifted its stake in MongoDB by 126.8% in the fourth quarter. CI Investments Inc. now owns 186 shares of the company’s stock worth $37,000 after acquiring an additional 104 shares during the last quarter. 89.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MDB. Barclays lifted their price target on shares of MongoDB from $374.00 to $421.00 in a research note on Monday, June 26th. Guggenheim downgraded shares of MongoDB from a “neutral” rating to a “sell” rating and upped their price target for the company from $205.00 to $210.00 in a research report on Thursday, May 25th. They noted that the move was a valuation call. 22nd Century Group reiterated a “maintains” rating on shares of MongoDB in a research report on Monday, June 26th. Truist Financial upped their price target on shares of MongoDB from $365.00 to $420.00 in a research report on Friday, June 23rd. Finally, Piper Sandler boosted their price objective on shares of MongoDB from $270.00 to $400.00 in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $366.59.

Insider Buying and Selling at MongoDB

In other MongoDB news, CTO Mark Porter sold 2,734 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $412.33, for a total value of $1,127,310.22. Following the transaction, the chief technology officer now directly owns 35,056 shares in the company, valued at approximately $14,454,640.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Dwight A. Merriman sold 606 shares of the stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $382.41, for a total transaction of $231,740.46. Following the transaction, the director now directly owns 1,214,159 shares in the company, valued at approximately $464,306,543.19. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Mark Porter sold 2,734 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $412.33, for a total transaction of $1,127,310.22. Following the transaction, the chief technology officer now owns 35,056 shares in the company, valued at $14,454,640.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,427 shares of company stock worth $41,364,961. Corporate insiders own 4.80% of the company’s stock.

MongoDB Price Performance

Shares of NASDAQ MDB opened at $426.02 on Wednesday. The stock has a market cap of $30.07 billion, a price-to-earnings ratio of -91.22 and a beta of 1.13. MongoDB, Inc. has a 52 week low of $135.15 and a 52 week high of $437.33. The company’s 50-day moving average price is $353.25 and its 200 day moving average price is $263.53. The company has a current ratio of 4.19, a quick ratio of 4.19 and a debt-to-equity ratio of 1.44.

MongoDB (NASDAQ:MDB – Get Free Report) last issued its quarterly earnings data on Thursday, June 1st. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.38. The firm had revenue of $368.28 million for the quarter, compared to analysts’ expectations of $347.77 million. MongoDB had a negative net margin of 23.58% and a negative return on equity of 43.25%. The firm’s revenue was up 29.0% on a year-over-year basis. During the same period in the prior year, the company earned ($1.15) EPS. As a group, research analysts forecast that MongoDB, Inc. will post -2.8 earnings per share for the current fiscal year.

MongoDB Profile

(Free Report)

MongoDB, Inc provides general purpose database platform worldwide. The company offers 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-premise, 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.

See Also

Want to see what other hedge funds are holding MDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MongoDB, Inc. (NASDAQ:MDB – Free Report).

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MongoDB today announced a significant expansion of its strategic partnership agreement with Microsoft, aimed at simplifying customers’ cloud adoption journeys. The collaboration will facilitate easier access to MongoDB Atlas through the Microsoft commercial marketplace, benefiting millions of developers who utilize the Azure portal.

Under this agreement, MongoDB will work closely with Microsoft to enhance the user experience of MongoDB Atlas on Azure, offering go-to-market initiatives, developer enablement programs, and training opportunities. The partnership also involves deeper technology integrations to better serve their mutual customers.

“Through this expanded collaboration with Microsoft, we’re making it easier for our customers to seamlessly integrate MongoDB Atlas into their Azure infrastructure to power the next generation of applications.” said Alan Chhabra, Executive Vice President, Worldwide Partners and Asia at MongoDB.

This strategic partnership builds upon recent collaborations between MongoDB and Microsoft, including the introduction of a pay-as-you-go MongoDB Atlas offering announced at Microsoft Ignite. MongoDB Atlas seamlessly integrates with various first-party Microsoft services such as Azure Synapse Analytics, Azure Event Hub, Microsoft Power BI, Microsoft Purview, Azure Logic Apps, and Microsoft Power Automate.

Furthermore, the collaboration will extend to include integration with Microsoft’s data, AI, analytics, and low-code services. MongoDB has also partnered with Microsoft for Startups to provide free MongoDB Atlas credits and other benefits as part of the Founders Hub offer. This partnership enables startups to leverage the speed, scalability, and security of MongoDB and Microsoft’s combined capabilities, facilitating their growth journey from ideation to fruition.

Earlier, MongoDB partnered with Google Cloud  to enhance the adoption of generative AI and facilitate the creation of innovative applications. By leveraging its integrated operational data store, MongoDB Atlas uniquely supports the development of generative AI-powered applications with increased efficiency and simplicity. 

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Princeton Capital Management LLC boosted its position in MongoDB, Inc. (NASDAQ:MDB – Free Report) by 8.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,018 shares of the company’s stock after purchasing an additional 330 shares during the quarter. Princeton Capital Management LLC’s holdings in MongoDB were worth $937,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. purchased a new stake in shares of MongoDB in the fourth quarter worth $29,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of MongoDB in the fourth quarter worth $30,000. Lindbrook Capital LLC grew its stake in shares of MongoDB by 350.0% in the fourth quarter. Lindbrook Capital LLC now owns 171 shares of the company’s stock worth $34,000 after acquiring an additional 133 shares during the last quarter. Y.D. More Investments Ltd purchased a new stake in shares of MongoDB in the fourth quarter worth $36,000. Finally, CI Investments Inc. grew its stake in shares of MongoDB by 126.8% in the fourth quarter. CI Investments Inc. now owns 186 shares of the company’s stock worth $37,000 after acquiring an additional 104 shares during the last quarter. Institutional investors own 89.22% of the company’s stock.

MongoDB Trading Up 1.3 %

Shares of NASDAQ MDB traded up $5.33 during midday trading on Wednesday, reaching $431.35. The stock had a trading volume of 341,430 shares, compared to its average volume of 1,766,557. The stock has a 50-day moving average of $353.25 and a 200-day moving average of $263.53. The company has a debt-to-equity ratio of 1.44, a quick ratio of 4.19 and a current ratio of 4.19. MongoDB, Inc. has a 12-month low of $135.15 and a 12-month high of $437.33.

MongoDB (NASDAQ:MDB – Get Free Report) last announced its quarterly earnings data on Thursday, June 1st. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.38. The firm had revenue of $368.28 million during the quarter, compared to analysts’ expectations of $347.77 million. MongoDB had a negative net margin of 23.58% and a negative return on equity of 43.25%. The company’s revenue for the quarter was up 29.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.15) earnings per share. Sell-side analysts forecast that MongoDB, Inc. will post -2.8 EPS for the current fiscal year.

Insider Transactions at MongoDB

In other news, CRO Cedric Pech sold 360 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $406.79, for a total value of $146,444.40. Following the completion of the sale, the executive now directly owns 37,156 shares of the company’s stock, valued at $15,114,689.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CRO Cedric Pech sold 360 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $406.79, for a total transaction of $146,444.40. Following the completion of the transaction, the executive now owns 37,156 shares in the company, valued at $15,114,689.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Thomas Bull sold 516 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $406.78, for a total transaction of $209,898.48. Following the transaction, the chief accounting officer now owns 17,190 shares of the company’s stock, valued at approximately $6,992,548.20. The disclosure for this sale can be found here. Insiders sold a total of 117,427 shares of company stock valued at $41,364,961 over the last three months. Corporate insiders own 4.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. KeyCorp increased their target price on MongoDB from $229.00 to $264.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. JMP Securities increased their target price on MongoDB from $245.00 to $370.00 in a research note on Friday, June 2nd. Robert W. Baird increased their price objective on MongoDB from $390.00 to $430.00 in a research report on Friday, June 23rd. Guggenheim cut MongoDB from a “neutral” rating to a “sell” rating and increased their price objective for the company from $205.00 to $210.00 in a research report on Thursday, May 25th. They noted that the move was a valuation call. Finally, 22nd Century Group reaffirmed a “maintains” rating on shares of MongoDB in a research report on Monday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat, MongoDB has an average rating of “Moderate Buy” and a consensus price target of $366.59.

MongoDB Company Profile

(Free Report)

MongoDB, Inc provides general purpose database platform worldwide. The company offers 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-premise, 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.

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Microsoft recently announced the general availability (GA) of Azure cross-region (Global) Load Balancer in all Azure public and national cloud regions.

Azure Load Balancer is a high-performance and ultra-low-latency Layer 4 load-balancing service, catering to both inbound and outbound traffic for UDP and TCP protocols. Microsoft built the service to manage millions of requests per second while guaranteeing optimal availability. Furthermore, Azure Load Balancer is designed to be zone-redundant, ensuring high availability across various Availability Zones.

The global tier of Azure Load Balancer is a cloud-native global network load-balancing solution that offers a cross-region balancer that allows organizations to distribute traffic across multiple Azure regions. The GA release of this tier is now backed by a 99.99% availability SLA similar to the regional tier, has UDP traffic support for IPv4, and offers the setup for floating IP at the cross-region load balancer level.

Organizations can achieve load balancing across their regional offices by implementing a cross-region Load Balancer, which provides them with a unique, globally anycast IP address. Moreover, leveraging Azure’s cross-region Load Balancer ensures that traffic is intelligently routed (geo-proximity load-balancing algorithm) to the nearest region resulting in low latency and optimized performance when utilizing the service.

Diagram of cross-region load balancer (Source: Microsoft Networking Blog)

According to the documentation, the tier support scenarios such as:

Kasun Rajapakse, a DevOps engineer at Robeco and Microsoft MVP, commented in a LinkedIn post:

A Cross-region Load Balancer is a critical component in a distributed application architecture, especially when you’re aiming for global scale and high availability. It is designed to distribute incoming network traffic across multiple regions, ensuring optimal performance and resilience.

In addition, earlier, John Y., a principal cloud application architect at SXiQ, posted in a LinkedIn post:

Azure Cross-region Load Balancer is a game-changer (when it is ready – currently in preview). This opens so many great use cases and no need to think about “Azure Front-doors” or other crazy over-engineered features. High availability across regions scenarios will be the first application.

Pricing details of Azure Load Balancer are available on the pricing page. In addition, tutorials and documentation are available for guidance.

Article originally posted on InfoQ. Visit InfoQ

Bun has recently launched its fast native JavaScript bundler, bringing enhanced bundling capabilities to the Bun ecosystem. The new bundler, now in beta, offers a comprehensive set of features and tools to simplify and accelerate the process of building frontend applications. In addition, Bun introduces JavaScript macros that allow JavaScript functions to be executed at bundle-time and their results to be directly inlined into the bundle.

Bun is an all-in-one toolkit for JavaScript and TypeScript apps that aims to replace Node.js. It includes a fast JavaScript runtime, the Bun runtime, which offers improved startup times and memory usage. The toolkit ships as a single executable called “bun​” and provides various functionalities such as a test runner, script runner, and package manager.

The native Bun bundler attempts to simplify the challenges of complex JavaScript and TypeScript bundling, such as running TypeScript files, building and bundling code for production, handling dependencies, and enabling features like sourcemaps, which often leading to time-consuming tasks hampering development speed and efficiency.

The bundler offers several key features. First, it provides fast plugin execution through a lightweight Bun process, resulting in quicker bundling times. Moreover, the bundler generates pre-transpiled files optimized for Bun’s runtime, eliminating redundant transpilation steps and improving overall execution performance. The unified plugin API allows plugins to extend the bundler and the runtime capabilities of Bun, enhancing flexibility and code reuse. Additionally, integrating the bundler and the runtime enables the seamless passing of BuildArtifact objects, which can be directly used in HTTP APIs like new Response(). The bundler also introduces standalone executable generation, allowing the creation of self-contained executables that include a copy of the Bun runtime.

Performance is an essential focus of the Bun bundler. Benchmarks comparing Bun to popular bundlers such as esbuild, Parcel 2, Rollup + Terser, and Webpack demonstrate Bun’s exceptional speed. Bun outperforms these bundlers, with impressive speed improvements ranging from 1.75x to 220x faster, depending on the benchmark.

Developers can utilize the Bun.build() function or the Bun build CLI command to build frontend applications with ease. The API supports essential options such as entrypoints, output directory, target (browser, Bun, or node), format (esm), minification, sourcemap configuration, and more. In addition, the bundler supports tree-shaking to remove dead code. With a stable plugin system and loader configurations, developers can customize their bundling process according to their specific requirements.

In addition to the bundler, Bun introduced Bun Macros, which allows JavaScript functions to execute at bundle-time. Developers can import functions as macros using special import attribute syntax, inlining their results directly into the bundle. Macros run synchronously during the transpiler phase of the bundling process and are parallelized across multiple JavaScript workers, ensuring efficient execution. Macros facilitate operations such as making fetch requests at bundle-time or enhancing developer flexibility.

For security considerations, Bun Macros must be explicitly imported with the { type: 'macro' } attribute to ensure intentional execution and mitigate potential security risks. Disabling macros using the --no-macros flag adds an extra layer of security by preventing their execution altogether. Additionally, to safeguard against malicious packages, macros cannot be invoked from the node_modules directory. This limitation ensures that macros are run exclusively within the application code. Attempts to invoke macros from node_modules will trigger a specific error message.

While Bun Macros offer enhanced code execution capabilities, they have a few limitations. The result of a macro must be serializable to allow seamless inlining into the abstract syntax tree (AST). JSON-compatible data structures are fully supported, but functions and instances of most classes are not serializable. Macros can accept inputs only if the value is statically known at bundle-time. Dynamic values or those dependent on runtime conditions are not permitted as macro inputs.

Bun Macros have gathered mixed opinions within the developer community. A user, explaininjs, commented on Hacker News,

“Very nice. This should get rid of a lot of clunky webpack/esbuild/etc junk I have lying around to inline various constants or otherwise one-time configure the runtime.”

Another user, skybrian, expressed support, stating,

“I like that it’s not allowed in npm modules. Module authors can do whatever compile-time codegen they want as part of their own builds.”

However, contributors such as goranmoomin expressed a different perspective, saying,

“Macros should be able to apply syntactic transformation on the code. Lisp is famous for allowing that by representing code as lists. Rust has a compiler-level API to give tokens and run arbitrary code, then spit new tokens out.”

Jarred Sumner, CEO of Oven, the company behind Bun, acknowledged the feedback, mentioning plans to revisit the macro design.

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Strategic partnership accelerates workload migrations to MongoDB Atlas on Microsoft Azure

MongoDB, Inc. today announced a significant expansion of a multiyear strategic partnership agreement with Microsoft. MongoDB and Microsoft are committing to a broad range of initiatives to make it easier for customers to advance their cloud adoption journeys, including easier access to MongoDB Atlas within the Microsoft commercial marketplace. Millions of developers who access the Azure portal will be able to discover and use MongoDB Atlas.

As part of the agreement, MongoDB will work with Microsoft to enhance how customers experience MongoDB Atlas running on Azure by delivering go-to-market initiatives and creating developer enablement and training programs. Additionally, MongoDB will deepen their technology integrations with Microsoft to better serve their mutual customers.

The strategic partnership agreement follows recent collaborations between the two companies announced at Microsoft Ignite, which included a pay-as-you-go MongoDB Atlas offering. MongoDB Atlas currently integrates with first-party Microsoft services such as Azure Synapse Analytics, Azure Event Hub, Microsoft Power BI, Microsoft Purview, Azure Logic Apps, and Microsoft Power Automate.

With today’s announcement, other integrations under development will include Microsoft data, AI and analytics, and low-code services. MongoDB has also partnered with Microsoft for Startups to provide free MongoDB Atlas credits, and other benefits as a featured offer in Founders Hub. Together, MongoDB and Microsoft offer startups the speed, unlimited scale, and security they need to move from ideation to growth.

Used by 95 of the Fortune 100, Mural—a leading collaborative intelligence company that helps its customers to power ideation, team building, education, and alignment—migrated its platform to MongoDB Atlas on Azure in 2019. Since that time, MongoDB Atlas has enabled Mural to keep up with the massive growth the company has experienced, particularly in the last two years, without adding headcount.

“Looking at the software landscape today, everyone wants to stitch together all of their different software solutions with whatever platforms they’re on. When a really rich partner ecosystem exists, and brings value by integrating foundational services, it enables organizations like ours to deliver powerful new services to our customers,” said Rebecca Campbell, Vice President of Engineering at Mural. “Working with MongoDB on Azure has enabled us to build and ship faster, and ultimately to provide more value to our customers.”

“As more products and services come together on the Microsoft commercial marketplace, customers get a better experience by being able to streamline their billing and procurement process,” said Alan Chhabra, Executive Vice President, Worldwide Partners and Asia at MongoDB. “Many of our customers want to run MongoDB Atlas on Azure, but have lacked the proper incentives and a smooth deployment experience. Through this expanded collaboration with Microsoft, we’re making it easier for our customers to seamlessly integrate MongoDB Atlas into their Azure infrastructure to power the next generation of applications.”

“Developers are the key to creating the innovations that drive enhanced customer experiences,” said Arun Ulagaratchagan, CVP, Azure Data at Microsoft. “MongoDB is loved by developers all over the world, and in order to better serve our customers, we’re expanding our business and technical partnership in order to provide a best-in-class MongoDB experience with MongoDB Atlas on Azure”

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This is a guest post for the Computer Weekly Developer Network written by Dom Couldwell in his capacity as head of field engineering for EMEA region at data platform company DataStax.

DataStax is the company behind the scalable, highly available, cloud-native NoSQL database built on Apache Cassandra – the company is focused on enabling developers to build real-time apps that connect data at rest and in motion across multi-cloud deployments and it has a vested interest in open source enterprise technologies.

Couldwell writes in full as follows…

Making developers happy used to be about the quality of snacks and how good the office Internet connection was and it was viewed as a nice-to-have.

Today, it’s business critical.

According to Gartner, 58 percent of software engineering leaders think developer experience (DX) is ‘very’ or ‘extremely’ critical to the business leaders at their organisations. Why? Because developers build the software that powers that business.

DX is about helping developers build new applications, or make necessary changes to existing systems. Whether it is adding new functionality or fixing performance issues, DX is about getting out of the way as much as possible. By making it easier for developers to do what they need, feature velocity increases and the business benefits.

In order to improve DX, we have to know how developers work today and where they want to get to. This includes some of the typical technical choices that developers and architects have to make, like which APIs or programming languages to standardise on, but it also has to look forward too.

Where do you want to go today?

With so much discussion around AI and automated agents going on, delivering good DX involves looking at what innovations are going on and how those new launches can be integrated into existing services. Essentially, providing good DX means being in more places where developers want to be and supporting or integrating with those new projects. You may have the best product on the market but if it’s not easy for developers to access your product from their favourite tools, adoption will be hampered.

Couldwell: We’ve gone beyond ‘nice-to-have’ with Dev-eX today/

For developers jumping into the world of AI, it can be especially daunting. A plethora of new terminology and tools is allied with ever more demanding data needs for events, features, predictions and the pipelines that drive. To make DX better here, developers need help to get over the hurdles and integrate with the tools that they are familiar with.

So where can you get started and improve DX?

To meet developers where they are today, we have to make the tools required to build AI-powered experiences as familiar as possible and take away the pain of having to learn a whole new set of skills. Yes, developers want to get up to speed with the latest tech, but they also need to deliver in short timeframes.

A typical developer’s need might be to build a new service with AI, based on Retrieval Augmented Generation or RAG to supplement an existing Large Language Model (LLM) with new data created over time. Implementing this could involve multiple interactions with a vector database, an LLM and a database containing additional metadata. Connecting all these services needs to be as seamless as possible. For example exposing interfaces through APIs and consolidating the data storage into one flexible location where developers can quickly upload test data, vectorise and retrieve it as needed.

This accelerates the initial development stage of application development, as well as making DX easier over time.

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Mackenzie Financial Corp, a renowned institutional investor, has made a striking move in its investment portfolio by significantly increasing its holdings in MongoDB, Inc. (NASDAQ:MDB) during the first quarter of 2023. As reported in its recent 13F filing with the Securities & Exchange Commission (SEC), Mackenzie Financial Corp now boasts an impressive ownership of 5,773 shares, representing a remarkable surge of 96.3%. This acquisition adds considerable financial weight to the firm’s assets, estimated to be worth $1,346,000 as per its most recent SEC filing.

MongoDB, Inc., a leading global provider of general-purpose database platforms, has gained widespread recognition for its groundbreaking offerings. Its flagship products include MongoDB Atlas—a state-of-the-art hosted multi-cloud database-as-a-service solution— and MongoDB Enterprise Advanced—a commercial-grade database server specifically designed to cater to enterprise customers through versatile deployment options including cloud-based, on-premise and hybrid environments. Furthermore, the company also offers Community Server—an entirely free version of its innovative database that grants developers access to the core functionalities necessary for harnessing the power of MongoDB.

In other developments surrounding MongoDB and its stakeholders, Director Dwight A. Merriman recently concluded two notable transactions involving the firm’s stock. The first transaction took place on Wednesday, April 26th when Merriman sold 2,000 shares at an average price of $240.00, effectively racking up a total transaction value of $480,000.00. Following this sale, Merriman held direct ownership over an impressive count of 1,225,954 shares which were valued at an astonishing $294,228,960.

The second transaction unfolded on Monday, July 10th when Director Dwight A. Merriman executed another strategic move by selling 606 shares at an average price of $382.41 each—resulting in a substantial transaction worth $231,740.46. After this transaction, Merriman still retained an impressive 1,214,159 shares in MongoDB, now valued at a staggering $464,306,543.19.

Notably, the details of these two stock sales were officially communicated to the Securities & Exchange Commission through a filing that can be found on its website. Investors and analysts interested in unveiling the intricacies of these transactions can access further information by accessing the SEC’s comprehensive database.

It should also be highlighted that Director Dwight A. Merriman made another notable sale earlier this year on April 26th. In this particular instance, 2,000 shares were sold at an average price of $240.00 as well—leading to a transaction value equaling $480,000.00. Consequently, Merriman saw his direct ownership in MongoDB surge to possess an expansive 1,225,954 shares valued at an astounding $294,228,960.

As one delves further into understanding the dynamics surrounding these transactions and potential implications on MongoDB as a company and an investment option, it is also significant to acknowledge that over the past three months alone—notable insiders have offloaded a total count of 117,427 company shares in various sales—an aggregate value reaching an impressive $41,364,961. These figures expose the strategic moves made by insiders who now possess 4.80% of the company’s stock.

In conclusion,Mackenzie Financial Corp’s substantial increase in its holdingsto MongoDB marks a significant step forward for both parties involved. The growth seen within Mackenzie’s portfolio showcases their confidence in MongoDB as they position themselves favorably within the market; meanwhile,MongoDB continues to refine and innovate within the ever-expanding world of database technology with its cutting-edge offerings.This influx of investment combined with insider trading activities has generated intrigue from investors and industry observers alike—a situation that will undoubtedly provoke interest as analysts assess potential future prospects for both Mackenzie and MongoDB in the coming quarters.

Investor Confidence and Positive Earnings Propel MongoDB’s Future Success

MongoDB, Inc., the provider of a general-purpose database platform, has seen several institutional investors and hedge funds make significant changes to their positions in the company. One notable investor, DekaBank Deutsche Girozentrale, has increased its holdings in MongoDB by 23.4% in the first quarter of this year. This results in DekaBank now owning 13,654 shares of MongoDB’s stock valued at $2,964,000.

Whittier Trust Co. of Nevada Inc. also increased its stake in MongoDB by 60.4% during the same period. With an additional 5,679 shares purchased, Whittier Trust now holds 15,075 shares valued at $3,514,000. Similarly, Whittier Trust Co., another investor in MongoDB, raised its holdings by 21%, acquiring an additional 5,094 shares worth $6,851,000.

Stonegate Investment Group LLC’s holdings in MongoDB also experienced a slight increase of 9.6%. Stonegate now possesses 6,028 shares worth $1,405,000 after adding an additional 526 shares to their portfolio. Lastly, DnB Asset Management AS augmented its stake by 0.8% with the addition of only 85 shares bringing their total up to 10,158 shares valued at $2,368,000.

These transactions highlight the confidence that institutional investors and hedge funds have placed in MongoDB’s future prospects and growth potential. As a result of these actions taken collectively by various influential investors since the beginning of this year alone shows that approximately89.22% percentof MongoDB’s stock is currently owned by hedge funds and other institutional investors.

Several analysts have recently issued reports on MongoDB’s stock as well. For instance,Hedge Weekly report from Goldman Sachs states that there was an “Maintains” rating from22nd Century Group on Monday June26th.Also,on the same date, Capital One Financial initiated their coverage on MongoDB with an “Equal Weight” rating and set a $396.00 price target for the company. In addition to that, Mizuho upgraded its price objective on shares of MongoDB from $220.00 to $240.00 in a reportpublished on June 23rd.Furthermore,VNET Group reaffirmed a “maintains” rating on shares of MongoDB on Monday, June 26th.Lastly,Sanford C. Bernstein increased their price target on shares of MongoDB from $257.00 to $424.00 in a report publishedon Monday, June 5th According to data from Bloomberg.com,MongoDB presently has an average rating of “Moderate Buy” and an averageprice target of $366.59.

MongoDB provides its customers with various database solutions such as the hosted multi-cloud database platform, MongoDB Atlas; commercial database server MongoDB Enterprise Advanced; and Community Server, a free-to-download version of its database that comes with all the essential functionalities for developers.

Shares of MongoDB are traded under the ticker symbol MDB on the NASDAQ stock exchange and opened at $409.17 on July 18, 2023.On the same day,a they reached a new 52-week high of $418.70 after touching a low point of $135.15 within the same period last year.The company currently boasts a market capitalization valueof$28.88 billion.

In terms of financial performance, MongoDB released its earnings results for the quarter ending June 1st, which exceeded analysts’ expectations.The company reported earnings per share (EPS) of $0.56 for the quarter compared to a consensus estimate of only $0.18.This positive result marks an overperformance by$0.38 per share.MongoDB’s net margin stood at -23.58% with a negative return on equity amounting to43.25%. Additionally,revenue for the quarter was $368.28 million, surpassing analyst predictions of $347.77 million.Throughout the same period last year, MongoDB had a negative EPS of ($1.15).Overall, the firm experienced a 29% increase in revenue compared to the previous year.

Taking all these factors into account, analysts project that MongoDB, Inc.will post an EPS of -2.8 for the current fiscal year.Despite this anticipated decrease in EPS,the diverse activities conducted by institutional investors and hedge funds, along with positive earnings results and strong market performance all bode well for MongoDB’s future success in the general-purpose database industry.

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New MongoDB Atlas for Public Sector initiative helps government agencies and public sector organizations address unique digital transformation and cloud adoption challenges to accelerate time to mission

More than one thousand public sector customers rely on MongoDB to run mission-critical workloads every day

AWS and Clarity Business Solutions among partners working with MongoDB in the public sector

WASHINGTON, July 18, 2023 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB), today at MongoDB.local for Government Solutions, announced MongoDB Atlas for Public Sector, a new initiative to help government agencies and public sector organizations accelerate their pace of innovation and better serve end users with modern, data-driven applications. In addition to offering MongoDB Atlas for Government—a secure and compliant developer data platform that achieved FedRAMP Moderate authorization earlier this year—the new initiative provides public sector organizations access to expert-led architectural design reviews, tailored technology partnerships, and specific knowledge accelerators to provide customized technology training paths for public sector teams. To get started with MongoDB Atlas for Public Sector, visit mongodb.com/industries/public-sector.

Public sector organizations face a unique set of challenges that require balancing strict compliance requirements with the need to innovate to keep up with technological progress in the private sector. The COVID-19 pandemic accelerated cloud migration in the public sector, but many organizations migrated without a cohesive data strategy and still rely on legacy data warehouses that weren’t initially designed for the real-time data processing that today’s modern applications require. Combined with high costs and hesitancy around ensuring new technology is secure and meets compliance requirements, digital transformation for public sector organizations often does not keep up with technological change, leaving government agencies and public sector organizations unable to take advantage of modern, data-driven applications. Public sector organizations want to move more workloads to the cloud to take advantage of fully managed services, integrate data silos, and develop cloud-native applications without the burden and cost associated with managing on-premises infrastructure, but often don’t know how to get started or don’t have the right migration and modernization strategies in place. As a result, public sector organizations without technology partners that understand their distinct security, compliance, and data privacy needs are unable to build, manage, and deploy modern, data-driven applications that today’s end users expect.

MongoDB Atlas for Public Sector addresses these challenges by providing a set of solutions and capabilities to help organizations build modern applications and reimagine the services they provide to end users:

• Build new classes of applications securely with the leading developer data platform: With MongoDB Atlas for Government —a secure, fully managed, FedRAMP Moderate Authorized developer data platform built on AWS GovCloud (US) Regions—public sector organizations can take advantage of a flexible and scalable document data model, capabilities for processing virtually any type of data in near real time, and world-class security, resilience, and availability to build, manage, and deploy modern applications. Tens of thousands of customers and millions of developers rely on MongoDB Atlas to build and manage applications every day, and with MongoDB Atlas for Government, public sector organizations can use the same technology that powers applications for leading enterprises globally while meeting strict security and compliance requirements. MongoDB Atlas for Government includes built-in security capabilities, field-level data encryption, network management and isolation, and identity access and management (IAM) controls to help organizations secure sensitive workloads with no manual effort.
• Migrate and modernize legacy applications with minimal risk and zero downtime: For organizations looking to move from legacy infrastructure to MongoDB Atlas for Government, MongoDB Relational Migrator enables customers to migrate and modernize legacy applications without the time, cost, and risk typically associated with these projects–making it significantly faster and easier to optimize business operations and push innovation forward. MongoDB Relational Migrator analyzes legacy databases, automatically generates new data schema and code to operate the migrated application, and then executes a seamless migration to MongoDB Atlas with no downtime required. Organizations can run the migrated, modernized application in a testing environment before deploying to production to ensure it is optimized and performing as intended. MongoDB Relational Migrator significantly reduces the time, cost, and risk typically associated with migration projects.
• Reimagine possibilities with public sector innovation workshops: MongoDB Atlas for Public Sector includes dedicated executive engagement with industry experts from MongoDB and the MongoDB Partner Ecosystem to ideate client-specific solutions using best practices developed through proven industry experience. Public sector innovation workshops are tailored to address the unique challenges and opportunities government agencies and public sector organizations face so they can modernize their operations with security and compliance in mind.
• Take advantage of technology partnerships to accelerate innovation: MongoDB Atlas for Public Sector provides access to MongoDB’s industry-specific partner integrations and toolchains to help accelerate modernization projects to get innovative applications to end users more quickly and easily. The MongoDB Partner Ecosystem includes systems integrators and technology consultants with public sector expertise including AWS, Accenture Federal Services, Carahsoft, and Clarity Business Solutions to help organizations adopt the right solutions for their specific use cases.
• Jumpstart application development: With MongoDB Atlas for Public Sector, organizations can engage with the MongoDB Professional Services team to take advantage of public sector expertise and accelerate projects from concept to prototype to production in less time. Experts from the MongoDB Professional Services team can work backward from an organization’s specific challenges to conduct architectural reviews, and help quickly prototype proofs of concept for ideation before moving new applications to production.
• Train teams to quickly build modern applications: MongoDB Atlas for Public Sector provides tailored MongoDB University courses and learning materials, including unlimited access to curated webinars and solutions sessions, to help developers learn how to quickly build modern applications for the public sector. Organizations can benefit from training new and experienced developers from the ground up on how to build modern, data-driven applications with MongoDB Atlas for Government to modernize operations and reimagine end user experiences.

“Navigating the complexities of legacy architectures and building modern, data-driven applications can be a challenge in any industry, but these challenges are often exaggerated in the public sector because of the unique security and compliance requirements involved,” said Joe Perrino, Area Vice President of Public Sector at MongoDB. “The new MongoDB Atlas for Public Sector initiative provides a set of capabilities so organizations can stop thinking about modernizing their operations and actually get started. MongoDB Atlas for Government—with its built-in security features and FedRAMP designation—is specifically designed to meet the challenges public sector organizations face today. Combined with the MongoDB Partner Ecosystem and teams of experts with deep public sector knowledge, customers can now get up and running faster to build, deploy, and manage next-generation applications that reimagine end-user experiences.”

Clarity Business Solutions provides software engineering and technical management solutions for its clients. “MongoDB has revolutionized modernization initiatives for numerous public sector clients,” said TJ Greenier, CEO and President at Clarity Business Solutions. “Through our partnership with MongoDB, we have equipped clients with resources that work hand in hand, offering invaluable insights, best practices, and expertise in overcoming technical and unique environmental challenges. Collaborating directly with technical teams empowers us to deliver innovative solutions, enabling rapid and efficient application development while driving tangible business value.”

MongoDB Atlas for Industries

MongoDB for Public Sector is part of MongoDB for Industries, a program that helps organizations accelerate cloud adoption and modernization by leveraging industry-specific expertise, programs, partnerships, and integrated solutions. To get started with MongoDB Atlas for Industries, visit mongodb.com/industries.

About MongoDB

Headquartered in New York, MongoDB’s mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, our developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today’s wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.

Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning MongoDB’s launch of MongoDB Atlas for Public Sector. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control including, without limitation: the impact the COVID-19 pandemic may have on our business and on our customers and our potential customers; the effects of the ongoing military conflict between Russia and Ukraine on our business and future operating results; economic downturns and/or the effects of rising interest rates, inflation and volatility in the global economy and financial markets on our business and future operating results; our potential failure to meet publicly announced guidance or other expectations about our business and future operating results; our limited operating history; our history of losses; failure of our platform to satisfy customer demands; the effects of increased competition; our investments in new products and our ability to introduce new features, services or enhancements; our ability to effectively expand our sales and marketing organization; our ability to continue to build and maintain credibility with the developer community; our ability to add new customers or increase sales to our existing customers; our ability to maintain, protect, enforce and enhance our intellectual property; the growth and expansion of the market for database products and our ability to penetrate that market; our ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions; our ability to maintain the security of our software and adequately address privacy concerns; our ability to manage our growth effectively and successfully recruit and retain additional highly-qualified personnel; and the price volatility of our common stock. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2023, filed with the SEC on June 2, 2023 and other filings and reports that we may file from time to time with the SEC. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Media Relations

MongoDB

press@mongodb.com

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