Month: September 2023

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IBD stock screens are regularly updated to add new stocks to watch, as well as weed out those that have started to show weakness. In the tables below, you’ll see which stocks have been added to or removed from lists like the IBD 50, IBD Sector Leaders and the IBD Big Cap 20. AAON stock, for example, is a new…

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AI is hot, and NVIDIA NASDAQ: NVDA is getting most of the spotlight. While the market is focused on its dominating position with GPUs, data centers, and generative AI, companies like MongoDB NASDAQ: MDB quietly perform equally well. MongoDB, Inc.’s Q1 results were an early indication of the company’s role in the AI industry, which was confirmed in Q2. That role is as an incubator for AI projects of all types.

The results show that its database and developer tools are a go-to source for AI-powered development tools and AI development. The takeaway for investors is that this stock is in a perfect position to ride the AI wave to new all-time highs. 

MongoDB Gains Momentum in Q2 

MongoDB had a game-changing quarter in Q1 and followed it up with even stronger results in Q2. The company’s revenue surged 40% to $423.8 million, beating the Marketbeat.com consensus by 850 basis points. Strength was driven by core Subscriptions, which rose 40% and aided by a 20% increase in Services.

The company’s Atlas platform, which unifies and integrates multi-cloud operations to streamline development, grew by 38%. Moving on to earnings, the company’s margins widened substantially due to leverage, leaving the adjusted EPS at $0.93. That’s more than 100% better than expected, and strength will continue in Q3, this year, and next. 

MongoDB Guidance is Cautious 

MongoDB shares are up on the combination of Q2 strength and guidance. The Q3 guidance is robust and expects 20% revenue growth at the low end of the range, but it may be cautious. The guidance expects revenue growth to slow drastically compared to the prior quarter and for a sequential revenue decline.

Given the growth in Q2 was driven by customer growth and penetration, Q3 will likely see sequential revenue growth and additional leverage on the bottom line. As it is, execs expect adjusted earnings to grow more than 100% YOY.

Among the drivers of potential outperformance is a suite of new products. These products are intended to simplify the development of sophisticated AI apps that can operate in real-time and help the migration to MongoDB services and the use of AI.

Together, these products cement MongoDB’s position in the cloud and AI and should lead to sustained momentum while the AI revolution is on the upswing. Another is an expanded deal with Google Cloud to help accelerate the development and use of generative AI. 

The Analysts Could Provide Another Catalyst

The analysts are rethinking their positions on MongoDB right now. Marketbeat’s tracking tools did not pick up any revisions in the first 12 hours following the report, but they are on the way and will provide another catalyst for the market. The trend in sentiment ahead of the report is bullish, with several price target increases in June and July.

Based on the Q2 results and guidance, which has earnings up more than double and more than double the consensus, the next revisions will likely be bullish. Until then, the consensus target of $384 assumes the stock is fairly valued near current levels, but the freshest targets are well above this level and include the high price target of $490. That target is about 25% above the post-release price action. 

GitLab is Next in Line to Report Solid Results 

GitLab NASDAQ: GTLB followed in MongoDB’s footsteps last quarter and will likely do so again. MongoDB allows interoperability with GitLab, a secure collaborative AI application development platform. Interoperability includes a GitLab Repository, which facilitates backup and alternate versions of current work on the GTLB platform.

GitLab is expected to post a solid quarter, and the estimates have been rising but are likely too low. Analysts expect a consensus of $130 million, about 28% growth YOY, well below the 45% posted in Q1 and the potential implied by MongoDB. GitLab, BTW, outpaced MongoDB’s growth in Q1 and may do so again in Q2. 

The Technical Outlook: MongoDB on Brink of Reversal 

Shares of MongoDB are up more than 3.5% in early premarket trading and are on the brink of completing a reversal. The critical resistance point is near $425 and may be reached soon. A more sustained rally should form if this level is broken and the market can hold it. The market could increase to $490 or higher in this scenario and retest the all-time high. 

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On September 1, 2023, Karl Keirstead, an analyst at UBS, expressed his continued confidence in MongoDB (NASDAQ:MDB) by maintaining a Buy rating on the stock and increasing the price target to $465. This upward revision in price target is not a novel occurrence for UBS, as they had previously upgraded MongoDB from neutral to buy in March 2022, accompanied by a price target increase from $345 to $450.

Capital IQ’s survey of analysts reveals that MongoDB enjoys an average rating of outperform, with price targets spanning a wide range from $220 to $490. This signifies the varying opinions and expectations of industry experts regarding the future performance of the database program company.

MDB Stock Performance on September 1, 2023: Promising Signs for Investors

MDB, or MongoDB Inc., is a technology services company specializing in packaged software. On September 1, 2023, MDB’s stock performance showed promising signs for investors.

The previous close for MDB stock was $380.90. However, the stock opened higher at $395.45, indicating a positive start to the day. Throughout the trading session, the stock fluctuated within a range of $393.02 to $413.74.

The trading volume for MDB on September 1 was 320,884 shares. This figure is significantly lower than the average volume of the past three months, which stands at 1,732,652 shares.

MDB has a market capitalization of $25.6 billion.

In terms of earnings growth, MDB experienced a decline of 5.89% in the previous year. However, the company’s earnings growth for the current year is projected to be a remarkable 92.12%.

Looking ahead, MDB is expected to maintain a positive earnings growth rate of 8.00% over the next five years.

MDB’s revenue growth in the previous year was an impressive 46.95%.

When analyzing the stock’s valuation, the price-to-earnings (P/E) ratio is not available (NM). However, the price-to-sales ratio is 11.45, and the price-to-book ratio is 34.33.

In comparison to other companies in the technology services sector, MDB’s stock performance on September 1 stood out positively.

MDB is expected to report its next earnings on December 6, 2023. Analysts forecast an earnings per share (EPS) of $0.27 for the current quarter.

In terms of financials, MDB reported annual revenue of $1.3 billion in the previous year. However, the company incurred a net loss of -$345.4 million, resulting in a negative net profit margin of -26.90%.

MDB’s corporate headquarters is located in New York, New York. The company does not have any executives listed.

Overall, MDB’s stock performance on September 1, 2023, showed positive signs, with an opening price higher than the previous close and a range of trading activity. The company’s projected earnings growth, revenue growth, and market capitalization indicate a positive outlook for the future. However, it is important for investors to consider the company’s financials and industry trends before making any investment decisions.

MongoDB Inc Stock Analysis: Strong Performance, Positive Outlook, and Potential Growth

On September 1, 2023, MongoDB Inc (MDB) stock had a median target price of $440.00, according to 23 analysts offering 12-month price forecasts. The high estimate for the stock price was $480.00, while the low estimate was $250.00. This median estimate indicated a potential increase of 11.79% from the last recorded price of $393.59.

The consensus among 28 polled investment analysts on September 1, 2023, was to buy MongoDB Inc stock. This rating has remained unchanged since September, indicating a consistent positive sentiment towards the company’s performance.

In terms of financial performance, MongoDB Inc reported earnings per share of $0.27 for the current quarter. The company’s sales for the same period were $389.8 million. The reporting date for these figures was December 6.

These numbers suggest that MongoDB Inc has been performing well, with positive earnings per share and robust sales. The consensus among analysts to buy the stock further reinforces the positive outlook for the company.

Investors should consider the median target price of $440.00 as a potential benchmark for the stock’s performance in the next 12 months. However, it is important to note that this is only an estimate and actual stock performance may vary.

As always, investors should conduct thorough research and analysis before making any investment decisions. It is also advisable to keep track of the company’s financial reports and any updates from reliable sources to stay informed about any changes in the stock’s performance.

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September 1, 2023 8:22 AM EDT

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Private Advisor Group LLC purchased a new position in shares of MongoDB, Inc. (NASDAQ:MDB – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,001 shares of the company’s stock, valued at approximately $700,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Cherry Creek Investment Advisors Inc. boosted its holdings in MongoDB by 1.5% in the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 3,283 shares of the company’s stock valued at $646,000 after purchasing an additional 50 shares during the period. CWM LLC boosted its holdings in MongoDB by 2.4% in the first quarter. CWM LLC now owns 2,235 shares of the company’s stock valued at $521,000 after purchasing an additional 52 shares during the period. Cetera Advisor Networks LLC boosted its holdings in MongoDB by 7.4% in the second quarter. Cetera Advisor Networks LLC now owns 860 shares of the company’s stock valued at $223,000 after purchasing an additional 59 shares during the period. First Republic Investment Management Inc. boosted its holdings in MongoDB by 1.0% in the fourth quarter. First Republic Investment Management Inc. now owns 6,406 shares of the company’s stock valued at $1,261,000 after purchasing an additional 61 shares during the period. Finally, Janney Montgomery Scott LLC boosted its holdings in MongoDB by 4.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 1,512 shares of the company’s stock valued at $298,000 after purchasing an additional 65 shares during the period. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Thomas Bull sold 516 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $406.78, for a total value of $209,898.48. Following the sale, the chief accounting officer now owns 17,190 shares in the company, valued at approximately $6,992,548.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Thomas Bull sold 516 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $406.78, for a total value of $209,898.48. Following the sale, the chief accounting officer now owns 17,190 shares of the company’s stock, valued at approximately $6,992,548.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Dev Ittycheria sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $407.07, for a total value of $20,353,500.00. Following the completion of the sale, the chief executive officer now directly owns 218,085 shares in the company, valued at approximately $88,775,860.95. The disclosure for this sale can be found here. Insiders have sold a total of 76,551 shares of company stock worth $31,143,942 in the last quarter. Company insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MDB shares. The Goldman Sachs Group lifted their target price on MongoDB from $420.00 to $440.00 in a report on Friday, June 23rd. VNET Group restated a “maintains” rating on shares of MongoDB in a research note on Monday, June 26th. Truist Financial raised their price target on MongoDB from $365.00 to $420.00 in a research note on Friday, June 23rd. Capital One Financial began coverage on MongoDB in a research note on Monday, June 26th. They issued an “equal weight” rating and a $396.00 price target on the stock. Finally, Royal Bank of Canada raised their price target on MongoDB from $400.00 to $445.00 in a research note on Friday, June 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.23.

Check Out Our Latest Report on MongoDB

MongoDB Stock Performance

NASDAQ MDB opened at $381.30 on Friday. The stock has a market capitalization of $26.91 billion, a price-to-earnings ratio of -81.65 and a beta of 1.13. The company has a current ratio of 4.19, a quick ratio of 4.19 and a debt-to-equity ratio of 1.44. The business’s 50 day moving average is $389.93 and its two-hundred day moving average is $302.86. MongoDB, Inc. has a 12-month low of $135.15 and a 12-month high of $439.00.

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

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MongoDB reported 40% year on year revenue growth to $4.2 billion in the three months ending in July. Despite the growth, the company still reported a $37.6 million loss for the quarter, compared to a loss of $118 million the same quarter a year earlier.
In a statement, CEO Dev Ittycheria attributed the company’s revenue growth to increasing adoption of its subscription software for storing and…

Article originally posted on mongodb google news. Visit mongodb google news

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What Happened:
Shares of database software company MongoDB (NASDAQ:MDB)
jumped 8.81% in the morning session after the company reported an impressive “beat and raise” quarter. Second quarter results blew past analysts’ revenue and non-GAAP operating profit expectations, driven first by a beat on total customers. We were also glad that next quarter’s revenue guidance exceeded Wall Street’s estimates. Full year guidance was also raised across the board.

On the other hand, billings and free cash flow came in below expectations as customers continued to shift from making large upfront payments to a consumption-based model, which provides more app usage flexibility but is often harder to model. Management provided some insights into how this trend will play out, saying, “We are intentionally collecting less cash upfront in order to win more workloads more quickly.” Therefore, the expectation is for lower upfront commitments to only impact the timing of when customers pay us, not the total payment.

MongoDB highlighted some of its new products and capabilities to participate in the growing AI market. These include Atlas (NYSE:ATCO) Vector Search, which makes it easier to search data. For example, we could use vector search to find all of the images that are similar to a given image, even if the images are not tagged with the same keywords, and this could potentially be a prized asset for analysts and researchers handling millions of unstructured big data. MongoDB also partnered with Google (NASDAQ:GOOGL) Cloud to give developers better access to AI models.

Overall, this was a really good quarter that should please shareholders.

Is now the time to buy MongoDB? Find out by reading the original article on StockStory.

What is the market telling us:
MongoDB’s shares are very volatile and over the last year have had 43 moves greater than 5%. In context of that, today’s move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was three months ago, when the stock gained 16.5% on the news that the company reported a “beat and raise” quarter. First quarter results beat analysts’ expectations for revenue, gross margin, free cash flow, and earnings per share. Guidance was also strong. Revenue guidance for the next quarter exceeded expectations. The full year guidance was raised and also came in ahead of consensus.

The profitability guidance was similarly impressive as operating income guidance for the next quarter and full year came in ahead. The company touched on the current AI trend noting that “…MongoDB’s developer data platform is well positioned to benefit from the next wave of AI applications in the years to come”.

Overall it was a strong quarter for the company with solid results and impressive guidance.

MongoDB is up 112% since the beginning of the year, and at $403.83 per share it is trading close to its 52-week high of $431.21 from July 2023. Investors who bought $1,000 worth of MongoDB’s shares 5 years ago would now be looking at an investment worth $5,490.

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