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Empower Advisory Group LLC, a prominent institutional investor, has recently made an impressive move in the market. As per their latest filing with the Securities and Exchange Commission (SEC), the company acquired a new position in MongoDB, Inc. (NASDAQ:MDB) during the first quarter of this year. The acquisition involved 32,184 shares of MongoDB’s stock which were valued at approximately $7,302,000.
MongoDB, Inc. is a globally recognized provider of a general-purpose database platform. With its innovative offerings, it aims to cater to the needs of businesses worldwide. One of MongoDB’s flagship products is MongoDB Atlas, which is a hosted multi-cloud database-as-a-service solution that allows organizations to efficiently manage their data on the cloud. Additionally, the company also offers MongoDB Enterprise Advanced – a commercial database server designed specifically for enterprise customers who wish to operate their databases either in the cloud or on-premise, or even in a hybrid environment.
Furthermore, MongoDB provides developers with an entry point through its Community Server. This version of its database can be downloaded free of charge and includes all the essential functionalities needed to kickstart development projects utilizing MongoDB.
Empower Advisory Group LLC’s decision to acquire shares of MongoDB signifies its confidence in the company’s potential for growth and success in the market. This move by the institutional investor reflects not only their faith in MongoDB as an investment opportunity but also highlights their dedication towards expanding their portfolio with promising assets.
Investors and industry experts alike may find this recent development intriguing as Empower Advisory Group LLC traditionally makes calculated investment decisions based on comprehensive research and analysis. It is important to monitor these developments closely as they have been known to influence market sentiment.
As September 2023 unfolds and financial quarters progress, it will be interesting to observe how this strategic investment by Empower Advisory Group LLC positively impacts both institutions involved – Empower Advisory Group LLC itself and MongoDB, Inc. In turn, shareholders and stakeholders associated with these entities can expect to gain deeper insights into their investment potential and market performance.
While it is important to note that the information provided here is based on filings made by Empower Advisory Group LLC with the SEC, there may be additional factors that could have influenced this investment decision. As investors eagerly await more news regarding this acquisition, it is essential to maintain an informed approach and consult relevant financial professionals before making any investment decisions of their own.
As always, staying updated with the latest company developments, market trends, and relevant economic indicators will prove crucial for both experienced investors and those new to the field. This ensures one’s ability to make well-informed decisions in an ever-evolving financial landscape.
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Updated on: 15/09/2023
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MongoDB: Growing Interest from Investors and Positive Analyst Ratings
MongoDB, Inc. is a global provider of a general purpose database platform. The company’s offerings include MongoDB Atlas, a hosted multi-cloud database-as-a-service solution, MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in various environments, and Community Server, a free-version of its database with necessary developer functionalities.
Recently, Bessemer Group Inc. acquired shares of MongoDB worth $29,000 in the fourth quarter, while BI Asset Management Fondsmaeglerselskab A S purchased shares valued at $30,000 during the same period. Global Retirement Partners LLC also increased its stake in MongoDB by 346.7% during the first quarter with an additional 104 shares valued at $30,000. Manchester Capital Management LLC and Clearstead Advisors LLC bought shares worth approximately $36,000 each in the first quarter. Currently, hedge funds and institutional investors own about 88.89% of MongoDB’s stock.
Equities research analysts have provided ratings for MDB shares as well. Tigress Financial raised their target price from $365.00 to $490.00, while Capital One Financial initiated coverage with an “equal weight” rating and a target price of $396.00 for the company’s stock. Citigroup also raised their target price from $430.00 to $455.00 and assigned a “buy” rating to MDB stock on August 28th. Robert W. Baird raised their target price from $390.00 to $430.00 in late June while JMP Securities upped their price target from $425.00 to $440.00 and gave the company a “market outperform” rating on September 1st.
MongoDB stock opened at $365.92 on September 15th with a quick ratio of 4.19 and current ratio of 4.48.The company has a market capitalization of around $26.11 billion, a negative price-to-earnings ratio of -105.76, and a beta of 1.11. The stock’s 50-day moving average stands at $386.35 while its 200-day moving average is $314.36. Over the past year, MDB shares have traded between $135.15 and $439.00.
Furthermore, in recent news, CAO Thomas Bull sold 516 shares of MongoDB’s stock for an average price of $406.78 on July 3rd with a total value of approximately $209,898.48. Following the sale, Bull holds 17,190 shares valued at around $6,992,548.20. Another sale was made by CRO Cedric Pech who sold 360 shares at an average price of $406.79 on the same day for a total value of approximately $146,444.40.The insider transactions by company executives in the last 90 days amount to selling 97,520 shares worth $39,180,574 representing about 4.80% ownership of MDB’s stock.
In summary, MongoDB continues to attract the interest of hedge funds and institutional investors as evident from recent acquisitions made by Bessemer Group Inc., BI Asset Management Fondsmaeglerselskab A S, Global Retirement Partners LLC, Manchester Capital Management LLC, and Clearstead Advisors LLC.
Various equities research analysts have provided positive ratings for MDB stock with raised target prices from Tigress Financial ($490) and Citigroup ($455). It is important to note that MongoDB provides platforms like MongoDB Atlas and MongoDB Enterprise Advanced that cater to different customers’ needs in various environments.
Despite recent insider selling by executives such as CAO Thomas Bull and CRO Cedric Pech,the company’s stock has shown stability with strong market capitalization.
The future looks promising for MongoDB as it continues to be recognized by analysts for its potential growth and innovative database solutions.
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