Oppenheimer Asset Management Inc. Increases Holdings in MongoDB, Inc. Showing … – Best Stocks
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Oppenheimer Asset Management Inc., a leading institutional investor, has increased its holdings in MongoDB, Inc. (NASDAQ:MDB) by 33.9% during the first quarter of the year. According to its most recent filing with the Securities and Exchange Commission (SEC), Oppenheimer now owns 1,865 shares of MongoDB, worth approximately $435,000.
This significant increase in ownership highlights Oppenheimer’s confidence in the company’s potential for growth and success. MongoDB is a well-known provider of modern, cloud-based database platforms that help businesses manage their data more efficiently and effectively.
MongoDB recently announced its quarterly earnings results on June 1st. The company reported earnings per share (EPS) of $0.56 for the quarter, surpassing analysts’ consensus estimates of $0.18 by an impressive $0.38. Furthermore, MongoDB generated revenue of $368.28 million, exceeding analyst estimates of $347.77 million.
Despite a negative net margin of 23.58% and a negative return on equity of 43.25%, MongoDB demonstrated robust growth in revenue compared to the same quarter last year, with a 29% increase. In the previous year’s corresponding period, the company had reported earnings per share of ($1.15). These positive results reflect MongoDB’s ability to consistently meet and exceed expectations.
Looking ahead to the current fiscal year, research analysts anticipate that MongoDB will post earnings per share of -2.8. Although this suggests a loss for the company, it is important to consider that these projections are subject to change based on various factors such as market conditions and business strategies implemented by MongoDB.
Oppenheimer Asset Management Inc.’s increased investment in MongoDB indicates their belief in the long-term profitability and potential growth opportunities offered by this innovative tech company within an ever-evolving digital landscape.
As investors assess their portfolios and seek potential investment opportunities, it is essential to consider companies with a strong track record of financial performance, like MongoDB. Its ability to consistently deliver impressive earnings results and drive revenue growth makes it an attractive option for those looking to invest in the tech sector.
Disclaimer: Our analysis is based on publicly available information and should not be considered as financial advice. Investors are advised to conduct their own research before making any investment decisions.
Updated on: 29/08/2023
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MongoDB Attracts Significant Institutional Investor Interest and Continues to Garner Positive Ratings From Analysts
In recent months, several institutional investors have made significant changes to their positions in MongoDB, a leading data platform company. Private Advisor Group LLC, for instance, acquired a new stake in the company during the first quarter of this year, amounting to approximately $700,000. Vanguard Personalized Indexing Management LLC also increased its holdings in MongoDB by 11.2% during the same period, now owning around 6,362 shares worth $1,483,000. LPL Financial LLC and Pictet Asset Management SA followed suit with gains of 8.5% and 2.6%, respectively. LPL Financial now owns a noteworthy 22,757 shares worth $5,305,000 while Pictet Asset Management holds approximately 23,681 shares valued at $5,521,000. Keybank National Association OH ended the list of institutional investors reporting changes to their positions with a significant increase of 20.9%, currently owning 1,915 shares worth $446,000.
These revelations shed light on the fact that an overwhelming majority (88.89%) of MongoDB’s stock is owned by hedge funds and other institutional investors.
On Tuesday August 29th , NASDAQ MDB opened at $354.32 per share. Over the past fifty days leading up to this date, the firm maintained a moving average of $390.26 whereas over the course of two hundred days its average ranged from $135.15 (12-month low) to $439 (12-month high). Consequently,MongoDB boasted a quick ratio as well as current ratio of 4.19 coupled with a debt-to-equity ratio standing at !(https://wordsapi.com/mug_shot?q=debt-to-equity)
In other news pertaining to MongoDB Inc., Cedric Pech who serves as chief revenue officer recently sold 360 shares totaling an estimated value of roughly $146k on July 3rd. Pech now directly owns 37,156 shares in the company valued at over $15 million. Director Dwight A. Merriman also sold 6,000 shares of MongoDB stock on August 4th with an average price per share of $415.06 reaching a total transaction value of $2,490,360. Merriman currently holds 1,207,159 shares valuing approximately $501 million.
In addition to these transactions, Cedric Pech sold another 360 shares on July 3rd at an average price of $406.79 amounting to a total value of $146k.
It is also worth noting that insiders have cumulatively sold 102,220 shares valued at approximately $38.8 million in the last three months alone thereby becoming owners of a mere 4.80% of the company’s stock.
Following these developments and amidst continuous growth and success,MongoDB received positive ratings from several brokerages in recent times. Tigress Financial notably increased its price target for MDB from $365 to $490 while Mizuho upped its target price from $220 to $240. William Blair continues to reaffirm an “outperform” rating on MongoDB stock and even Needham & Company LLC unanimously boosted their target price dramatically from $250 to an impressive $430. Furthermore,A Bloomberg consensus suggests that the stock has an overall moderate buy rating accompanied by an average price target of around $379 per share.
As the data platform industry evolves and expands rapidly,MongoDB strives to maintain its position as a leading provider in the market,gaining recognition and support from key institutional investors along the way.The continuous investments made by these institutions underscore their confidence in MongoDB’s future growth potential,and serve as a testament to the positive outlook surrounding the company within the financial community.