Mongodb (MDB) Trading Down 6.1% After Insider Selling

Mongodb Inc (NASDAQ:MDB) shares dropped 6.1% during trading on Monday after an insider sold shares in the company. The company traded as low as $51.35 and last traded at $53.45. Approximately 1,553,940 shares were traded during trading, an increase of 136% from the average daily volume of 659,742 shares. The stock had previously closed at $56.94.

Specifically, insider Thomas Bull sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 21st. The shares were sold at an average price of $58.80, for a total value of $470,400.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eliot Horowitz sold 7,100 shares of the firm’s stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $57.48, for a total transaction of $408,108.00. The disclosure for this sale can be found here. Insiders sold 121,600 shares of company stock worth $7,132,188 over the last three months. Corporate insiders own 40.04% of the company’s stock.

MDB has been the topic of several research analyst reports. Barclays raised their target price on shares of Mongodb from $38.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 14th. Canaccord Genuity restated a “buy” rating and issued a $45.00 price target (up previously from $35.00) on shares of Mongodb in a report on Wednesday, March 14th. Stifel Nicolaus raised their price target on shares of Mongodb from $34.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, March 14th. Needham & Company LLC restated a “buy” rating and issued a $43.00 price target (up previously from $34.00) on shares of Mongodb in a report on Wednesday, March 14th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $35.00 price target (up previously from $32.00) on shares of Mongodb in a report on Wednesday, March 14th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $46.18.

The firm has a market cap of $2.88 billion and a P/E ratio of -30.72.

Mongodb (NASDAQ:MDB) last posted its quarterly earnings results on Wednesday, June 6th. The company reported ($0.43) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.43). The business had revenue of $48.20 million during the quarter, compared to analysts’ expectations of $46.46 million. The business’s revenue for the quarter was up 48.8% compared to the same quarter last year. analysts forecast that Mongodb Inc will post -2.22 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of MDB. Union Square GP 2008 L.L.C. purchased a new stake in shares of Mongodb during the fourth quarter valued at approximately $117,307,000. BlackRock Inc. raised its stake in shares of Mongodb by 268.3% during the first quarter. BlackRock Inc. now owns 1,246,117 shares of the company’s stock valued at $54,081,000 after purchasing an additional 907,784 shares during the period. Whale Rock Capital Management LLC purchased a new stake in shares of Mongodb during the first quarter valued at approximately $24,168,000. Wells Fargo & Company MN purchased a new stake in shares of Mongodb during the fourth quarter valued at approximately $14,839,000. Finally, Millennium Management LLC purchased a new stake in shares of Mongodb during the fourth quarter valued at approximately $11,579,000. Institutional investors own 26.79% of the company’s stock.

About Mongodb

MongoDB, Inc operates as a general purpose database platform worldwide. The company offers MongoDB Enterprise Advanced, a subscription package for enterprise customers to run in the cloud, on-premise, or in a hybrid environment; MongoDB Atlas, a cloud-hosted database-as-a-service solution; 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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