MongoDB, Inc. MDB reported upbeat results for its first quarter and issued strong projections.
MongoDB exceeded market expectations, reporting adjusted earnings of 56 cents per share, which came in ahead of the estimated figure of 19 cents per share. The company’s strong financial performance was further highlighted by its revenue, which reached $368.28 million, beating the consensus estimate of $347.15 million.
MongoDB anticipates revenue in the range of $388 million to $392 million for the second quarter versus estimates of $361.59 million. The company expects full-year 2024 revenue to range from $1.522 billion to $1.542 billion versus estimates of $1.51 billion.
MongoDB shares jumped 28.2% to $376.70 in today’s pre-market trading session.
- Piper Sandler raised the price target on MongoDB from $270 to $400. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
- Goldman Sachs boosted the price target on MongoDB from $ $280 to $420. Goldman Sachs analyst Kash Rangan maintained a Buy rating.
- JMP Securities increased MongoDB price target from $245 to $370. JMP Securities analyst Patrick Walravens maintained a Market Outperform rating.
- Barclays raised MongoDB price target from $280 to $374. Barclays analyst Raimo Lenschow maintained the stock with an Overweight.
- Citigroup increased MongoDB price target from $363 to $430. Citigroup analyst Tyler Radke maintained the stock with a Buy.
- Baird raised MongoDB price target from $290 to $390. Baird analyst William Power maintained the stock with an Outperform.
- Needham boosted MongoDB price target from $250 to $430. Needham analyst Mike Cikos maintained the stock with a Buy.
- Oppenheimer raised MongoDB price target from $270 to $430. Oppenheimer analyst Ittai Kidron maintained an Outperform rating on the stock.
- Mizuho boosted MongoDB price target from $180 to $220. Mizuho analyst Matthew Broome maintained the stock with a Neutral rating.
- Truist Securities raised MongoDB price target from $235 to $365. Truist Securities analyst Miller Jump maintained the stock with a Buy.
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