MongoDB Stock Soars To Record High On Earnings Beat – Investor's Business Daily

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MongoDB stock hit a new high Thursday, following a fourth-quarter earnings report by the database software company that smashed expectations.

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Several Wall Street analysts also raised their price targets on MongoDB (MDB) and maintained buy ratings.

MongoDB stock catapulted 25.6%, closing at 130.94, hitting a record high on the stock market today. The company held its initial public offering in October 2017, pricing shares at $24.

After the market close Wednesday, MongoDB reported fourth-quarter revenue of $85.5 million, above Wall Street estimates of $74 million, It showed an adjusted loss of 17 cents per share, vs. forecasts for a 38-cent loss.

‘Attacking A Large Market Opportunity’

Needham analyst Jack Andrews raised his price target on MongoDB stock to 130, from 108, with a buy rating.

“We continue to view MongoDB as an emerging industry leader attacking a large market opportunity,” Andrews wrote in a note to clients.

Strength in the quarter was driven by continued innovation around product features and greater confidence in its general purpose database software platform, he said.

The company added 5,100 new customers in the quarter, raising the total to 13,400.

Monnes Crespi Hardt analyst Brian White, who referred to the earnings report as “mongolicious,” raise his price target on MongoDB stock to 150, from 110, with a buy rating.

Earnings Call ‘Drenched In Enthusiasm’

“The tone of the call was drenched in enthusiasm with MongoDB showing clear leadership in the world of next-generation databases,” White wrote in a note to clients.

KeyBanc Capital Markets analyst Brent Bracelin raised his price target to 150 from 100, with an overweight rating.

“MongoDB has a compelling opportunity to build a multibillion-dollar franchise in one of the largest segments of software,” he wrote.

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