It was an exciting day for database company MongoDB (NASDAQ:MDB). It stepped up its partnership with Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and its Google Cloud unit and then showed off some new features on its Atlas system. That flood of good news sent MongoDB up substantially in Thursday afternoon’s trading.
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MongoDB stepped up its deal with Google Cloud, which will, in turn, offer more support for “…the next generation of generative AI applications,” noted Google Cloud’s corporate vice president for global ecosystem and channels, Kevin Ichhpurani. The new move brings together MongoDB’s systems with the Vertex AI large language model from Google Cloud.
That’s a good start, but that wasn’t all. MongoDB also showed off a slate of new features geared toward, again, developing generative AI systems. There were five new systems for MongoDB Atlas that represent the next steps toward making MongoDB a complete developer platform. There’s the new Atlas Search system, as well as querying systems and data streaming. MongoDB’s move is seen as a means to fend off several of its competitors in the space, including Databricks—who recently brought out its Lakehouse Apps system—and Snowflake (NYSE:SNOW). Snowflake recently brought out a Native Application Framework which allows users to not only build but also run applications inside the Snowflake Data Cloud platform.
Turning to Wall Street, analysts are enamored by MDB stock, calling it a Strong Buy thanks to a combination of 17 Buy ratings, two Holds, and one Sell. However, MongoDB stock also comes with an average price target of $367.37, which means a downside risk of 5.24%.
