Analyst Sanjit Singh of Morgan Stanley maintained a Buy rating on MongoDB (MDB – Research Report), reducing the price target to $315.00.
Sanjit Singh has given his Buy rating due to a combination of factors that highlight MongoDB’s strong performance and potential for growth. The company ended its fiscal year with a robust fourth quarter, surpassing revenue expectations by approximately 6% and achieving a year-over-year growth of 20%. This was largely driven by the impressive performance of Atlas, MongoDB’s cloud service, which grew by 24% and exceeded consensus expectations.
Despite a somewhat disappointing revenue growth outlook for the upcoming fiscal year, which fell short of consensus estimates, Singh remains optimistic about MongoDB’s future. The anticipated challenges are primarily associated with the Non-Atlas segment, while Atlas is expected to maintain stable consumption patterns and continue its growth trajectory. Singh’s confidence is bolstered by the expectation of mid-20% growth in Atlas throughout the fiscal year, supporting his Buy rating for MongoDB’s stock.
In another report released today, JMP Securities also maintained a Buy rating on the stock with a $345.00 price target.
Based on the recent corporate insider activity of 97 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MDB in relation to earlier this year.