Wells Fargo Initiates Coverage of MongoDB Inc - (MDB) with Overweight Recommendation

Fintel reports that on November 16, 2023, Wells Fargo initiated coverage of MongoDB Inc - (NASDAQ:MDB) with a Overweight recommendation.

Analyst Price Forecast Suggests 11.81% Upside

As of November 1, 2023, the average one-year price target for MongoDB Inc - is 438.93. The forecasts range from a low of 252.50 to a high of $525.00. The average price target represents an increase of 11.81% from its latest reported closing price of 392.58.

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The projected annual revenue for MongoDB Inc - is 1,594MM, an increase of 7.20%. The projected annual non-GAAP EPS is 0.49.

What is the Fund Sentiment?

There are 1320 funds or institutions reporting positions in MongoDB Inc -. This is an increase of 83 owner(s) or 6.71% in the last quarter. Average portfolio weight of all funds dedicated to MDB is 0.48%, an increase of 19.40%. Total shares owned by institutions increased in the last three months by 0.83% to 76,995K shares. The put/call ratio of MDB is 1.45, indicating a bearish outlook.

What are Other Shareholders Doing?

Price T Rowe Associates holds 4,554K shares representing 6.38% ownership of the company. In it's prior filing, the firm reported owning 5,034K shares, representing a decrease of 10.54%. The firm decreased its portfolio allocation in MDB by 64.65% over the last quarter.

Jennison Associates holds 3,734K shares representing 5.23% ownership of the company. In it's prior filing, the firm reported owning 1,989K shares, representing an increase of 46.74%. The firm decreased its portfolio allocation in MDB by 12.72% over the last quarter.

Jpmorgan Chase holds 3,195K shares representing 4.48% ownership of the company. In it's prior filing, the firm reported owning 3,344K shares, representing a decrease of 4.67%. The firm decreased its portfolio allocation in MDB by 89.53% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,092K shares representing 2.93% ownership of the company. In it's prior filing, the firm reported owning 2,036K shares, representing an increase of 2.66%. The firm increased its portfolio allocation in MDB by 67.11% over the last quarter.

Capital World Investors holds 2,031K shares representing 2.85% ownership of the company. In it's prior filing, the firm reported owning 2,066K shares, representing a decrease of 1.70%. The firm decreased its portfolio allocation in MDB by 14.78% over the last quarter.

MongoDB Background Information
(This description is provided by the company.)

MongoDB is the leading modern, general purpose database platform, designed to unleash the power of software and data for developers and the applications they build. Headquartered in New York, MongoDB has more than 22,600 customers in over 100 countries. The MongoDB database platform has been downloaded over 130 million times and there have been more than one million MongoDB University registrations.

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This story originally appeared on Fintel.

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