On Tuesday, Truist Securities updated its outlook on MongoDB (NASDAQ: NASDAQ:MDB), increasing the price target to $400 from the previous $320, while sustaining a Buy rating on the stock. Currently trading at $297.51, MongoDB has analyst targets ranging from $180 to $520, with 22 analysts recently revising earnings estimates upward according to InvestingPro data.
The analyst from Truist Securities highlighted that MongoDB's impressive performance was largely fueled by the sustained growth of the Enterprise Advanced (EA) business. With revenue reaching $1.82 billion and showing 22.4% year-over-year growth, this segment has shown consistent expansion year over year, even when compared to the previous quarter's challenging benchmarks.
MongoDB's recent achievements include setting a new record for the addition of net new customers with contracts valued at over $100,000 each. According to the analyst, this milestone is indicative of MongoDB's successful and ongoing integration into their clients' essential IT infrastructures.
In light of these developments, Truist Securities has reaffirmed its Buy rating on MongoDB. The firm has also revised its financial estimates upward, in line with the new price target of $400. This adjustment reflects the firm's confidence in MongoDB's continued growth and performance in the market.
In other recent news, MongoDB, a leading NoSQL database provider, has been the focus of multiple analyst upgrades following robust financial outcomes. Stifel raised its price target for the company from $360 to $425, citing potential for healthy double-digit recurring revenue growth. RBC Capital Markets also increased its price target to $400, maintaining an Outperform rating, following MongoDB's strong quarterly financial report. The company's revenue surpassed consensus estimates by 6%, and operating margins exceeded expectations by over 700 basis points.
Baird maintained an Outperform rating and increased the price target to $390, reflecting confidence in MongoDB's growth potential, despite mixed sentiments regarding future investments impacting margins. Additionally, KeyBanc raised its price target to $395, attributing this to MongoDB's strong third-quarter financial performance, particularly the success of the company's Atlas (NYSE:ATCO) and Enterprise Advanced offerings.
DA Davidson also raised the price target for MongoDB's shares to $405, reaffirming a Buy rating, following MongoDB's outperformance in the third fiscal quarter.
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