Dwight A. Merriman, a director at MongoDB , Inc. (NASDAQ:MDB), has sold a total of 2,000 shares of the company's Class A common stock. The transactions, executed on December 10, were conducted under a pre-established trading plan. The shares were sold at an average price of $322.80 each, amounting to a total value of $645,600. The sale comes as MongoDB's stock, currently trading at $288.61, has experienced an 11% decline over the past week. According to InvestingPro analysis, the company's current market capitalization stands at $21.3 billion, with analysts maintaining a bullish outlook on the stock.
Following these sales, Merriman retains direct ownership of 1,120,006 shares and indirect ownership of 520,896 shares through a trust for his children's benefit. Additionally, the Dwight A. Merriman Charitable Foundation holds 87,744 shares, over which Merriman has voting and investment power, though he has no financial interest. InvestingPro data shows MongoDB maintains a 'FAIR' overall financial health score, with strong liquidity positions and 23 analysts recently revising their earnings estimates upward. Discover more insights with InvestingPro's comprehensive research report, covering what really matters for MongoDB's future prospects.
In other recent news, MongoDB, Inc. has been the subject of numerous analyst adjustments following robust financial outcomes. Macquarie initiated coverage on the company, assigning a neutral rating and a price target of $300. Meanwhile, Canaccord Genuity maintained a buy rating and increased the price target to $385, emphasizing MongoDB's potential in the AI value chain. Truist Securities also raised the target to $400, maintaining a buy rating, and recognizing the company's impressive performance largely driven by the sustained growth of the Enterprise Advanced business.
Stifel raised its price target for MongoDB from $360 to $425, citing potential for healthy double-digit recurring revenue growth. The firm recognized MongoDB as a key player in the NoSQL database market, which has seen its core database server downloaded more than 30 million times since its 2009 open-source launch. RBC Capital Markets maintained its outperform rating and increased the price target to $400, following MongoDB's strong quarterly financial report.
Furthermore, KeyBanc updated its outlook on MongoDB, raising the price target to $395 and maintaining an overweight rating on the shares. This adjustment comes in the wake of a robust third-quarter financial performance that surpassed expectations, particularly highlighting the success of the company's Atlas (NYSE:ATCO) and Enterprise Advanced offerings. These recent developments underscore MongoDB's strong position and potential for growth in the technology sector.
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