MongoDB, Inc. (NASDAQ: MDB) has proven to be a winner. Coming into August 26, just before earnings, the stock was actually down about 8% YTD. Now the shares have shot higher after by a “mongo” amount — nearly 30% at $280.00. Is MongoDB now “strategic” again or is it too much of a good thing?
Before thinking a 30% gain in a single day on a single earnings report is too much, which time will prove or disprove, MongoDB’s pre-earnings close of $214.34 was against a 52-week trading range of $140.78 to $370.00. Its market cap was also just $17.5 billion heading into its earnings report.
MongoDB has now posted its fourth consecutive quarter with total revenues above the $500 million mark, with about 97% of revenues coming from subscriptions. The two key features of its strong earnings report:
- MongoDB Atlas revenue was up 29% year-over-year; 74% of total revenues
- It added 2,800 Customers in the quarter and counts over 59,900 total customers
With shares trading close to $280 at the opening bell on Wednesday, Wall Street is calling for more upside ahead. A lot more in some cases. Nearly 20 price target hikes had been recorded shortly after the opening bell.
Barclays reiterated its Overweight rating and raised its price target to $305 from $270. The report noted that it significantly exceeded expectations for the second straight quarter with broad-based strength to drive a material guidance raise that still even leaves room for “beats” in the back of the year. Barclays now expects investors to return to the stock — with a meaningfully higher stock price.
Bernstein reiterated its Outperform rating and raised its price target to $338 from $319. This hike reflects the strongest net new adds in 6 years.
BMO Capital Markets reiterated its Outperform rating and raised its price target to $315 to $280.
BofA reiterated its Buy rating and raised its price objective to $345 from $27 after a breakout quarter along with several key growth initiatives and a best-of-breed profile with a large addressable market in unstructured databases.
Cantor Fitzgerald reiterated its Overweight rating and raised its target price to $312 from $271.
Citigroup reiterated its Buy rating and hiked its price target to $425 from $405 in a much more aggressive target than seen in other research reports. It noted an inflection point as sales were the largest beat in years.
D.A. Davidson reiterated its Buy rating and raised its target to $325 from $275.
Goldman Sachs reiterated its Buy rating and hiked its price target to $325 from $270. The firm noted that Atlas is now growing in the high-20% range at scale and said it is best-in-class among its peers, while also maintaining cost discipline and adoption by more than 8,000 AI startups with a very strong market position.
Guggenheim reiterated its Buy rating and raised its price target to $310 from $260 as the report was better than even the most bullish estimates.
JMP Securities reiterated its Outperform rating with a $345 price target.
Monness Crespi & Hardt reiterated its Buy rating and raised its price target to $360 from $295.
Morgan Stanley’s team reiterated its Overweight rating and raised its price target to $325 from $255 in the call. It pointed out that the triple threat of an accelerating customer base, accelerating cloud growth and strong margin expansion all worked well enough for a second half raise of expectations. And with its own fundamentals improving, even as AI has yet to contribute, MongoDB’s multi-year growth outlook continues to improve.
Needham reiterated its Buy rating and raised its price target to $325 from $270.
Piper Sandler reiterated its Overweight rating and raised its target to $345 from $275.
RBC Capital Markets reiterated its Outperform rating and raised its target to $350 from $320.
Rosenblatt reiterated its Buy rating and raised its price target to $305 from $290.
Scotiabank reiterated its Sector Perform rating, but the firm still raised its price target to $280 from $320 in its call.
Stifel reiterated its Buy rating and raised its price target to $325 from $275, calling the quarter one of MongoDB’s strongest quarters ever. Healthy consumption growth across its installed customer base, very strong new customer additions, emerging AI workload gains and Atlas seeing sustain 25%-plus revenue growth were all cited.
Truist reiterated its Buy rating and raised its target to $330 from $275.
UBS maintained its Neutral rating but still hiked its target to $310 from $240 in the call.
Wedbush Securities reiterated its Outperform rating with a $300 price target.
Wolfe Research reiterated its Outperform rating and raised its price target to $355 from $280.
Investors may want to keep in mind that the 52-week high of $370.00 was actually back in December-2024 and that this stock had previously soared to nearly $600 back in late-2021. MongoDB’s new market cap at $285.00 is $23.2 billion. Its highest stock price of 2025 printed at $298.92 on February 28, 2025.
DISCLAIMERS REGARDING RATINGS/TARGETS
The analyst ratings and price targets on MongoDB provided above have been credited to each firm by name. Investors should keep in mind that analysts sometimes get their thesis and outlook wrong and that market conditions or company fundamentals can change in an instant.
Oggonomics does not have any formal ratings and does not maintain any price targets of its own for MongoDB. Interpretations of how positive or negative the analyst calls are can also wildly vary from investor to investor.
No analyst ratings and their price targets, even those with the strongest conviction or strongest pessimism, ever come with any guarantees of profits. Analyst reports also never have money-back guarantees in the event that investors lose money.
