MDB stock is moving higher in pre-market trading on December 10, 2019.
On December 10, 2019, analysts opinions began rolling in and they are mixed.
Piper Jaffray analyst Brent Bracelin remains bullish on MongoDB’s growth prospects, particularly within the “nascent but fast growing” cloud database software market, following the company’s fiscal Q3 results. . Atlas, the company’s cloud database service, topped 185% year-over-year growth reaching a $175M annualized run-rate and contributed to a $9.7M revenue beat, Bracelin tells investors in a post-earnings research note. The analyst would look to build a “core position” in MongoDB over the next six to nine months as the company’s growth moderates on tough compares and ASC606 volatility on traditional multi-year licensing deals. He keeps an Overweight rating on the name with a $158 price target.
Nomura Instinet analyst Christopher Eberle raised his price target for MongoDB to $78 from $76 and keeps a Reduce rating on the shares following the company’s Q3 results. MongoDB reported “less than the typical magnitude of beats” seen in recent quarters, Eberle tells investors in a research note. Total Atlas revenue growth and net adds of ~1,000 total Atlas customers continues to leave him “uninspired.” The analyst would expect this number to be growing more rapidly at this stage in the estimated $80B-plus addressable market.
Canaccord analyst Richard Davis lowered his price target on MongoDB despite another solid quarter as Atlas continued to show strength. The analyst cited its lofty valuation and he sees further valuation compression for the group. He said he would be buyer on dips as he believes it is a fine company. Davis reiterated his Buy rating on MongoDB shares.