These Analysts Increase Their Forecasts On MongoDB Following Better-Than-Expected Q2 Results

MongoDB, Inc. MDB reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.

MongoDB reported quarterly earnings of 93 cents per share which beat the analyst consensus estimate of 46 cents, a 504.35% increase over losses of 23 cents per share from the same period last year. The company reported quarterly sales of $423.80 million which beat the analyst consensus estimate of $393.35 million, a 39.56% increase over sales of $303.66 million in the same period last year.

Full-year 2024 earnings per share are estimated between $2.27 and $2.35, versus the $1.55 estimate. Revenue is anticipated to be between $1.596 billion and $1.608 billion, versus tbe $1.55 billion estimate.

MongoDB shares rose 6.9% to trade at $407.83 on Friday.

These analysts made changes to their price targets on MongoDB following earnings announcement.

• Piper Sandler increased the price target on MongoDB from $400 to $425. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• Needham boosted the price target on MongoDB from $430 to $445. Needham analyst Mike Cikos maintained a Buy rating.
• JMP Securities raised the price target on MongoDB from $425 to $440. JMP Securities analyst Patrick Walravens maintained a Market Outperform rating.
• Oppenheimer boosted the price target on MongoDB from $430 to $480. Oppenheimer analyst Ittai Kidron maintained an Outperform rating.
• Stifel raised the price target on MongoDB from $420 to $450. Stifel analyst Brad Reback maintained a Buy rating.
• Guggenheim raised the price target on MongoDB from $220 to $250. Guggenheim analyst Howard Ma maintained a Sell rating.
• Barclays raised the price target on MongoDB from $421 to $450. Barclays analyst Raimo Lenschow maintained an Overweight rating.
• Morgan Stanley raised the price target on MongoDB from $440 to $480. Morgan Stanley analyst Sanjit Singh maintained an Overweight rating.

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