These Analysts Boost Their Forecasts On MongoDB Following Strong Q2 Results

MongoDB, Inc. MDB reported better-than-expected second-quarter financial results and issued strong guidance on Thursday.

MongoDB reported quarterly earnings of 70 cents per share, which beat the analyst consensus estimate of 49 cents by 42.86%. Quarterly sales came in at $478.1 million, which beat the consensus estimate by 3.03% and represents growth of 12.82% from the same period last year.

"MongoDB delivered healthy second-quarter results, highlighted by strong new workload acquisition and better-than-expected Atlas consumption trends. Our continued success in winning new workloads demonstrates the critical role MongoDB's platform plays in modern application development," said Dev Ittycheria, CEO of MongoDB.

MongoDB sees third-quarter revenue in a range of $493 million to $497 million, versus the $478.75 million estimate, and earnings of between 65 cents and 68 cents per share, versus the 60-cent estimate. The company expects fiscal year revenue in a range of $1.92 billion to $1.93 billion, versus the $1.9 billion estimate, and earnings between $2.33 and $2.47 per share, versus the $2.26 estimate.

MongoDB shares gained 4.4% to close at $245.72 on Thursday.

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

• Piper Sandler analyst Brent Bracelin maintained MongoDB with an Overweight and raised the price target from $300 to $335.
• B of A Securities analyst Bradley Sills maintained the stock with a Buy and raised the price target from $300 to $350.
• Morgan Stanley analyst Sanjit Singh maintained MongoDB with an Overweight and boosted the price target from $320 to $340.
• Mizuho analyst Matthew Broome maintained the stock with a Neutral and raised the price target from $250 to $275.
• Oppenheimer analyst Ittai Kidron maintained MongoDB with an Outperform and raised the price target from $300 to $350.

Considering buying MDB stock? Here’s what analysts think: