UPDATE: Goldman Sachs Starts MongoDB (MDB) at Neutral

May 14, 2021 4:37 AM EDT
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Price: $358.99 +0.02%

Rating Summary:
    15 Buy, 9 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 14 | New: 23
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(Updated - May 14, 2021 5:09 AM EDT)

Goldman Sachs analyst Kash Rangan initiates coverage on MongoDB (NASDAQ: MDB) with a Neutral rating and a price target of $310.00.

The analyst comments "As digital transformation and public cloud adoption remain top priorities, we believe MongoDB is well positioned to capitalize on growth from net new workloads and re-platforming of legacy applications. Moreover, recent changes in the company’s go-to-market motion, notably reducing friction in new customer acquisition, have begun to bear fruit, which should translate to healthy consumption and subscription revenue growth. With Atlas now reaching nearly 50% of subscription revenue and accelerating in the most recent quarter, we see the potential for durable, sustained growth over the medium-term. With the stock down 42% since the 2/12 peak compared to an 18% decline across our broader software coverage and a 7% decline for the NASDAQ, we see a path towards outperformance as Atlas momentum continues to drive durable growth with strong competitive positioning and developer mindshare, and note on a growth adjusted basis (CY22) the stock is trading at a 16% discount to broader SaaS peers."

For an analyst ratings summary and ratings history on MongoDB click here. For more ratings news on MongoDB click here.

Shares of MongoDB closed at $244.74 yesterday.

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