MongoDB (MDB): User Conference and Investor Session Yield at Least Two Price Target Hikes
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Yesterday, MongoDB (NASDAQ: MDB) organized virtual user conference “MongoDB.live” and an accompanying Investor Session.
Although the company didn’t provide business updates, a number of new product announcements were made, including platform enhancements targeting higher usage.
Goldman Sachs analyst Kash Rangan raised the price target to $385.00 per share from $340.00 per share as new announcements made him “incrementally more positive on the long-term opportunity.”
“MongoDB is well-positioned to emerge as a leader given leading developer mindshare and continued cloud traction with Atlas as the database market inflects to the cloud, which could drive $6bn+ in revenue longer-term. We continue to see a long-runway for sustained growth underpinned by new use cases and re-platforming of legacy applications. At $700mn run rate growing 40%+ in F1Q, we see separation from a crowded NoSQL database market,” the analyst said in a note.
“MongoDB is already tracking to add incrementally as much database revenue as Oracle driven by innovations on the core platform with the release of MongoDB 5.0 with critical features, including native time series, live resharding, and serverless database (preview) which would make it the first pure play database company to go mainstream and hit $1bn in revenues in the past decade. With Atlas (native cloud) now at over 50% of revenue and accelerating at scale, we see continued potential for sustained growth over the medium term, particularly as enterprises incrementally look to standardize fragmented database deployments and developer skillsets onto fewer platforms on the cloud, driving increased productivity.”
Similarly, Mizuho’s Matthew Broome raised the price target to $320.00 per share from the prior $300.00, although he left its “Neutral” rating unchanged.
“Feedback from panelists and partners speaking at the event also reinforced our view that MDB provides a best-in-class database-as-a-service that offers a differentiated focus on developers and the cloud. However, revenue deceleration has started to become a concern, and the co. faces strong competition, which may limit its profitability over the long-term,” Broome wrote in a memo.
MDB share price is down a bit over 1% in today’s trading session.
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