MongoDB (MDB) PT Raised to $626 at Needham & Company

Needham & Company analyst Jack Andrews raised the price target on MongoDB (NASDAQ: MDB) to $626.00 (from $534.00) while maintaining a Buy rating.

The analyst commented, "MDB reported yet another quarter of strong revenue acceleration in 3QFY22, leading to very large magnitudes of beats relative to consensus estimates across all key metrics. In particular, Atlas continues to propel results as growth accelerated for the fourth consecutive quarter to an eye-popping 84%, and Atlas now represents 58% of total revenue. Furthermore, MDB's Enterprise Advanced also experienced a notable acceleration in growth. Customers appear to be increasing their broad adoption of MongoDB due to its data platform capabilities, which is leading to higher >$100k customer growth. MDB remains one of our favorite ideas given our belief that several quarters of strong customer adds and the faster-growing Atlas have set a flywheel in motion for MDB to achieve high levels of sustained growth. Reiterate BUY and raise PT to $626."

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