Needham & Company Assumes MongoDB (MDB) at Buy

March 9, 2022 6:53 AM EST
Get Alerts MDB Hot Sheet
Price: $278.35 --0%

Rating Summary:
    19 Buy, 8 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 13 | New: 45
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Needham & Company analyst Mike Cikos assumes coverage on MongoDB (NASDAQ: MDB) with a Buy rating and a price target of $362.00 (from $626.00).

The analyst commented, "MongoDB closed FY22 with a strong print, where Atlas growth accelerated to 85% yr-yr and represented 58% of Total Sales. We believe strength in Atlas and the broader business reflects (1) innovations in the platform pulling MDB into higher-grade, mission-critical applications; (2) investments in Sales & Marketing like growth with hyperscale cloud vendors (where sourced deals climbed 80%-plus); and (3) the large TAM MongoDB is executing against, where growth constraints are dictated by how quickly the company can add operational capacity. Importantly, MongoDB is not seeing a slowdown in customer usage during 1QF23 - demonstrating the critical nature of its database and delivering upside versus other usage-based models which have seen headwinds to their models. We update our Price Target to $362 (from $626) with the transfer of coverage."

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 $281.74 yesterday.

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