Needham & Company analyst Jack Andrews reiterated a Buy rating and $394.00 price target on MongoDB (NASDAQ: MDB) ahead of 4QFY21 earnings on March 9th after the close. The analyst conducted a fresh round of developer checks that suggests that interest has slightly moderated from near record levels.

The analyst stated "Although our data suggests that interest has slightly moderated from near record levels in 3QFY21, activity remains well above pre-pandemic levels and should continue to translate favorably to customer acquisition momentum. Moreover, commentary during our fireside chat with MDB in late January suggested that the company has effectively seeded a large flywheel of growth, since cohort data implies that new logos are expanding to become comparable to its largest accounts irrespective of initial size. However, from a short-term, tactical perspective, we note that MDB's stock has sold off post earnings prints for 7 straight quarters."

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Shares of MongoDB closed at $308.17 yesterday.