MongoDB today
(As of 12/11/2024 ET)
- 52 week range
- $212.74
▼
$509.62
- Target price
- $372.88
MongoDB NASDAQ: MDB The share price fell after the release of third-quarter results, presenting a classic buying-on-the-dip opportunity. The downsizing of the business was not caused by relocation, lack of growth or any decline in results, but rather was caused by the departure of longtime CFO Michael Gordon. His departure weighs on the market because it raises questions about future performance, but those doubts are likely unfounded. MongoDB is a high quality company and a desirable employer that will have no problem filling the void.
On the execution side, the company will be operating at full capacity in 2024, transitioning to next-generation technologies while growing customer numbers and deepening penetration. The key takeaways from the report are that revenue is growing, the company is showing significant strength, margins are stable, cash flow is positive, the balance sheet is strengthening and the outlook is improving.
MongoDB Developer Data Platform Is in High Demand
MongoDB, a developer-focused database platform, is in high demand as it provides a comprehensive set of tools that are well suited and supported by artificial intelligence. The company’s third-quarter revenue was $529.38 million, up 22% year-over-year and 700 basis points ahead of the MarketBeat consensus. Strength was seen in the number of customers served, with growth concentrated in the core Atlas segment. Atlas, a cloud service compatible with all major hyperscalers, makes it easy to deploy and manage databases. Its growth was 26%, accounting for 68% of revenue. By segment, subscriptions grew by 22% and services by 18%.
MongoDB Stock Forecast Today
$372.88
Growth potential 23.10%Moderate purchase
Based on ratings from 27 analysts
| High forecast | $425.00 |
|---|---|
| Average forecast | $372.88 |
| Low forecast | $272.00 |
MongoDB Stock Forecast Details
Margin news is also strong. The company maintained its profitability year-over-year, well ahead of analyst consensus, as revenue leverage coupled with cost discipline drive results. Gross margin declined 100 basis points but was offset by higher operating results. Adjusted net income increased approximately 25 basis points, resulting in leveraged gains. GAAP results continue to show losses, but losses are narrowing and will soon disappear; adjusted net income rose 25% to $98.1 million from last year, representing about 18.5% of revenue.
This forecast is the best news from the strong report and a key point in why this stock will soon recover and trend higher in 2025. The company raised its guidance for the fourth quarter and this year, setting the lower end of its revenue and earnings range well above consensus estimates. forecasts. Trends suggest forecasts are cautious and analysts are reacting positively.
Analysts Raise Targets for MongoDB, Seeing Shares Rising in 2025
Analysts are bullish on MongoDB stock and are raising their price targets following the report. MarketBeat tracked eight changes in the first 24 hours after the report, all of which predicted the stock would trade above consensus. The eight-revision average target is nearly $380 compared to the consensus of $357, raising the consensus by 7% overnight and implying a 20% price increase from the critical support level.
The critical support level for this tech stock is around $312.50. This is important because it is a previous support point complemented by a moving average cluster. Moving averages are important because they represent short-term and short-term traders and long-term investors and show the alignment of their sentiments. More importantly, the 30-day and 150-day EMA form a Golden Cross, a strong technical signal for prices to rise. In this scenario, the market should begin to recover quickly; if this does not happen, there could be a move towards a retest of support at the bottom of the two-year trading range.
Before you consider MongoDB, you should hear this.
MarketBeat tracks Wall Street’s top-rated and best-performing analysts daily and the stocks they recommend to their clients. MarketBeat identified five stocks that top analysts were quietly telling their clients to buy now, before the broader market caught on… and MongoDB wasn’t on the list.
While MongoDB currently has a Moderate Buy rating among analysts, the top-rated analysts think these five stocks are Strong Buys.
View five stocks here
Which stocks are most likely to thrive in today’s challenging market? Click the link below and we’ll send you MarketBeat’s list of 10 stocks that will rise in any economic environment.
Get this free report