Syeda Seirut Javed
2 min read
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MongoDB, Inc. (NASDAQ:MDB) is one of the 10 tech stocks on Wall Street’s radar right now. Macquarie increased its price target on MongoDB, Inc. (NASDAQ:MDB) to $230 from $215 and maintained a Neutral rating on June 6.
The firm noted that the company’s strong first-quarter performance helped ease concerns after last quarter’s weak full-year revenue and margin outlook. Macquarie believes potential gains and risks are currently in balance.
On June 4, MongoDB (NASDAQ:MDB) reported first-quarter results that exceeded expectations, with adjusted earnings of $1.00 per share and $549 million in revenue, both topping estimates by $0.34 and $21.53 million, respectively. The company added 2,600 new customers, reaching over 57,100 total. MongoDB Atlas revenue grew 26% year-over-year and made up 72% of total revenue.
A software engineer hosting a remote video training session on a multi-cloud database-as-a-service solution.
The company’s management raised full-year revenue guidance by $10 million to $2.25–$2.29 billion and operating margin to 12%, while expanding the share repurchase program to $1 billion. For the second quarter, MongoDB (NASDAQ:MDB) guided its revenue toward the $548 million-$553 million range. The latest results presented a sharp turnaround from the prior quarter’s conservative outlook, which had driven the stock down nearly 30%.
MongoDB (NASDAQ:MDB) provides a flexible database platform that includes a cloud-based service, enterprise-grade solutions, and a free version for developers, along with consulting and training services.
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Disclosure: None.
