Oppenheimer analyst Ittai Kidron maintained a Buy rating on MongoDB Inc (MDB – Research Report) yesterday and set a price target of $90. The company’s shares closed yesterday at $86.62, close to its 52-week high of $93.23.
“AWS announced DocumentDB, a MongoDB-compatible database designed to give users performance, scalability, and availability when operating mission-critical MongoDB workloads at scale. AWS is emulating MongoDB’s code using APIs (not using MongoDB code and not addressing v4.0 which implemented SSPL licensing and ACID capabilities). While the development is negative and adds to compeitive pressures, we see positives. First, AWS’ move and investment validate MongoDB’s growing popularity and market opportunity. Second, AWS’ emulation and rapid- follower approach is likely to offer MongoDB a permanent feature advantage. Last, MongoDB still maintains its cloud-independent value proposition. We hope to learn more about DocumentDB’s performance/scale claims and whether AWS’ approach opens up IP conflicts. We maintain Outperform.”
According to TipRanks.com, Kidron is a top 25 analyst with an average return of 25.8% and a 67.7% success rate. Kidron covers the Technology sector, focusing on stocks such as Citrix Systems, New Relic Inc, and Cloudera Inc.
Currently, the analyst consensus on MongoDB Inc is a Strong Buy with an average price target of $95.33.
The company has a one-year high of $93.23 and a one-year low of $25.16. Currently, MongoDB Inc has an average volume of 1.32M.
Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is negative on the stock.
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MongoDB, Inc. engages in the development and provision of a general purpose database platform. Its products include MongoDB Enterprise Advanced, MongoDB Professional, Development Support, Ops and Cloud Manager. The company was founded by Eliot Horowitz, Dwight A. Merriman, Kevin P. Ryan and Geir Magnusson Jr. in 2007 and is headquartered in New York, NY.