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As it closes out its first year on the public markets, Mongodb Inc (NASDAQ:MDB) is celebrating 137-percent growth in value — a trajectory experts expect to soon stabilize.
The Rating
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D.A. Davidson analyst Rishi Jaluria initiated coverage with a Neutral rating and $80 price target.
The Thesis
Davidson considers MongoDB’s run and peer premium justified given the firm’s high growth rate and significant market opportunity. But while bullish long term, the analyst anticipates a near-term pullback in the “fully valued” shares.
“MongoDB has a unique software business model under AGPL, which gives MongoDB a competitive moat while still allowing for community-based innovation,” Jaluria wrote in a note.
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By the analyst’s assessment, MongoDB is one of the fastest-growing software companies and still boasts growth opportunities in portfolio expansion and market-share poaching from the likes of Oracle Corporation (NYSE:ORCL).
“We like MongoDB’s strong value proposition and believe the company is well-positioned to benefit from companies modernizing their database technologies and moving workloads from legacy on-premise relational databases, including Oracle, to next-generation solutions, including MongoDB, that are significantly less expensive and document-based,” Jaluria wrote.
He forecasts a 2019 non-GAAP bottom-line of $(1.62) on 48-percent revenue growth.
Price Action
At time of publication, shares were trading at $76.03.
Related Links:
Analyst Downgrades Mongodb To Reflect 'Intense Competition'
Wall Street Debates MongoDB's Q4 Report
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.