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- MongoDB Inc's (NASDAQ:MDB) Q2 revenue of $198.7 million increased 44% year-on-year, beating the analyst consensus of $184.2 million.
- The adjusted EPS loss of $(0.24) exceeded the consensus loss of $(0.39).
- MongoDB sees Q3 revenue between $202 million - $204 million above the consensus of $198.3 million. The EPS loss between $(0.42) - $(0.39) is below the consensus loss of $(0.37).
- Analysts hailed Atlas and MongoDB's continued focus on product innovation.
- Piper Sandler analyst Brent Bracelin maintained an Overweight rating and raised the price target from $425 to $525, implying a 30.7% upside.
- Bracelin highlighted the enterprise adoption of Atlas and multi-cloud database service helping it score against proprietary cloud database offerings from Amazon Web Services, Azure, Google, and Oracle.
- Barclays analyst Raimo Lenschow raised the PT to $505 from $420, signifying a 25.7% upside, and reiterated an Overweight.
- Oppenheimer analyst Ittai Kidron raised the PT to $470 from $400, indicating a 17% upside, and affirmed an Outperform.
- Citi analyst Tyler Radke raised the PT to $526 from $450, implying a 31% upside, and maintained a Buy.
- Mizuho analyst Matthew Broome raised the PT to $410 from $350, indicating a 2.1% upside, and reiterated a Neutral.
- UBS analyst Karl Keirstead raised the PT to $450 from $300, implying a 12% upside, but affirmed a Neutral.
- Price Action: MDB shares traded higher by 22.6% at $492.39 in the market session on the last check Friday.
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