MongoDB Inc MDB shares are trading higher Thursday after the company reported better-than-expected top-line results and issued guidance above analyst estimates.
MongoDB said first-quarter revenue increased 57% year-over-year to $285.45 million, which beat the estimate of $266.45 million, according to data from Benzinga Pro. The company said the strong revenue growth was primarily driven by 82% growth in Atlas, MongoDB's cloud database service.
The company reported quarterly earnings of 20 cents per share, which was up from a loss of 15 cents per share year-over-year.
MongoDB said it expects second-quarter revenue to be between $279 million and $282 million versus the estimate of $277.85 million.
Analyst Assessment:
- Piper Sandler analyst Brent Bracelin maintained MongoDB with an Overweight rating and lowered the price target from $585 to $430.
- Needham analyst Mike Cikos maintained MongoDB with a Buy rating and lowered the price target from $362 to $310.
- Barclays analyst Raimo Lenschow maintained MongoDB with an Overweight rating and raised the price target from $330 to $338.
- Oppenheimer analyst Ittai Kidron maintained MongoDB with an Outperform rating and lowered the price target from $490 to $400.
- Credit Suisse analyst Phil Winslow maintained MongoDB with an Outperform rating and lowered the price target from $650 to $500.
See Also: 10 Biggest Price Target Changes For Thursday
MDB Price Action: MongoDB shares have traded between $213.39 and $590 over a 52-week period.
The stock was up 9.01% at $263.60 at press time.
Photo: Lalmch from Pixabay.
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