MongoDB Shares Are Soaring After Earnings: What Else Is Moving The Stock?

MongoDB Inc MDB shares are surging Wednesday after the company reported strong third-quarter results and issued guidance above analyst estimates. Several analysts also adjusted price targets following the company's quarterly results.

Q3 Results: MongoDB said third-quarter revenue was up 47% year-over-year to $333.6 million, which beat average analyst estimates of $303.39 million, according to Benzinga Pro. The company said subscription revenues were up 47% year-over-year, while services revenue jumped 43%.

MongoDB reported quarterly adjusted earnings of 23 cents per share, up from 3 cents per share year-over-year.

"MongoDB's third quarter results were highlighted by 61% Atlas revenue growth and $20 million of non-GAAP operating income. The strength in our business was driven by improved Atlas consumption trends and continued strength in new business activity," said Dev Ittycheria, president and CEO of MongoDB.

Outlook: MongoDB expects fourth-quarter revenue to be between $334 million and $337 million versus estimates of $314.74 million. The company sees fourth-quarter adjusted earnings between 6 cents and 8 cents per share versus estimates for a loss of 13 cents per share.

MongoDB expects full-year revenue to be between $1.257 billion and $1.26 billion versus estimates of $1.21 billion. Full-year adjusted earnings are expected to be between 29 cents and 31 cents per share versus estimates for a loss of 31 cents per share.

Analyst Assessment: Multiple analysts adjusted price targets on the stock Wednesday morning.

• Needham analyst Mike Cikos maintained MongoDB with a Buy and lowered the price target from $330 to $225.
• UBS analyst Karl Keirstead maintained MongoDB with a Buy and raised the price target from $200 to $215.
• Mizuho analyst Matthew Broome maintained MongoDB with a Neutral and lowered the price target from $190 to $170.
• Credit Suisse analyst Phil Winslow maintained MongoDB with an Outperform and lowered the price target from $400 to $305.
• Barclays analyst Raimo Lenschow maintained MongoDB with an Overweight and raised the price target from $233 to $240.

See Also: ConocoPhillips To Rally Over 30%? Here Are 10 Other Price Target Changes For Wednesday

MDB Price Action: MongoDB has a 52-week high of $570.58 and a 52-week low of $135.15.

The stock was up 25.8% at $182 at time of publication, according to Benzinga Pro.

Photo: Garrett Heath from Pixabay.