What's Going On With MongoDB Shares Friday?

Dylan Berman

August 30, 2024

MongoDB, Inc. (NASDAQ:MDB) stock is moving higher Friday after the company reported better-than-expected 2025 fiscal year second quarter earnings.

What Happened: MongoDB reported earnings after the market closed on Thursday, including adjusted EPS of 70 cents, beating analysts estimate of 49 cents.

Revenue: The company reported revenue of $478.1 million, beating analysts estimate of $464.04 million. The company’s subscription revenue of $463.8 million, a 13% increase year-over-year, and services revenue of $14.3 million, a 1% decrease year-over-year .

“MongoDB delivered healthy second quarter results, highlighted by strong new workload acquisition and better-than-expected Atlas consumption trends. Our continued success in winning new workloads demonstrates the critical role MongoDB’s platform plays in modern application development,” said Dev Ittycheria, president and CEO of MongoDB.

Guidance: The company also issued guidance for the third quarter and the fiscal year.

Q3: The company sees revenue between $493 million and $497 million versus analyst estimates of $478.75 million. Also, MongoDB expects adjusted EPS between 65 cents and 68 cents versus analysts estimate of 60 cents.
FY25: The company expects adjusted EPS of $2.33 to $2.47 versus analysts estimate of $2.26 and revenue between $1.92 billion and $1.93 billion versus analysts estimate of $1.9 billion.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

Piper Sandler analyst Brent Bracelin maintained a Overweight rating on MongoDB and raised the price target from $300 to $335.
B of A Securities analyst Bradley Sills maintained a Buy rating on MongoDB and raised the price target from $300 to $350.
Morgan Stanley analyst Sanjit Singh maintained a Overweight rating on MongoDB and raised the price target from $320 to $340.
Mizuho analyst Matthew Broome maintained a Neutral rating on MongoDB and raised the price target from $250 to $275.
Oppenheimer analyst Ittai Kidron maintained a Outperform rating on MongoDB and raised the price target from $300 to $350.
Truist Securities analyst Miller Jump maintained a Buy rating on MongoDB and raised the price target from $300 to $320.
Wells Fargo analyst Andrew Nowinski maintained a Overweight rating on MongoDB and raised the price target from $300 to $350.
UBS analyst Karl Keirstead maintained a Neutral rating on MongoDB and raised the price target from $250 to $275.
RBC Capital analyst Rishi Jaluria reiterated a Outperform rating on MongoDB and maintained a $350 price target.

See Also: What’s Going On With SoFi Technologies Stock?

MDB Price Action: At the time of writing, MongoDB shares are moving 16.9% higher at $287.25, according to data from Benzinga Pro.

Image: Photo: Michael Vi/Shutterstock

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