Shares of MongoDB were down slightly Tuesday following Friday’s sharp gains after the database platform posted a fiscal second-quarter loss narrower than analysts’ estimates and boosted its fiscal-year guidance.
The stock was down 0.47% to $505 in trading Tuesday. It set an all-time record high of $515 earlier in the session. Shares rose more than 26% on Friday.
MongoDB (ticker: MDB) shares have risen more than 40% so far in 2021.
The company’s adjusted loss in the second quarter of 24 cents a share was narrower than Wall Street estimates that called for a loss of 39 cents. Revenue in the period rose to $198.7 million, up from $132.5 million a year earlier and higher than forecasts. Subscription revenue jumped 44%.
Revenue at Atlas, the company’s cloud platform, jumped 83% in the quarter.
Analysts surveyed by FactSet are bullish on the stock with an overweight rating and average price target of $479.54.
Morgan Stanley rates the stock at overweight, and raised its price target to $480 from $410, saying the company’s revenue jump in the quarter “underscores MDB’s status as the leading cross-platform database.”
MongoDB said it expects a third-quarter adjusted loss of 39 cents to 42 cents a share on revenue of $202 million to $204 million. Fiscal-year revenue was forecast at $805 million to $811 million, higher than estimates.
Piper Sandler analysts called the stock a “core growth franchise to own.” The firm has an overweight rating on the stock and lifted its price target to $525 from $425.
UBS boosted its price target on the stock Friday to $450 from $300, and maintained its neutral rating.
Write to [email protected]
