MongoDB Inc (NASDAQ: MDB) is trading significantly higher Friday after the company announced better-than-expected second-quarter fiscal 2022 financial results and issued guidance above estimates.
MongoDB reported an adjusted quarterly earnings loss of 24 cents per share, which beat the estimate for a loss of 39 cents per share. The company reported quarterly revenue of $198.7 million, which beat the estimate of $184.2 million.
MongoDB expects its full-year fiscal 2022 earnings loss to be in a range of $1.20 per share to $1.13 per share versus the estimate for a loss of $1.29 per share. The company expects full-year fiscal 2022 revenue to be in a range of $805 million to $811 million versus the estimate of $786.06 million.
“Our performance reflects the desire of nearly every business to use a modern application data platform that enables them to accelerate the pace of their digital innovation agenda,” said Dev Ittycheria, president and CEO of MongoDB.
Analyst Assessment: Multiple analyst firms raised price targets on the stock following the report:
Piper Sandler analyst Brent Bracelin maintained MongoDB with an Overweight rating and raised the price target from $425 to $525.
Mizuho analyst Matthew Broome maintained MongoDB with a Neutral rating and raised the price target from $350 to $410.
Barclays analyst Raimo Lenschow maintained MongoDB with an Overweight rating and raised the price target from $420 to $505.
Needham analyst Jack Andrews maintained MongoDB with a Buy rating and raised the price target from $415 to $534.
Oppenheimer analyst Ittai Kidron maintained MongoDB with an Outperform rating and raised the price target from $400 to $470.
Morgan Stanley analyst Sanjit Singh maintained MongoDB with an Overweight rating and raised the price target from $410 to $480.
UBS analyst Karl Keirstead maintained MongoDB with a Neutral rating and raised the price target from $300 to $450.
MDB Price Action: MongoDB is making new all-time highs in trading today.
The stock was up 21.60% at $487.36 at time of publication.
Photo: courtesy of MongoDB.
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