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MongoDB (MDB) +26% as investors flock to open-source software
Database developer MongoDB (MDB) made huge gains in trading on Friday after its forecast-beating fiscal Q2 prompted a flurry of price target upgrades from analysts.
MongoDB (MDB) shares closed 26.33% higher on Friday after the open-source database developer topped fiscal Q2 forecasts following “robust” growth in subscription revenue.
For the three months to 31st July, MongoDB didn’t quite turn a profit, but the $0.24 net loss per share was 15 cents better than the consensus.
Revenue, driven by the popularity of its database-as-a-service Atlas, surged 44% from a year ago to $198.7m, a figure that flew past the $182.4m expectations.
MongoDB then followed up by guiding for up to $811m revenue for the full year, which would represent around +37% growth and is more optimistic than the previous $784m forecast.
Analysts wasted no time in upgrading price targets on Friday as they reacted to a very strong quarter for the company.
Oppenheimer’s Ittai Kidron added $70 to a new $400 PT after highlighting an “impressive” few months for Atlas, which could soon become central to MongoDB’s long-term growth.
Meanwhile, Barclays’ Raimo Lenschow went from $420 to $505 and reaffirmed an overweight rating, and Canaccord’s David Hynes pivoted from $245 to $290.
The positivity was reflected in share gains on the Nasdaq on Friday as MDB skyrocketed +26% to $507.41.
It means that MongoDB, valued at a comparatively meagre $1.2bn when it went public in 2017, is now worth more than $30bn.
Investors who bought into the company early on will have been handsomely rewarded, and the future looks bright with MongoDB attracting a number of big-name clients.
The platform now boasts 29,000 customers with Morgan Stanley, Toyota and AT&T chief among them.
CEO Dev Ittycheria said that clients are embracing the platform as “they need to move fast” to retain a competitive edge.
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