TECH - MongoDB Shares Continue To Tank On Q3 Print: Why These Analysts Are Encouraged By Results | Benzinga
MongoDB Inc (NASDAQ: MDB) shares tanked in early trading on Wednesday despite the company reporting upbeat third-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.
Piper Sandler On MongoDB
Analyst Brent Bracelin maintained an Overweight rating while raising the price target from $425 to $500.
MongoDB reported its revenues higher than expected by $27 million for the third quarter, "largely driven by upside in EA,” Bracelin said in a note.
"Macro headwinds pressured Atlas growth to 36% from 38% last quarter though the magnitude of deceleration is far less severe than one year ago,” he added.
"We remain encouraged by MDB's ability to capitalize on Gen AI workloads and believe new products such as Atlas Vector Search could help drive a reacceleration in Atlas growth next year,” the analyst stated.
Needham On MongoDB
Analyst Mike Cikos reiterated a Buy rating, while lifting the price target from $445 to $495.
"MongoDB reported 3QF24 upside across all key metrics versus guidance/consensus,” Cikos wrote in a note. He added that the ...