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Investing.com - BMO Capital raised its price target on MongoDB (NASDAQ:MDB) to $415 from $365 while maintaining an Outperform rating following the announcement of a CEO transition. The new target approaches the analyst high target of $440, as MongoDB shares have surged 115% over the past six months and are now trading near their 52-week high of $385.44.
MongoDB announced that CEO Dev Ittycheria will retire effective November 10, with CJ Desai set to take over the leadership role. Desai most recently served as president of Product and Engineering at Cloudflare and previously held the position of COO at ServiceNow.
The company also reported preliminary results showing upside to its third-quarter guidance, which contributed to BMO Capital’s more optimistic outlook on the stock. InvestingPro data shows MongoDB holds more cash than debt on its balance sheet and analysts expect the company to be profitable this fiscal year, despite not being profitable over the last twelve months.
BMO Capital cited increased confidence in MongoDB’s growth prospects as the primary reason for raising its price target, though the firm did not change its financial estimates at this time.
The research firm noted that MongoDB remains "one of our favorite names under coverage" in its analysis of the database company.
In other recent news, MongoDB has announced a significant leadership change with Chirantan "CJ" Desai set to succeed Dev Ittycheria as President and CEO, effective November 10, 2025. This appointment follows Desai’s tenure at Cloudflare and his previous role at ServiceNow, where he contributed to substantial revenue growth. Alongside this leadership transition, MongoDB is preparing to release its third-quarter fiscal 2026 earnings report on December 1st, with analysts anticipating strong performance. Goldman Sachs has raised its price target for MongoDB to $405, citing expectations that the company will exceed its third-quarter guidance in revenue, operating income, and earnings per share.
RBC Capital has also increased its price target to $405 while maintaining an Outperform rating, reflecting confidence in the company’s upcoming earnings. Similarly, Citizens has set a new price target of $435, maintaining a Market Outperform rating, influenced by the leadership change. Truist Securities joined in by raising its price target to $400, continuing to support a Buy rating. These developments indicate a positive outlook for MongoDB as it navigates its leadership transition and upcoming earnings report.
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