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Investing.com - UBS raised its price target on MongoDB (NASDAQ:MDB) to $310.00 from $240.00 on Wednesday, while maintaining a Neutral rating on the database software company. According to InvestingPro data, MongoDB’s stock is currently trading above its Fair Value, with analyst targets ranging from $170 to $405.
The price target increase follows MongoDB’s second-quarter results, which showed stronger performance compared to the first quarter when the company experienced macro-based softness in April.
UBS noted that MongoDB reported a rebound beginning in May that continued through June and July, with cloud-hosted Atlas growth accelerating to 29% from 26% in the previous quarter.
Following the earnings report, MongoDB shares jumped 30% in after-market trading, bringing the stock to approximately 7.5 times calendar year 2026/fiscal year 2027 revenue.
Despite the significant price target increase, UBS maintained its Neutral stance on the stock, indicating that the current multiple is "still not an extended multiple" in their assessment.
In other recent news, MongoDB reported strong fiscal second-quarter results, with revenue exceeding expectations by 7%. The company’s Atlas cloud service showed significant growth, accelerating to 29% year-over-year, contributing to a $20 million revenue beat. MongoDB also added the most net new customers in six years. Following these results, several analyst firms adjusted their price targets for MongoDB. Piper Sandler increased its target to $345, citing robust cloud database demand and growth in the Atlas service. Bernstein raised its target to $338, highlighting the company’s 24% growth. Rosenblatt Securities set a new target of $305, noting the strength in multi-year renewal deals and Atlas consumption revenue. Cantor Fitzgerald adjusted its target to $312, referencing MongoDB’s revenue and EBIT performance. KeyBanc reiterated a Sector Weight rating, acknowledging the company’s outperformance.
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