Procore stock price target raised to $90 from Goldman Sachs on stabilizing growth
Investing.com - Goldman Sachs has raised its price target on MongoDB (NASDAQ:MDB) to $405.00 while maintaining a Buy rating, citing the company’s expectation to exceed its third-quarter guidance across revenue, operating income, and earnings per share. The new target represents a 9.7% upside from MongoDB ’s current price of $369.05, with the stock trading just 4.3% below its 52-week high of $385.44.
The stock rose 2.6% compared to NASDAQ’s 0.46% gain, likely reflecting positive early third-quarter performance indicators and a well-communicated leadership transition, according to Goldman Sachs. InvestingPro data shows MongoDB has delivered an impressive 115% return over the past six months, with 30 analysts recently revising their earnings expectations upward for the upcoming period.
MongoDB announced that Chirantan "CJ" Desai will succeed Dev Ittycheria as President and CEO effective November 10, 2025. Ittycheria’s 11-year tenure was marked by a successful pivot to cloud services, scaling Atlas to over 70% of revenue and growing the overall business to a run-rate exceeding $2 billion. This growth trajectory is reflected in MongoDB’s 21.9% year-over-year revenue increase in the last twelve months.
Desai joins MongoDB from Cloudflare, where he served as President of Product and Engineering, and previously spent more than seven years at ServiceNow in various leadership roles including President and COO.
Goldman Sachs remains constructive on MongoDB’s ability to compound Atlas growth at over 20% with expanding margins as it targets more mission-critical workloads in large enterprise accounts and attracts new developers through brand awareness initiatives and its vertically integrated AI stack.
In other recent news, MongoDB has reported strong third-quarter results, which have garnered attention from several analyst firms. The company announced the retirement of CEO Dev Ittycheria, with Chirantan "CJ" Desai set to take over as President and CEO on November 10. Desai, who previously held leadership roles at Cloudflare and ServiceNow, is expected to bring valuable experience to MongoDB.
In response to MongoDB’s performance and potential, several firms have adjusted their price targets. Truist Securities raised its price target to $400 while maintaining a Buy rating. Canaccord Genuity also increased its target to $375, citing MongoDB’s potential in the AI application cycle. Meanwhile, Scotiabank set a new target of $320, describing the company’s momentum as healthy. Additionally, JMP Securities raised their target to $375, following insights from MongoDB’s investor day.
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