Canaccord Genuity Believes MongoDB Inc (MDB) Still Has Room to Grow

In a report released today, Richard Davis from Canaccord Genuity maintained a Buy rating on MongoDB Inc (NASDAQ: MDB), with a price target of $54. The company’s shares closed yesterday at $51.26, close to its 52-week high of $52.02.

According to TipRanks.com, Davis is a top 25 analyst with an average return of 34.5% and a 80.7% success rate. Davis covers the Technology sector, focusing on stocks such as Ceridian HCM Holding Inc, Altair Engineering Inc, and Upland Software.

Currently, the analyst consensus on MongoDB Inc is Strong Buy and the average price target is $53.33, representing a 4.0% upside.

In a report released yesterday, KeyBanc also maintained a Buy rating on the stock with a $62 price target.

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Based on MongoDB Inc’s latest earnings release for the quarter ending April 30, the company reported a quarterly GAAP net loss of $29.16 million. In comparison, last year the company had a GAAP net loss of $19.69 million.

Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MDB in relation to earlier this year.

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MongoDB, Inc. engages in the development and provision of a general purpose database platform. Its products include MongoDB Enterprise Advanced, MongoDB Professional, Development Support, Ops and Cloud Manager. The company was founded by Eliot Horowitz, Dwight A. Merriman, Kevin P. Ryan and Geir Magnusson Jr. in 2007 and is headquartered in New York, NY.