KeyBanc Believes MongoDB Inc (MDB) Still Has Room to Grow


In a report released yesterday, Brent Bracelin from KeyBanc maintained a Buy rating on MongoDB Inc (NASDAQ: MDB). The company’s shares closed yesterday at $51.26, close to its 52-week high of $52.02.

Bracelin observed:

“We argue it has multiple levers to sustain high growth, as it addresses two large market opportunities for modern databases: the greenfield cloud- native application market and the large replacement market. We are raising estimates for FY19 to 42% growth from 39% based on the Company’s updated guidance. New class of database should flourish on trillion-dollar IT transformation. The shift to cloud and digital is transforming a trillion-dollar enterprise IT landscape; we estimate that public cloud spending at the 60 largest vendors could triple to $314B by CY22. Heavy investments in cloud-native and mobile-first applications have created a new greenfield opportunity for a new class of database vendor. MDB has become the leader in a new class of databases approaching a $200M+ run-rate growing at an impressive ~50% clip.”

According to TipRanks.com, Bracelin is a top 100 analyst with an average return of 21.6% and a 77.2% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.

MongoDB Inc has an analyst consensus of Strong Buy, with a price target consensus of $47.20.

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The company has a one-year high of $52.02 and a one-year low of $24.62. Currently, MongoDB Inc has an average volume of 840.1K.

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.

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