MongoDB (MDB) Stock: $630 Price Target From Tigress Financial

By Amit Chowdhry ● Feb 12, 2022
  • The shares of MongoDB (NASDAQ: MDB) have received a $630 price target from Tigress Financial. These are the details.

The shares of MongoDB (NASDAQ: MDB) have received a $630 price target from Tigress Financial. And Tigress Financial Partners analyst Ivan Feinseth initiated coverage of MongoDB with a “Buy” rating.

Feinseth noted that the company is continuing to experience strong growth trends driven by the success of its DBaaS (database-as-a-service) business model which is driving rapid enterprise adoption and revenue growth. And the company continues to experience strong growth trends driven by the success of its Atlas (database-as-a-service) revenue and further product enhancements. 

Plus Feinseth pointed out MongoDB recently introduced MongoDB 5.1 with “new product enhancements such as Atlas Serverless, Live Resharding, Versioned API, and native time series support. And MongoDB continues to experience significant quarterly and annual revenue growth and recently reported another strong quarter of results, with Q3 revenue increasing 50% Y/Y to $226.9 million. Subscription revenue increased 51% Y/Y to $217.9 million, and services revenue increased 35% Y/Y to $9 million. MDB reported $158.4 million in gross profit driven by a 70% gross margin. Atlas Revenue grew 84% Y/Y, representing 58% of total Q3 revenue, and continues to see success across a wide variety of industries and use cases, which positions MDB to build deeper relationships with customers over time.”

Feinseth believes that the company should continue to see accelerating growth as more enterprises expand their cloud-based data management and infrastructure. And the company should continue to see accelerating growth as more enterprises expand their cloud-based data management and infrastructure. 

MongoDB’s subscription-based revenue model will drive an ongoing acceleration in Business Performance trends which will drive an increasing return-on-capital, leading to significant gains in Economic Profit and long-term shareholder value creation. 

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.