:max_bytes(150000):strip_icc()/GettyImages-2218096478-ed8bab45e72544c7b878b125a99c5c7e.jpg?w=1920&resize=1920,1267&ssl=1 "MongoDB Stock Rallies as Analysts Raise Price Targets on Strong Quarterly Results")
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key takeaways
- Many Wall Street Analysts increased their value target for Mongodb’s stock after posting the company’s strong quarter results and increasing their approach.
- The company’s Atlas Multi-Cloud Database subscription offered saw its highest total pure customer addition in six years.
- Analysts said that Vikas runs a counter for recent recession story around the company.
AI-operated software provider Mongodb (MDB) shares rose as the company’s strong quarterly results on Thursday and improved Outlook Drew Price Target Hike from analysts.
The company’s Atlas multi-cloud database subscription offered saw its highest total pure customer addition in six years, which Morgan Stanley analysts said that “Flies in front of the story of the bear case said that Mongodab was losing (market) shares.” The bank targeted its target from $ 235 to $ 255.
Mongodb’s shares closed at $ 225.38 at around 13% on Thursday, with Morgan Stanley’s target suggests that the stock may stand to climb another 13%. Nevertheless, the stock has lost about 3% year-on-year, after a decline in March on disappointing results a quarter earlier.
CITI analysts were even faster after the results, increased its target from $ 330 to $ 395. The bank assured the results of MongodB to “growing competition and low -reduced developer Mindsheer’s ongoing story.” Meanwhile, UBS analysts targeted their target from $ 213 to $ 240.
Mongodb reported the revenue of the first quarter of $ 549 million, 22% year-to-year, which CEO Dev Enticheria blamed Enterprise clients for choosing their software to modernize and choose their software to modernize and make the existing AI applications modern and new.
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