Shares of MongoDB Inc. (MDB), a provider of business sector databases and other software services, rose by nearly 12% in the last two trading sessions in the past week. Receiving an improved rating from Wall Street was the main driver of the rise as Morgan Stanley on Thursday upgraded its “Equal-Weight” recommendation for the stock to “Overweight”, raising the price target from $295 to $43.
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Earlier this month, a report for the third quarter ended October 31, 2020, was published by the company which also came to be raising its stock price by 13.95% on December 10. Revenue growth continued at a high pace and MongoDB expected to retain momentum driven by COVID-19.
MongoDB’s revenue rose by 38 percent year-on-year in the past year to $150.8 million. The key product revenue, the NoSQL database platform increased by 61 percent and reached 47 percent of the total revenue of the company. MongoDB Atlas is the global cloud database service offered by the company for modern applications. Compared with $42.4 million and $0.75 a year ago, the net loss was $72.7 million, or $1.22 per share.
The shift of companies to the cloud has been greatly intensified by the Covid-19 crisis. One of the first to launch a cloud database that can operate with many cloud service providers at the same time was MongoDB. This is a common service, as many companies do not want to entirely rely on a single cloud platform for one purpose or another.
The MongoDB Atlas platform services are being offered successfully, including to government clients. Last quarter, MongoDB solutions became available to the development teams of the US Department of Defense. Customers of Tata Consultancy Services, a major consulting firm, also have access to the tool to upgrade workloads while transitioning to the cloud. MongoDB predicted revenues of $574.4 – $576.4 million and a loss of $1.07-$1.04 per share for the full fiscal year 2021.
The share of MongoDB Inc. (MDB) was up 1.08% to $376.87 at the close of the session on Friday.