MongoDB Inc. shares soared Friday to log their best day ever after the database company posted a big beat-and-raise quarter, and analysts don’t expect growth to slow soon.
MongoDB shares
MDB,
+28.01%
soared as much as 35% to an intraday high of $397.98 after blowing away Wall Street expectations late Thursday, and closed up 28% at $376.30.
That topped the previous best one-day run of 26.3%, set on Sept. 3, 2021, and made Friday the fourth time since the company’s October 2017 initial public offering that shares have rallied 20% or more in a single trading day, according to FactSet data.
“Looking forward, we believe Mongo can sustain 25%+ revenue growth while continuing to invest for the long term, driven by a combination of strong current customer growth (existing and new workloads, adoption of emerging products) and new customer acquisition,” said Stifel analyst Brad Reback in a note.
Reback, who has a buy rating on the stock, hiked his price target on MongoDB to $375 from $240.
From 2017: MongoDB IPO: 5 things to know about database-software company
Of the 26 analysts that cover MongoDB, 22 have buy ratings, three have hold ratings, and one has a sell rating. Of those, 12 raised their price targets on the stock, resulting in an average price target of $346.91.
MongoDB shares are up 91.2% on the year, while the S&P 500 index
SPX,
+1.45%
is up 11.5%, and the tech-heavy Nasdaq Composite Index
COMP,
+1.07%
is up 26.5%.
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