MongoDB (MDB) PT Raised to $341 at Needham & Company

Needham & Company analyst Jack Andrews raised the price target on MongoDB (NASDAQ: MDB) to $341.00 (from $290.00) while maintaining a Buy rating.

The analyst commented, "MDB reported strong 3QFY21 results as revenue and EPS were above consensus and guidance for 4QFY21 was also ahead. MDB continued its momentum with customer additions as its prior sales adjustments (focusing on new logos that may grow to become large irrespective of land size) resulted in another quarter of record customer growth. Although Atlas accounts typically start with a small initial deployment (and thus revenue impact), we believe record additions should catalyze revenue growth in FY22+ as these expand and Atlas becomes proportionally larger. Consumption expansion in 3Q also returned to pre-COVID levels, which benefits growth in new/existing accounts. Consistent with our prior thesis, we believe strength in Atlas will accelerate total revenue growth beyond FY22. We reiterate our BUY rating and raise our PT to $341."

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