MongoDB Inc (NASDAQ:MDB) shares are soaring Wednesday after the company reported better-than-expected financial results for the second quarter and raised its fiscal 2026 guidance. Multiple analysts also lifted price targets following the print.
What To Know: MongoDB beat analyst estimates on the top and bottom lines in the second quarter, reporting revenue of $591.4 million versus estimates of $552.46 million, and adjusted earnings per share of $1 versus estimates of 66 cents.
MongoDB said it has added over 5,000 customers year-to-date. The company generated $72.1 million of cash from operations and $69.9 million in free cash flow during the quarter. MongoDB ended the period with $2.3 billion in total cash, cash equivalents, short-term investments and restricted cash.
The company also issued strong guidance for the third quarter and raised its full-year outlook above estimates. MongoDB said it expects third-quarter revenue to be between $587 million and $592 million versus Benzinga Pro estimates of $582.43 million. The company sees adjusted earnings of 76 cents to 79 cents versus estimates of 71 cents.
MongoDB now expects full-year revenue of $2.34 billion to $2.36 billion versus estimates of $2.29 billion, and full-year adjusted earnings of $3.64 to $3.73 per share versus estimates of $3.10 per share.
“MongoDB delivered strong second quarter results across the board, highlighted by Atlas revenue growth accelerating to 29% and adding over 5,000 customers year-to-date, the highest ever in the first half of the year. We also delivered meaningful margin outperformance as we executed on our plan to drive profitable growth,” said Dev Ittycheria, president and CEO of MongoDB.
Analyst Changes: Several analyst firms raised price targets and maintained positive ratings following the company’s quarterly results, which is adding to the momentum in shares.
- Piper Sandler analyst Brent Bracelin maintained an Overweight and raised the price target from $275 to $345.
- Needham analyst Mike Cikos maintained a Buy and raised the price target from $270 to $325.
- Wolfe Research analyst Alex Zukin maintained an Outperform and raised the price target from $280 to $350.
- RBC Capital analyst Rishi Jaluria maintained an Outperform and raised the price target from $320 to $350.
- DA Davidson analyst Rudy Kessinger maintained a Buy and raised the price target from $275 to $325.
- Scotiabank analyst Patrick Colville maintained a Sector Perform and raised the price target from $230 to $280.
MDB Price Action: MongoDB shares were up 29.92% at $278.64 at the time of publication Wednesday, according to Benzinga Pro.
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