MongoDB Inc (NASDAQ:MDB) shares surged higher Thursday after the company late Wednesdsay reported better-than-expected top-line results and issued guidance above analyst estimates.
MongoDB said first-quarter revenue increased 57% year-over-year to $285.45 million, which beat the estimate of $266.45 million, according to data from Benzinga Pro. The company said the strong revenue growth was primarily driven by 82% growth in Atlas, MongoDB's cloud database service.
The company reported quarterly earnings of 20 cents per share, which was up from a loss of 15 cents per share year-over-year.
MongoDB said it expects second-quarter revenue to be between $279 million and $282 million versus the estimate of $277.85 million.
Analyst Assessment: Several analysts weighed in on the stock following the company's strong results.
Needham analyst Mike Cikos maintained a Buy rating on the stock, but lowered the price target to $310. He noted that he was pleasantly surprised by the strong growth in the company's Atlas and Enterprise Advanced products.
Piper Sandler analyst Brent Bracelin maintained MongoDB with an Overweight rating, but cut his price target to reflect macro headwinds. The analyst believes the company has cemented itself as an all-weather growth stock that should become the new modern cloud database of choice for future applications.
A handful of other analysts adjusted price targets on the stock, ranging from $310 to $500.
Related Link: Read How Analysts Reacted To MongoDB Post Q1 Earnings Beat
MDB Price Action: MongoDB shares have traded between $213.39 and $590 over a 52-week period.
The stock closed Thursday up 18.6% at $286.70.
Photo: Garrett Heath from Flickr.
