{"id":55851,"date":"2023-09-01T15:13:19","date_gmt":"2023-09-01T19:13:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/mongodb-delivered-big-earnings-beat-why-this-analyst-maintains-sell-rating\/"},"modified":"2023-09-01T15:13:22","modified_gmt":"2023-09-01T19:13:22","slug":"mongodb-delivered-big-earnings-beat-why-this-analyst-maintains-sell-rating","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55851","title":{"rendered":"MongoDB Delivered Big Earnings Beat. Why This Analyst Maintains Sell Rating."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000734420\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>MongoDB stock rose early Friday after the cloud-based database firm crushed Wall Street\u2019s profit expectations and raised its financial outlook for the year as it signed more multiyear licensing agreements.<\/p>\n<p>However, management\u2019s warning that weak economic conditions and reduced customer spending would impact revenue from its Atlas service, led Guggenheim\u2019s Howard Ma to reiterate his Sell rating on the stock.<\/p>\n<div class=\"paywall\">\n<p>After markets closed on Thursday,<br \/>\n        MongoDB<br \/>\n       (ticker: MDB)\u00a0posted\u00a0adjusted earnings per share for the second quarter ended July of 93 cents versus analyst consensus of 46 cents listed on FactSet. Revenue of $423.8 million was also ahead of the $393.7 million estimated and beat management\u2019s own guidance.<\/p>\n<p>Chief Financial Officer\u00a0Michael Lawrence Gordon said the outperformance was driven by a more multiyear\u00a0licensing\u00a0deals than expected and a few large ones, most notably with Chinese multinational<br \/>\n        Alibaba Group Holding<span>.<\/span><br \/>\n      \u00a0Licensing revenue contains a large\u00a0upfront\u00a0revenue and \u201cvery high margins, and therefore, we wouldn\u2019t expect to repeat this performance,\u201d Gordon said.<\/p>\n<p>Still, the stock was up 4.9% to $399.99 in premarket trading on Friday. The shares have climbed 94% in 2023, as of Thursday\u2019s close.<\/p>\n<p>Investors were likely impressed by the outlook for profits despite management\u2019s caution. MongoDB raised its adjusted earnings per share expectation for the fiscal year ending in January to a range of $2.27 to $2.35 per share from $1.42 to $1.56 earlier. Analysts were expecting the company to raise it to $1.59 per share.<\/p>\n<p>Guggenheim\u2019s Ma said the report was a \u201cmasterclass in beat and raise model\u201d for companies. Ma in his Friday note still kept his Sell rating on the stock citing management\u2019s commentary on consumption growth, which refers to revenue coming from pay-as-you-go pricing models apart from the standard licensing. <\/p>\n<p>Gordon noted that revenue for Atlas, the multi-cloud database service primarily dependent on customer consumption, would continue to be impacted by the weak economic conditions and reduced customer spending throughout fiscal 2024.<\/p>\n<p>The macro slowdown risks the more than 30% revenue growth in fiscal 2025 \u201cthat we believe is priced into MDB\u2019s current valuation,\u201d Ma wrote. Still, he raised his target for the stock\u2019s price to $250 from $220 earlier. <\/p>\n<p>Most analysts don\u2019t side with Ma with 21 out of the 28 analysts rating MongoDB\u2019s stock as Buy.<\/p>\n<p>Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/mongodb-stock-price-earnings-sell-rating-da80a31b?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MongoDB stock rose early Friday after the cloud-based database firm crushed Wall Street\u2019s profit expectations and raised its financial outlook for the year as it signed more multiyear licensing agreements. However, management\u2019s warning that weak economic conditions and reduced customer spending would impact revenue from its Atlas service, led Guggenheim\u2019s Howard Ma to reiterate his [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55851","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MongoDB Delivered Big Earnings Beat. 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