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MongoDB Inc Class A MDB

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Morningstar’s Analysis

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MongoDB Outperforms on All Fronts As Atlas Database as a Service Expands; FVE Up to $288

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

MongoDB reported strong second-quarter results that well exceeded management’s and our prior expectations, while also raising fiscal 2022 guidance. Revenue outperformance was driven by success in Atlas, MongoDB’s database as a service offering. On the back of a booming database market, MongoDB’s product superiority is increasingly demonstrated in the efficiency its platform affords developers, expanding use-case applicability, and the evolving mission-criticality of the applications moving to Atlas. Updating for the notable raise in 2022 guidance and what we foresee as an even more dramatic rise in the size of the global datasphere in the outer years of our explicit forecast, we are increasing our fair value estimate for the no-moat name to $288 per share from $226. With shares trading near $451, up 12% in the aftermarket, we view MongoDB as considerably overvalued--even as we bake in a stellar next 10 years as the rise in the size of the global datasphere directly creates an opportunity for MongoDB to store this incremental new data.

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Company Profile

Business Description

Founded in 2007, MongoDB is a document-oriented database with nearly 25,000 paying customers and well past 1.5 million free users. MongoDB provides both licenses as well as subscriptions as a service for its NoSQL database. MongoDB’s database is compatible with all major programming languages and is capable of being deployed for a variety of use cases.

1633 Broadway, 38th Floor
New York, NY, 10019
T +1 646 727-4092
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Jul 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Speculative Growth
Employees 2,539