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MongoDB (MDB) Soars 11.0%: Is Further Upside Left in the Stock?
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MongoDB (MDB - Free Report) shares rallied 11% in the last trading session to close at $369.04. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.3% loss over the past four weeks.
Shares of the database software company jumped following the strong earnings announcement from another prominent cloud provider, Datadog. Importantly, both Datadog and MongoDB feature consumption-based models where customers are not locked into long-term contracts but instead can scale their consumption of the products and features almost real-time. This means that during good times when demand is high, revenue can grow faster than if the company goes to market with a contract model.
Datadog's latest results shows that enterprise customers are not pulling back on spend due to reasons such as cost cuts or workforce reductions. Notably, Datadog recorded a significant improvement in new large contract wins, illustrating that even some of the largest corporations are still early in their cloud adoption journey. This holds promise for MongoDB's upcoming earnings in the next month.
This database platform is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of +113%. Revenues are expected to be $402.75 million, up 20.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For MongoDB, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MDB going forward to see if this recent jump can turn into more strength down the road.
MongoDB belongs to the Zacks Internet - Software industry. Another stock from the same industry, i3 Verticals (IIIV - Free Report) , closed the last trading session 1.6% higher at $19.99. Over the past month, IIIV has returned -0.8%.
For i3 Verticals, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.41. This represents a change of +5.1% from what the company reported a year ago. i3 Verticals currently has a Zacks Rank of #3 (Hold).
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MongoDB (MDB) Soars 11.0%: Is Further Upside Left in the Stock?
MongoDB (MDB - Free Report) shares rallied 11% in the last trading session to close at $369.04. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.3% loss over the past four weeks.
Shares of the database software company jumped following the strong earnings announcement from another prominent cloud provider, Datadog. Importantly, both Datadog and MongoDB feature consumption-based models where customers are not locked into long-term contracts but instead can scale their consumption of the products and features almost real-time. This means that during good times when demand is high, revenue can grow faster than if the company goes to market with a contract model.
Datadog's latest results shows that enterprise customers are not pulling back on spend due to reasons such as cost cuts or workforce reductions. Notably, Datadog recorded a significant improvement in new large contract wins, illustrating that even some of the largest corporations are still early in their cloud adoption journey. This holds promise for MongoDB's upcoming earnings in the next month.
This database platform is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of +113%. Revenues are expected to be $402.75 million, up 20.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For MongoDB, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MDB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
MongoDB belongs to the Zacks Internet - Software industry. Another stock from the same industry, i3 Verticals (IIIV - Free Report) , closed the last trading session 1.6% higher at $19.99. Over the past month, IIIV has returned -0.8%.
For i3 Verticals, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.41. This represents a change of +5.1% from what the company reported a year ago. i3 Verticals currently has a Zacks Rank of #3 (Hold).