Wolfe Research Initiates Coverage on MongoDB with Outperform Rating and $280 Price Target

MongoDB has received an Outperform rating from Wolfe Research with a price target of $280. Analysts forecast an average target price of $279.65, implying a 33.87% upside from the current price. The company reported a 22% YoY increase in revenue, with Atlas revenue growing 26% YoY, representing 72% of total revenue. MongoDB added 2,600 new customers, bringing the total count to over 57,100.

MongoDB Inc. (MDB) has received an Outperform rating from Wolfe Research, with a price target of $280. The analysts forecast an average target price of $279.65, implying a 33.87% upside from the current price. The company reported a 22% year-over-year (YoY) increase in revenue, with Atlas revenue growing 26% YoY, representing 72% of total revenue. MongoDB added 2,600 new customers, bringing the total count to over 57,100 [2].

The strong performance is driven by the robust adoption of MongoDB's Atlas platform. In the first quarter of fiscal 2026, Atlas saw its highest total customer net additions in over six years, with self-serve channels contributing significantly to growth. Atlas revenues grew 26% and accounted for 72% of total revenues [2].

MongoDB's executives have been active in the stock market. On July 2, 2025, several executives conducted transactions involving the company's Class A Common Stock. Dwight A. Merriman, a Director at MongoDB, sold 1,000 shares for $206.05 each, totaling $206,050. Cedric Pech, the President of Field Operations, sold 354 shares for the same price, totaling $72,941. MongoDB's President & CEO, Ittycheria Dev, sold 3,747 shares for $206.05 each, totaling $772,069 [1].

Despite the strong performance, MongoDB faces stiff competition in the cloud database space. Amazon's DynamoDB and Couchbase have expanded their presence, adding new features to their offerings. Amazon's DynamoDB added multi-region strong consistency to its Global Tables, while Couchbase launched a new version using Memory-First Computing Platform to support AI agent workflows [2].

From a valuation standpoint, MongoDB stock is currently trading at a forward 12 months Price/Sales ratio of 6.89X compared to the industry's 5.74X. The Zacks Consensus Estimate for second-quarter fiscal 2026 earnings is pegged at 64 cents per share, indicating an 8.57% year-over-year decline. MongoDB currently carries a Zacks Rank #2 (Buy) [2].

References:
[1] https://www.tradingview.com/news/tradingview:f9b424c16d68e:0-mongodb-executives-engage-in-stock-transactions/
[2] https://finance.yahoo.com/news/makes-atlas-core-driver-mongodbs-171600546.html