MongoDB, Inc.

MongoDB performed well in the third quarter in both financial and operational terms. The company delivered an all-around beat as it increased its direct sales customer base by over 500 and continued to win new workloads from Fortune 500 players to start-ups in the current accounts. MongoDB’s document model has established itself as the ideal method for developers to interact with data because it fits with how developers think and program. They also had over 300000 sign-ups for the Atlas free tier in Q3, which is a 15x increase over the previous five years. In addition, ISVs are continuing to develop their solutions using MongoDB in an increasing number of cases. MongoDB is looking to achieve profitable growth and focus on acquiring new workloads from both existing and new customers. We give them a ‘Hold’ rating with a revised target price.