10 Best Big Data Stocks To Buy Now

02. MongoDB, Inc. (NASDAQ:MDB)

Average Analyst Share Price Target Upside: 41.70%

Average Analyst Share Price Target: $355.74 

MongoDB, known for its flexible NoSQL database management system, allows developers to store data in a non-relational format, offering benefits like flexible schemas and horizontal scaling. Its popularity grew with the rise of cloud computing, making NoSQL more affordable. In the latest quarter reported on May 30, MongoDB, Inc. (NASDAQ:MDB) announced earnings per share (EPS) of $0.51 on a normalized basis, beating estimates by $0.14. MongoDB, Inc. (NASDAQ:MDB) revenue for the quarter came in at $450.56 million, exceeding forecasts by $10.65 million. MongoDB, Inc. (NASDAQ:MDB) has faced challenges with slowed growth and stretched valuation, but there are potential catalysts for a turnaround. If growth re-accelerates, particularly through increased adoption of MongoDB, Inc. (NASDAQ:MDB) AI-enhanced database technology, the company’s position could improve. MongoDB, Inc. (NASDAQ:MDB) ongoing innovation, aimed at making its platform integral to AI applications by enhancing data handling and analysis, could drive greater adoption. While current growth may not justify the valuation, a significant uptick in usage of these new features could change that outlook.

ClearBridge All Cap Growth Strategy stated the following regarding MongoDB, Inc. (NASDAQ:MDB) in its first quarter 2024 investor letter:

“During the first quarter, we initiated a new position in MongoDB, Inc. (NASDAQ:MDB), in the IT sector. The company offers a leading modern database platform that handles all data types and is geared toward modern Internet applications, which constitute the bulk of new workloads. Database is one of the largest and fastest-growing software segments, and we believe it is early innings in the company’s ability to penetrate this market. MongoDB is actively expanding its potential market by adding ancillary capabilities like vector search for AI applications, streaming and real-time data analytics. The company reached non-GAAP profitability in 2022, and we see significant room for improved margins as revenue scales.”