5 Best Booming Stocks to Buy Now

3. MongoDB, Inc. (NASDAQ:MDB)

Number of Hedge Fund Holders: 52 

Percentage Increase in Share Price Over Past Six Months: 166%

MongoDB, Inc. (NASDAQ:MDB) provides general purpose database solutions. The firm has posted strong earnings in the past few months because of gains in managed databases and strong customer additions. Potential AI headwinds are also benefiting the stock. The cloud-based Atlas program of the firm is registering robust growth numbers, in addition to other notable programs like GitHub Copilot. 

On June 2, investment advisory RBC Capital maintained an Outperform rating on MongoDB, Inc. (NASDAQ:MDB) stock and raised the price target to $400 from $235, noting the firm delivered an impressive earnings beat in the first quarter. 

At the end of the first quarter of 2023, 52 hedge funds in the database of Insider Monkey held stakes worth $1 billion in MongoDB, Inc. (NASDAQ:MDB), up from 48 in the previous quarter worth $1.1 billion.

In its Q3 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and MongoDB, Inc. (NASDAQ:MDB) was one of them. Here is what the fund said:

“We made limited changes to the portfolio in the third quarter. New buys included embryonic positions in several rapid growers — MongoDB, Inc. (NASDAQ:MDB) and Clear Secure (YOU) — whose valuations have come in quite dramatically. MongoDB is a company we followed for many years before its 2017 IPO. The stock looks very attractive trading at a third of its recent peak in November 2021. The company’s database software is growing rapidly and taking share in a $50 billion plus global market.”