Stronger revenue and a narrower first-quarter loss were enough for four different analyst firms to raise MongoDB's (MB) - Get MINDBODY, Inc. Class A Report price target, but weren't enough to lift shares of the cloud software company.
Shares of the New York-based company were down 1.83% to $146.14 on Thursday following its earnings release.
The company reported a loss of 22 cents per share, much narrower than the company's 37 cent per share loss a year ago, on revenue of $89.4 million. Analysts were expecting a loss of 24 cents per share on revenue of $83 million.
Analysts at KeyBanc Capital raised their price target to $165 from $150, while analysts at Stifel Nicolaus raised their price target to $155 from $130. Monness Crespi analysts increased their price target to $185 from $150 and Instinet increased its price target to $76 from $70.
"MongoDB delivered excellent first-quarter results driven by strength across all products and geographies," said Dev Ittycheria, president and CEO of MongoDB. "Our success is being driven in part by growing customer interest in a modern, general purpose database for use on premise and in hybrid and multi-cloud environments to help users innovate more quickly and efficiently."