Shares of database software company MongoDB (MDB) - Get Report jumped in morning trading on Tuesday after the company reported better-than-expected fiscal third-quarter results, which in turn prompted Citi to tout the company’s “solid” revenue outlook.
MongoDB stock gained nearly 9% in morning trading after the company reported a third-quarter adjusted loss of 26 cents a share, better than the loss of 28 cents a share expected by analysts surveyed by FactSet. Revenue came in at $109.4 million, up from $71.8 million in the year-ago quarter and above analysts’ estimates of $99.7 million.
The report “shakes off concerns of decelerating growth,” according to a post-earnings research note from Citi analyst Tyler Radke that also highlighted the database software company’s “solid” revenue outlook.
Radke in September lifted his one-year price target on MongoDB to $195 from $184. He has maintained a buy rating on the shares.
MongoDB said it expects a loss of 27 cents to 29 cents a share on revenue of $109 million to $111 million for the fourth quarter, and $1.02 to $1.04 a share on revenue of $407.2 million to $409.2 million for the year.
Analysts polled by FactSet are expecting a loss of 30 cents a share on revenue of $105.6 million for the fourth quarter, and $1.07 a share on revenue of $394.2 million for the full year.
Shares of MongoDB were up 9.53%, $12.49 a share, at 143.50 in morning trading on the Nasdaq Stock Market on Tuesday. The stock has climbed more than 20% over the past three months.