Shares of the New York company at last check were 15% higher at $463.
For the quarter ended July 31 MongoDB reported a loss of 24 cents a share, compared with Wall Street analysts' call, via a FactSet survey, for a loss of 39 cents a share.
Revenue totaled $198.7 million, up 44% from a year earlier and beating analysts' expectations of $182.4 million.
The company also gave upbeat revenue guidance.
Barclays analyst Raimo Lenschow raised his price target on MongoDB to $505 from $420 while keeping his overweight rating, according to the Fly.
He said that investor focus for the second quarter was on the performance of Atlas, its cloud-native database, following an acceleration last quarter, and the results "did not disappoint."
Atlas, now above a $400 million run-rate business, accelerated growth once again, Lenschow said in a research note.
He said the performance would drive analysts to revise their estimates upward. He added that MongoDB's continued product enhancements and sales motion evolution leave him confident that the company "has a long growth runway ahead."
Oppenheimer analyst Ittai Kidron affirmed his outperform rating on the New York company while lifting his price target to $470 from $400.
He said MongoDB delivered a "strong" July quarter, with revenue and loss per share exceeding estimates behind "robust" subscription revenue growth and an "impressive" showing from Atlas.
The analyst added that Atlas is increasingly becoming MongoDB's primary growth engine.
Looking forward, the analyst expects continued investment in C-level engagement to support long-term expansion.
Canaccord analyst David Hynes raised his price target to $290 from $245, while keeping a buy rating on the shares.
Hynes said the stock is expensive but added that the company has one of the largest still growing total addressable markets; favorable secular trends that will push both new and expansion opportunities; and an exemplary track record of execution.
Analysts also raised their price targets on MongoDB in June when the company posted a narrower-than-expected adjusted first-quarter loss, revenue ahead of expectations, and higher revenue guidance.