MongoDB is having their user conference this week.
They released a new version, 4.2 of their database.
NEW YORK, June 18, 2019 /PRNewswire/ – MongoDB, Inc. (NASDAQ: MDB), the leading, modern, general purpose data platform, today announced the latest version of its core database, MongoDB 4.2. Key features such as distributed transactions, field level encryption and an updated Kubernetes Operator raise MongoDB’s established reputation for supporting a wide variety of use cases for thousands of customers, which range from innovative cloud-native startups to the largest global enterprises.
And they announced some other new products.
New York City, New York – June 18, 2019 – MongoDB, Inc. (NASDAQ: MDB), the leading, modern general purpose data platform, today announced new cloud services and features that will provide a better way to work with data beyond the database. The Beta versions of MongoDB Atlas Data Lake and MongoDB Atlas Full-Text Search allow users to access compelling new features in a fully managed MongoDB environment with no additional infrastructure or systems to manage. Furthermore, the general availability of MongoDB Charts lets customers create charts and graphs, build and share dashboards and embed them directly into web apps to create more engaging user experiences.
Thanks Jim. I found the particular quote from the MongoDB CEO striking:
"*IDC predicts that by 2025 global data will reach 175 Zettabytes and 49% of it will reside in the public cloud*"
Also worth noting the follow-up from this event, including several price target raises
Needham maintains a Buy rating on MongoDB (NASDAQ:MDB) and raises the price target from $165 to $184 after the annual user conference.
The firm is "incrementally positive" on the long-term potential of the Atlas cloud database product.
More action: KeyBanc reiterates an Overweight rating and boosts the PT from $165 to $188.
The bank says it left the event "with higher conviction in the upside levers that could sustain high growth over the next three to five years."
MDB shares are up 2.2% pre-market to $170.
MongoDB has an Outperform average Sell Side rating.
Wow. A Zettabyte is a billion Gigabytes.
MDB is 2.45% of my portfolio and growing.