MongoDB Inc (NASDAQ:MDB) shares are rising Wednesday after the company announced it authorized an additional $1 billion in share repurchases. Here’s what you should know.
- MongoDB shares are climbing with conviction. Why are MDB shares rallying?
MongoDB Board Authorizes Additional $1 Billion in Buybacks
MongoDB announced that its board signed off on another $1 billion for stock buybacks on Sept. 25. That move lifts the company’s total buyback authorization to $2 billion. Roughly $1.35 billion of that total still remained available as of the filing date.
MongoDB plans to buy shares either on the open market or through privately arranged deals. Market conditions, share prices and management’s own judgment will all shape how quickly the company moves. MongoDB can pause, adjust or end the buyback program whenever it chooses. It also carries no obligation to hit any specific dollar total or share count.
Wall Street Weighs in With Several New Ratings Today
The buyback news comes alongside eight new analyst ratings issued Wednesday. Among the day’s actions, Macquarie kept a Neutral rating and a $375 target. Citizens held its Market Outperform rating alongside a $519 target, and RBC Capital stuck with its Outperform rating and a $465 target.
MongoDB carries an overall Buy rating on Wall Street, with an average price target of $465.36.
MDB Shares Are Climbing
MDB Price Action: MongoDB shares were up 5.04% at $354.17 at the time of publication on Wednesday, according to Benzinga Pro.
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