Even as some analysts raised their price targets for MongoDB following the company’s higher-than-expected first quarter results, its shares declined on Thursday.
The software company reported a loss of -22 cents per share for the quarter, which is narrower compared to Wall Street expectations of -24 cents loss. The earnings report was also an improvement over the year-ago quarter’s loss of -37 cents a share.
Revenue of $89.4 million also came in higher than analysts’ estimates of $83 million.
After the release of the quarterly results, analysts at KeyBanc Capital raised their price target on MongoDB stock to $165 from $150 a share. Stifel Nicolaus analysts increased their target to $155 from $130. Monness Crespi analysts increased theirs to $185 from $150, while Instinet raised it to $76 from $70.
However, the company’s shares ended nearly -0.8% down on Thursday.