MongoDB Inc. shares advanced 2% on Friday after Evercore ISI initiated coverage with an Outperform rating and a $525 price target.
The investment firm highlighted MongoDB's first-quarter fiscal 2027 performance, noting 25% year-over-year revenue growth and a 29.4% increase in its cloud-based Atlas platform. Net revenue retention reached 121%, while the company added approximately 2,500 customers during the quarter.
Evercore ISI analyst Kirk Materne cited developer adoption and the Atlas platform as key growth drivers, with Atlas now accounting for roughly 75% of MongoDB's revenue. The analyst also emphasized the platform's growing relevance for production AI workloads, alongside improving customer momentum and traction in new enterprise go-to-market initiatives.
MongoDB's flexible data model and expanding enterprise adoption have strengthened its position in the document database market, according to the firm.
