Shares of MongoDB (MDB) pared gains from Monday after initial enthusiasm for the database company’s selection of Chirantan ‘CJ’ Desai as its new president and chief executive appeared to have faded. Yet, Wall Street analysts have continued to hail the new appointment.
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Desai, a former executive at internet infrastructure services firm Cloudflare (NET), is set to replace Dev Ittycheria, the company’s longtime leader, who has led the company since 2014. The new CEO is set to take over the role on November 10.
Wall Street Hails CEO Pick, Higher Profits
Several analysts who raised their price targets and issued Buy ratings on MDB stock following the news also pointed to the database services provider’s confidence in exceeding the high end of its previously stated third-quarter Fiscal Year 2026 guidance.
Alongside the executive appointment, MongoDB on Monday disclosed that its revenue, profit, and earnings per share (EPS) will top its previous projections. This improved performance will be fueled by growth in Atlas, its database offering, which is compatible with several cloud services, including Amazon Web Services (AMZN), Google Cloud (GOOGL), and Microsoft’s Azure (MSFT).
In its Q2 2026 results, MongoDB trumped Wall Street’s sales and EPS projections, raising its ranges to $587 million to $592 million and $0.76 to $0.79, respectively.
Who is Chirantan ‘CJ’ Desai?
According to MongoDB, Desai, who kicked off his career as a key member of the team that launched enterprise software giant Oracle (ORCL), has over 25 years of experience in cloud infrastructure and enterprise software. In addition to Cloudflare, he previously worked for cloud-based automation software provider ServiceNow (NOW).
Furthermore, Desai previously held executive roles at EMC, an enterprise data storage company now part of Dell Technologies (DELL), and Gen Digital (GEN), a consumer and enterprise cybersecurity company formerly known as Symantec.
Desai’s Appointment Comes from a ‘Position of Strength’
Stifel analyst Brad Reback believes the appointment comes from “a position of strength,” and that Desai’s experience will be an asset to MongoDB. Reback, who maintained his Buy rating on MDB stock, raised his price target by 15% to $375, up from $325.
Chipping in, BofA analyst Bradley Sills noted that the selection comes at “an opportune time” for MongoDB, which is positioning itself as the database of choice for AI workloads. Sills also upgraded his price target by 16% to $440.
Similarly, Truist analyst Miller Jump sees Desai as a “capable successor” to Ittycheria, who will remain on the company’s board and serve as advisor to Desai. Jump considers the new CEO to be aligned with the company’s strategic goals and has therefore elevated his price target by 7% to $400.
Is MongoDB a Good Stock to Buy?
Across Wall Street, the sentiment towards MongoDB’s shares remains overwhelmingly positive. The stock currently enjoys a Strong Buy consensus rating based on 26 Buys and five Holds issued by 31 analysts over the past three months.
However, at $369.17, the average MDB price target indicates only about a 0.03% upswing.
