MongoDB Stock Explodes as Wall Street Shrugs Off Snowflake Threat

MongoDB (MDB) just reminded the market who’s still in the fight. The stock jumped 17% in premarket trading Thursday after the company crushed earnings expectations and raised its full-year forecast. That move almost completely erased its 14% year-to-date loss — in a single day.

The company now expects Fiscal 2026 revenue between $2.25 billion and $2.29 billion, up $10 million from prior guidance. Adjusted earnings got a hefty upgrade too: $2.94 to $3.12 per share, versus its earlier range of $2.44 to $2.62.

That kind of bump is exactly what Wall Street wanted to see — and it was enough to spark a flood of analyst praise.

MongoDB (MDB) Adds 2,600+ Customers in Q1, a 6-Year High

One key number that’s turning heads: MongoDB added more than 2,600 net new customers last quarter — the most in over six years.

Much of that growth came from MongoDB Atlas, its cloud database platform. That’s a big deal. Atlas is the company’s core offering, and its performance is often viewed as a barometer for MongoDB’s future.

As William Blair analyst Jason Ader put it, this quarter “should buoy investor confidence in the durability of MongoDB’s growth runway.” Translation: this growth looks real — and sustainable.

MongoDB Defends Itself as Snowflake, Databricks Go on Offense

MongoDB’s strong results come as rivals Snowflake and Databricks are going on an AI-fueled acquisition spree. Snowflake just announced it’s buying Crunchy Data, a PostgreSQL-focused startup. Databricks is snapping up Neon for $1 billion.

PostgreSQL is hot right now, especially for building AI agents. But MongoDB isn’t rattled. On the company’s earnings call, execs said their platform is simpler, broader, and cheaper — especially for managing the diverse datasets that AI tools rely on.

Cantor Fitzgerald’s Thomas Blakey agreed, noting MongoDB is “highly performant” for AI. He raised his price target from $252 to $271 and kept an Overweight rating.

Wall Street Analysts Still See Plenty of Room to Run

The analyst optimism didn’t stop there. Oppenheimer’s Ittai Kidron said MongoDB and JSON — its core data format — are still “in a healthy competitive position,” even as Postgres gains momentum. He kept an Outperform rating with a $275 price target.

For the quarter ending April 30, MongoDB delivered $1.00 per share in adjusted earnings, well ahead of the 66 cents expected. Revenue came in at $549 million, beating forecasts by over $20 million.

And if all that wasn’t enough? The company also launched an $800 million stock buyback.

Is MongoDB a Good Buy?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on MDB stock based on 21 Buys, eight Holds, and zero Sells assigned in the past three months. Furthermore, the average MDB price target is $257 per share, which implies an upside potential of 28.7%. However, it’s worth noting that estimates will likely change following today’s earnings report.

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