MongoDB Inc (NASDAQ:MDB) shares are down on Tuesday, despite the company reporting upbeat third-quarter results.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

Goldman Sachs On MongoDB

Analyst Kash Rangan maintained a Buy rating while raising the price target from $340 to $390.

MongoDB reported strong fiscal third-quarter results, with revenues coming in 6.4% higher than consensus, Rangan said in a note. The results indicate “solid execution in a still choppy macro,” with almost stable Atlas growth, Atlas customer adds inflecting, and NRR (net recurring revenue) improving by 100 basis points (bps) sequentially to +120%, he added.

“We continue to see MongoDB as well-positioned to capture an outsized share of its core $100B+ database TAM, especially as it doubles down on the upmarket opportunity through its strategic accounts program while enhancing its platform with new features and tooling to capitalize on the inevitable wave of AI production applications that can support re-accelerating growth mid-term,” the analyst wrote.

Stifel On MongoDB

Analyst Brad Reback reiterated a Buy rating while raising the price target from $360 to $425.

MongoDB reported “solid” quarterly results, with a revenue beat of 6% and operating margins more than 700 bps better, Reback said. The quarter was helped by slightly higher-than-expected consumption growth and a “strong EA new business quarter that was aided by ~$15M in multi-year upfront revenue recognition driven by customer expansions,” he added.

“Importantly, management announced a pivot towards expanding its Enterprise strategic account program, which has a significantly higher ROI vs. other direct sales accounts,” the analyst wrote. While management expects EA (Enterprise Advanced) and other revenues to decline sequentially and for seasonal Atlas consumption to …

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