MongoDB, Inc.: Positive Feedback from HQ Visit

Research evidence excerpt

MongoDB, Inc.: Positive Feedback from HQ Visit

Equity Research

U.S. Software

9 June 2026

MongoDB, Inc.

Positive Feedback from HQ Visit

Our investor meeting with MDB CEO CJ Desai discussed the

factors behind the company's healthy Q1 results and evolving

position in the emerging AI world. We see timing as the main MDB OVERWEIGHT

U.S. Software POSITIVE

factor to watch for MDB's growing AI momentum. Price Target USD 387.00

Price (08-Jun-26) USD 352.56

MongoDB delivered better Atlas growth against a larger base and EA momentum in Q1. The Potential Upside/Downside +9.8%

strong performance was driven by the strong product set and management efforts to drive both Source: Bloomberg, Barclays Research

Atlas consumption and EA expansion within existing accounts. We agree with management that

there is a large opportunity ahead of MongoDB as the growing ecosystem of AI native U.S. Software

applications will require operational databases (OLTP). We are earlier in this journey compared Raimo Lenschow, CFA

to analytical database like SNOW, particular for traditional enterprises, but this is just timing as +1 212 526 2712

scaling new AI apps takes time. We remain constructive on MDB. raimo.lenschow@barclays.com

BCI, US

MongoDB is seeing good traction with AI application startups like Base44 or ElevenLabs and Sheldon McMeans

also model builders. However, the AI monetization opportunity is still early for MDB due partly +1 212 526 1544

from the broader enterprise opportunity around agentic OLTP apps being early still due to the sheldon.mcmeans@barclays.com

often mission-critical nature of OLTP workloads. Additionally, there were AI companies being BCI, US

formed in the Valley when MDB held less developer mindshare before its more recent "Retake

the Bay" marketing initiatives.