Shares of database platform company MongoDB (NASDAQ:MDB) jumped 2.4% in the afternoon session after Wells Fargo initiated coverage on the company with an "Overweight" rating and a $430 price target.

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Despite MongoDB's raised guidance, its stock is still priced at an exorbitant 100x forward non-GAAP operating profits, which is unsustainable. MongoDB's growth rates are erratic and below 20% CAGR, ...

MongoDB (NASDAQ:MDB) supports cloud-native data systems, appearing in discussions tied to nasdaq 100 composition.