home Latest News Tech Stocks This Week: MongoDB Soars, an Insider Loads Up on Activision Stock, and More – Fox Business

Tech Stocks This Week: MongoDB Soars, an Insider Loads Up on Activision Stock, and More – Fox Business

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This week’s tech stock news includes earnings reports from cross-platform cloud-based database company MongoDB (NASDAQ: MDB) and software giant Adobe (NASDAQ: ADBE), as well a massive insider stock purchase of gaming company Activision Blizzard (NASDAQ: ATVI) amid the stock’s big slump in recent months.

Here’s a closer look at each of these stories.

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MongoDB

Cloud database company MongoDB crushed expectations in its fourth quarter. Revenue shot 71% higher year over year to $85.5 million, beating analysts’ consensus forecast for revenue of $74 million by a wide margin. The company’s non-GAAP loss per share was $0.17 was also significantly better than analysts’ average estimate for a loss of $0.38 per share.

MoongoDB’s multi-cloud database service, Atlas, was the star of the quarter. Atlas revenue increased more than 400% year over year, representing 34% of total revenue.

“We have established MongoDB as the next-generation database platform of choice, and our goal is to maximize the massive market opportunity in front of us,” said MongoDB CEO Dev Ittycheria during the company’s fourth-quarter earnings call. “We believe our wide appeal, the success of our customers and our financial performance continue to clearly highlight that MongoDB’s document database offers the best way to work with data.”

Unsurprisingly, shares skyrocketed after the report was released. The stock rose more than 25% during the trading day following the quarterly update.

Adobe

Software giant Adobe posted solid fiscal first-quarter results but disappointed when it came to guidance.

Revenue for its first quarter of fiscal 2019 was $2.6 billion, beating a consensus analyst estimate for revenue of $2.55 billion. The company’s non-GAAP earnings per share of $1.71 was also ahead of an average forecast for $1.62.

“Our results in Q1 reflect continued momentum across Adobe Creative Cloud, Document Cloud and Experience Cloud,” said Adobe CEO Shantanu Narayen about the quarter.

But management’s guidance for fiscal second-quarter revenue or about $2.7 billion and non-GAAP earnings share of approximately $1.77 came in below analysts’ expectations. On average, analysts were expecting fiscal second-quarter revenue of $2.72 billion and non-GAAP earnings per share of $1.88.

Activision Blizzard

Gaming company Activision Blizzard has had a tough run recently, with shares down 45% in the past six months as investors weigh the competitive pressure the popular Fortnite game is putting on the company.

But one company insider apparently thinks the Street’s bleak outlook for Activision is dead wrong. A recent SEC filing revealed that on March 12, Activision director Peter Nolan increased his stake in the company by 100,000 shares to 109,093, paying an average price of $42.95. This cost him about $4.3 million. Nolan also owns 54,792 shares of Activision through a family trust.

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Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Activision Blizzard, Adobe Systems, and MongoDB. The Motley Fool has a disclosure policy.