MongoDB (MDB) has had a "strong" start to the year, with fiscal Q1 results beating estimates across the board and the company "significantly" raising its fiscal 2027 guidance, Wedbush Securities said in a Friday note.

Analysts said this was a much-needed strong quarter for the company following its fiscal Q4 misstep, as it continues to add customers in the early stages of infrastructure modernization.

Wedbush said Atlas consumption continues to show strength into the second half of fiscal 2027 as the platform becomes increasingly integrated into mission-critical applications.

Analysts raised their fiscal 2027 adjusted earnings per share estimate for the company to $6.07 from $5.84. Analysts polled by FactSet estimate $6.10. The investment firm also lifted its total revenue estimate for the year to $2.94 billion from $2.88 billion. Analysts surveyed by FactSet expect $2.95 billion.

Wedbush reiterated its outperform rating on the stock and increased its price target to $390 from $380.

Shares of MongoDB were down 4.6% in Friday trading.

Price: 310.72, Change: -14.97, Percent Change: -4.60