MongoDB (NASDAQ:MDB) shares are gaining momentum since the start of this year, driven by financial numbers for the final quarter of fiscal 2017. MDB shares jumped 42% in the last month alone, up 52% year to date. MongoDB shares are trading around $45 at present, the highest level in 52-weeks. Its stock has the 52-week trading range of $24.62 – $45.23 – with the market capitalization of close to $2 billion.

Although MDB shares have already crossed the average price target of $33, analysts are likely to reconsider the price targets, amid the potential growth in its revenue generation potential.

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MongoDB Solid Revenue Growth Supports the Uptrend

MongoDB Inc, the US-based general-purpose database platform, has impressed investors with its strong financial numbers and impressive demand for its products. The company provides database platform to run applications at scale across a varied range of use cases in the cloud, on-premise and in a hybrid environment.

The company generated year on year revenue growth of 52% to $154 million in fiscal 2018, driven by considerable growth in subscription and services revenue. Its fourth-quarter revenue has also beaten analysts’ consensus estimates by $2.88 million. Its subscription revenue jumped 55% year-over-year to $141.5 million, and services revenue soared 29% to $13.0 million in fiscal 2017.

Financial Guidance Strengthens Bullish Sentiments

The CEO looks optimistic on the fundamental outlook for software application industry.  He said, “A rapidly growing number of customers recognize that MongoDB offers a superior way to work with data, the ability to intelligently put data where it is needed and the freedom to run anywhere.”

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The company expects to extend the momentum into 2018. MongoDB expects its revenue to land in the range of $215 million in 2019, higher from revenue of $154 million in FY2018. The company also appears in a healthy cash position to support its investments in growth opportunities with cash and cash equivalents of $61 million.

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