MongoDB MDB has introduced MongoDB Queryable Encryption, an innovative solution designed to safeguard sensitive data during querying and usage within the MDB platform for general availability.
This technology substantially minimizes the potential for data exposure, enhances developer efficiency and offers built-in encryption for critical tasks like handling employee information, financial transactions and medical record analysis, all without needing specialized cryptography knowledge.
The release of MongoDB Queryable Encryption allows customers in tightly regulated or data-sensitive sectors like finance, healthcare, government and critical infrastructure to safeguard sensitive tasks. This is achieved by encrypting data during processing and usage. Users can begin safeguarding in-use data by choosing specific fields within MongoDB databases that require encryption during use.
Following the preview launch of MongoDB Queryable Encryption last year, MDB collaborated with prominent financial organizations and Fortune 500 firms in sectors like healthcare, insurance and automotive manufacturing. This partnership facilitated refining the service for its broad release and boosted customers and subscription revenues.
The Zacks Consensus Estimate for MDB’s second-quarter fiscal 2024 customers is pegged at 44,533, indicating year-over-year growth of 20.35%. The Zacks Consensus Estimate for subscription revenues is pegged at $371.3 million, indicating year-over-year growth of 27.32%.
MongoDB, Inc. Price and Consensus
MongoDB, Inc. price-consensus-chart | MongoDB, Inc. Quote
MongoDB’s Recent Advancements to Aid Top-Line Growth
MongoDB has concluded an assessment under the Information Security Registered Assessor Program (IRAP). This clearance enables Australian federal government entities to utilize the company's developer data platform, MongoDB Atlas. This advancement is expected to boost MDB’s top-line growth.
The Zacks Consensus Estimate for MDB’s second-quarter fiscal 2024 revenues is pegged at $389.93 million, indicating year-over-year growth of 28.41%. The Zacks Consensus Estimate for earnings is pegged at 45 cents per share, indicating a year-over-year increase of 295.65%.
MongoDB Atlas incorporates inherent security features that assure the highest levels of data protection and privacy for government agencies. Notably, the innovative Queryable Encryption introduces a rapid and searchable encryption approach, developed by leaders in encrypted search technology. This new feature permits organizations to conduct searches and retrieve encrypted data, which becomes visible to application users only when decrypted with customer-controlled cryptographic keys. Importantly, the data remains encrypted during query processing, as it travels over networks.
Shares of this Zacks Rank #2 (Buy) company have gained 86.6% year to date compared with the Zacks Computer and Technology sector’s rise of 36.5% in the same time frame due to the support provided to all three main cloud providers namely Amazon AMZN, Microsoft MSFT and Google GOOGL.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Conducted by the cybersecurity company CyberCX, the IRAP assessment scrutinized the MongoDB Atlas platform's capability to handle data workloads at the PROTECTED level on Amazon Web Services, Microsoft Azure and Google Cloud Platform. The successful completion of this assessment offers Australian government customers the necessary confidence that MongoDB Atlas has the suitable security measures to manage, store and transmit information with classifications up to and including the PROTECTED level.
MongoDB Atlas stands out as the sole platform that truly offers multi-cloud capabilities. This implies that data can be stored and synchronized across various cloud providers simultaneously, rather than relying on a single one. This setup guarantees a high level of resilience for vital government services. MDB's multi-region feature allows organizations to utilize multiple cloud regions within the same defined geographic area, enhancing application resilience and simplifying data sovereignty considerations.
The company offers the flexibility to adopt a strategy involving multiple cloud providers and regions. Being the exclusive provider of this flexibility, MongoDB is expected to continue its dominance in a market encompassing various types of organizations and their diverse needs.
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