MongoDB (NASDAQ:MDB) shares closed 26.33% higher on Friday following Q2 results, reporting EPS of ($0.24), versus the consensus estimate of ($0.39). Quarterly revenue increased 44% year-over-year to $198.7 million, better than the Street estimate of $184.2 million, with subscription revenue of $191.4 million, growing 44% year-over-year.

The company provided Q3 guidance, anticipating an EPS to range from ($0.42) to ($0.39), versus the consensus of ($0.37) and revenue between $202 and 204 million, better than the consensus estimate of $198.3 million.

For the full 2022-year, the EPS is expected to be between ($1.20) to ($1.13) and revenue to range from $805 to 811 million, beating the consensus estimates of ($1.29) and $786.06 million, respectively.

Analysts at Oppenheimer raised their price target to $470 from $400, mentioning that Atlas (representing 56% of total revenue) is benefiting from accelerating adoption by Enterprise customers, who are increasingly comfortable in migrating mission-critical applications. The brokerage expects Atlas to maintain its growth momentum as the adoption of recent product capabilities (Search, DataLake, Charts) rises.