MongoDB’s stock price (NASDAQ: MDB) appears set to reach a new high today after reporting impressive Q3 results and issuing strong guidance, prompting analysts to significantly raise their price targets on the stock. The company’s stock is trading 24% higher in pre-market, reaching $408, handily passing the previous high of $385.44.

The surge follows MongoDB’s Q3 earnings release, which revealed adjusted EPS of $1.32, substantially exceeding the consensus estimate of 79 cents. Revenue also surpassed expectations, coming in at $628.3 million compared to the anticipated $593.44 million. The company’s own guidance was also exceeded. The markets are reacting positively to the robust figures and optimistic outlook.

MongoDB has also raised…