Shares of MongoDB Inc (NASDAQ:MDB) tanked in early trading on Friday, despite the company Thursday reporting upbeat first-quarter results.

Here are some key analyst takeaways:

Needham analyst Mike Cikos maintained a Buy rating, while raising the price target from $300 to $400.

RBC Capital Markets analyst Rishi Jaluria reiterated an Outperform rating and price target of $395.

Cantor Fitzgerald analyst Thomas Blakey reaffirmed an Overweight rating and price target of $416.

Check out other analyst stock ratings.

Needham: MongoDB made a strong start to the year, with AI traction from Frontier Labs and Enterprises, Cikos said in a note. The company's investments in the enterprise features for its multi-cloud database Atlas "appear to be paying dividends," with strength within Enterprise customers, he added.

MongoDB grew total revenue 25% year-on-year to $687.6 million. That exceeds the consensus of $664.5 million. Atlas drove the outperformance, delivering 29% year-on-year growth. On a days-adjusted basis, Atlas generated 5.4% sequential growth, which is the fastest first-quarter growth delivered in four years, he further noted.

Revenues from the company's non-Atlas business grew ...