monday.com (NASDAQ:MNDY) Sees Large Volume Increase Following Earnings Beat

monday.com Ltd. (NASDAQ:MNDY) saw unusually-strong trading volume on Tuesday following a stronger than expected earnings report. Approximately 860,080 shares traded hands during trading, an increase of 2% from the previous session’s volume of 844,020 shares.The stock last traded at $179.15 and had previously closed at $174.13.

The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.25. The firm had revenue of $299.01 million for the quarter, compared to analysts’ expectations of $293.60 million. monday.com had a net margin of 3.63% and a return on equity of 6.56%. The firm’s revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.94 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MNDY shares. KeyCorp reissued an “overweight” rating and issued a $330.00 price objective on shares of monday.com in a research note on Monday. Morgan Stanley upgraded shares of monday.com from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $330.00 to $260.00 in a report on Tuesday. Cowen restated a “buy” rating on shares of monday.com in a report on Tuesday. TD Cowen reduced their target price on shares of monday.com from $360.00 to $290.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Scotiabank upped their target price on shares of monday.com from $315.00 to $330.00 and gave the company a “sector outperform” rating in a report on Friday, May 2nd. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $311.09.

Institutional Trading of monday.com

Several large investors have recently bought and sold shares of the company. Spire Wealth Management grew its position in monday.com by 7.9% in the first quarter. Spire Wealth Management now owns 572 shares of the company’s stock valued at $139,000 after acquiring an additional 42 shares in the last quarter. CWM LLC grew its position in monday.com by 31.3% in the second quarter. CWM LLC now owns 210 shares of the company’s stock valued at $66,000 after acquiring an additional 50 shares in the last quarter. Farther Finance Advisors LLC grew its position in monday.com by 32.7% in the first quarter. Farther Finance Advisors LLC now owns 211 shares of the company’s stock valued at $55,000 after acquiring an additional 52 shares in the last quarter. Dakota Wealth Management grew its position in monday.com by 3.0% in the second quarter. Dakota Wealth Management now owns 1,793 shares of the company’s stock valued at $564,000 after acquiring an additional 52 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. grew its position in monday.com by 6.1% in the first quarter. Mesirow Financial Investment Management Inc. now owns 950 shares of the company’s stock valued at $231,000 after acquiring an additional 55 shares in the last quarter. Institutional investors and hedge funds own 73.70% of the company’s stock.

monday.com Price Performance

The company’s 50-day simple moving average is $284.40 and its 200-day simple moving average is $276.13. The company has a market cap of $8.74 billion, a price-to-earnings ratio of 232.64, a P/E/G ratio of 63.01 and a beta of 1.27.

About monday.com

monday.com Ltd., together with its subsidiaries, develops software applications in the United States, Europe, the Middle East, Africa, the United Kingdom, and internationally. The company provides Work OS, a cloud-based visual work operating system that consists of modular building blocks used and assembled to create software applications and work management tools.