monday.com’s (MNDY) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of monday.com (NASDAQ:MNDY) in a research note published on Monday morning,Benzinga reports. The firm currently has a $250.00 price target on the stock.

A number of other brokerages have also recently issued reports on MNDY. Bank of America dropped their target price on shares of monday.com from $340.00 to $240.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Citigroup dropped their target price on shares of monday.com from $381.00 to $326.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Piper Sandler dropped their target price on shares of monday.com from $325.00 to $300.00 and set an “overweight” rating for the company in a research report on Tuesday, August 12th. Wells Fargo & Company set a $365.00 target price on shares of monday.com and gave the stock an “overweight” rating in a research report on Friday, June 13th. Finally, Barclays dropped their target price on shares of monday.com from $345.00 to $258.00 and set an “overweight” rating for the company in a research report on Tuesday, August 12th. Two analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $305.18.

monday.com Stock Performance

Shares of MNDY stock opened at $179.01 on Monday. The stock has a market cap of $9.09 billion, a price-to-earnings ratio of 241.91, a P/E/G ratio of 5.91 and a beta of 1.27. The firm has a fifty day moving average of $274.12 and a 200-day moving average of $274.23. monday.com has a 52-week low of $171.54 and a 52-week high of $342.64.

monday.com (NASDAQ:MNDY) last announced its earnings results on Monday, August 11th. The company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.25. The business had revenue of $299.01 million during 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 6.32%. The firm’s revenue for the quarter was up 26.6% on a year-over-year basis. During the same quarter last year, the company posted $0.94 EPS. On average, sell-side analysts predict that monday.com will post 0.46 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MNDY. Rubicon Global Capital Ltd boosted its stake in shares of monday.com by 155.3% in the 2nd quarter. Rubicon Global Capital Ltd now owns 1,442,900 shares of the company’s stock valued at $453,763,000 after purchasing an additional 877,700 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in monday.com by 102.5% during the 1st quarter. JPMorgan Chase & Co. now owns 1,682,013 shares of the company’s stock worth $408,999,000 after acquiring an additional 851,231 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in monday.com by 45.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,401,580 shares of the company’s stock worth $583,969,000 after acquiring an additional 745,686 shares during the last quarter. Norges Bank bought a new position in monday.com during the 2nd quarter worth approximately $161,114,000. Finally, 1832 Asset Management L.P. bought a new position in monday.com during the 1st quarter worth approximately $115,744,000. Institutional investors own 73.70% of the company’s stock.

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.