monday.com (NASDAQ:MNDY) Rating Increased to Strong-Buy at Scotiabank

Scotiabank upgraded shares of monday.com (NASDAQ:MNDY) to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

Several other research firms have also recently issued reports on MNDY. Oppenheimer boosted their target price on monday.com from $275.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Tigress Financial upped their price target on shares of monday.com from $280.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Canaccord Genuity Group boosted their price target on monday.com from $295.00 to $310.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Baird R W raised shares of monday.com to a “hold” rating in a research report on Tuesday, July 23rd. Finally, TD Cowen increased their price objective on shares of monday.com from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $310.81.

monday.com Stock Performance

Shares of MNDY opened at $257.02 on Monday. The firm has a market cap of $12.41 billion, a P/E ratio of 626.88, a price-to-earnings-growth ratio of 12.26 and a beta of 1.31. monday.com has a fifty-two week low of $168.28 and a fifty-two week high of $324.99. The business has a 50-day moving average of $281.02 and a 200 day moving average of $249.95.

monday.com (NASDAQ:MNDY) last announced its quarterly earnings results on Monday, November 11th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.61 by $0.24. The firm had revenue of $251.00 million during the quarter, compared to the consensus estimate of $246.17 million. monday.com had a net margin of 2.39% and a return on equity of 4.99%. The business’s quarterly revenue was up 49.5% compared to the same quarter last year. During the same period last year, the firm earned $0.15 EPS. As a group, research analysts predict that monday.com will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On monday.com

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its position in monday.com by 112.0% during the third quarter. FMR LLC now owns 1,512,094 shares of the company’s stock worth $420,014,000 after purchasing an additional 798,791 shares during the last quarter. Jennison Associates LLC increased its holdings in monday.com by 77.5% in the third quarter. Jennison Associates LLC now owns 730,478 shares of the company’s stock valued at $202,905,000 after buying an additional 318,837 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in monday.com by 431.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 385,843 shares of the company’s stock worth $107,176,000 after purchasing an additional 313,279 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of monday.com by 20.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,122,690 shares of the company’s stock valued at $270,299,000 after buying an additional 188,800 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in monday.com by 171.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 273,877 shares of the company’s stock valued at $65,938,000 after purchasing an additional 172,919 shares during the period. 73.70% of the stock is currently owned by hedge funds and other institutional investors.

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.