Canaccord Genuity Group Forecasts Strong Price Appreciation for monday.com (NASDAQ:MNDY) Stock

monday.com (NASDAQ:MNDY) had its price target boosted by Canaccord Genuity Group from $295.00 to $310.00 in a report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

MNDY has been the subject of several other research reports. TD Cowen boosted their price target on monday.com from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. The Goldman Sachs Group boosted their price target on monday.com from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. Needham & Company LLC lifted their price objective on monday.com from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday. Robert W. Baird upped their price objective on monday.com from $265.00 to $270.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Wells Fargo & Company raised their target price on monday.com from $315.00 to $330.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $310.10.

monday.com Stock Performance

Shares of NASDAQ MNDY traded down $9.56 during mid-day trading on Tuesday, hitting $259.34. 300,867 shares of the stock traded hands, compared to its average volume of 721,730. monday.com has a 52 week low of $166.86 and a 52 week high of $324.99. The company has a market cap of $12.52 billion, a price-to-earnings ratio of 655.85, a PEG ratio of 12.55 and a beta of 1.31. The stock has a fifty day moving average price of $280.09 and a 200-day moving average price of $247.65.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its position in shares of monday.com by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,164,566 shares of the company’s stock valued at $714,781,000 after buying an additional 31,304 shares during the period. FMR LLC boosted its position in shares of monday.com by 112.0% during the third quarter. FMR LLC now owns 1,512,094 shares of the company’s stock valued at $420,014,000 after buying an additional 798,791 shares during the period. Renaissance Technologies LLC boosted its position in shares of monday.com by 20.2% during the second 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 period. Jennison Associates LLC boosted its position in shares of monday.com by 77.5% during 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 period. Finally, 1832 Asset Management L.P. boosted its position in shares of monday.com by 34.4% during the second quarter. 1832 Asset Management L.P. now owns 667,500 shares of the company’s stock valued at $160,707,000 after buying an additional 170,800 shares during the period. Hedge funds and other 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.