monday.com (NASDAQ:MNDY) Shares Gap Up – Here’s What Happened

monday.com Ltd. (NASDAQ:MNDY) shares gapped up prior to trading on Monday . The stock had previously closed at $255.87, but opened at $264.04. monday.com shares last traded at $262.35, with a volume of 66,747 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MNDY. KeyCorp upgraded shares of monday.com from a “sector weight” rating to an “overweight” rating and set a $420.00 target price for the company in a research note on Tuesday, February 11th. Citigroup upgraded shares of monday.com from a “neutral” rating to a “buy” rating and lowered their target price for the company from $302.00 to $298.00 in a research note on Thursday, January 16th. William Blair restated an “outperform” rating on shares of monday.com in a research note on Wednesday, December 18th. Scotiabank lowered their price objective on shares of monday.com from $400.00 to $315.00 and set a “sector outperform” rating for the company in a research note on Monday. Finally, DA Davidson upgraded shares of monday.com from a “neutral” rating to a “buy” rating and set a $350.00 price objective for the company in a research note on Monday. Three research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $354.45.

monday.com Price Performance

The business’s fifty day simple moving average is $267.18 and its two-hundred day simple moving average is $269.58. The company has a market cap of $12.42 billion, a PE ratio of 428.72, a PEG ratio of 16.53 and a beta of 1.27.

monday.com (NASDAQ:MNDY) last released its quarterly earnings data on Monday, February 10th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.28). monday.com had a net margin of 3.33% and a return on equity of 6.22%. As a group, analysts predict that monday.com Ltd. will post 0.46 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lansforsakringar Fondforvaltning AB publ purchased a new position in monday.com in the fourth quarter valued at $1,905,000. Employees Retirement System of Texas purchased a new position in monday.com in the fourth quarter valued at $187,000. Polar Asset Management Partners Inc. purchased a new stake in shares of monday.com during the fourth quarter worth about $9,629,000. Mackenzie Financial Corp increased its stake in shares of monday.com by 18.2% during the fourth quarter. Mackenzie Financial Corp now owns 2,430 shares of the company’s stock worth $572,000 after purchasing an additional 374 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of monday.com by 12.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 117,436 shares of the company’s stock worth $27,649,000 after purchasing an additional 12,999 shares in the last quarter. Hedge funds and other institutional investors own 73.70% of the company’s stock.

monday.com Company Profile

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.