Needham & Company LLC Reiterates Buy Rating for monday.com (NASDAQ:MNDY)

monday.com (NASDAQ:MNDY)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $230.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 19.29% from the stock’s previous close.

Several other equities analysts have also commented on the company. Piper Sandler reissued an “overweight” rating and set a $250.00 price objective on shares of monday.com in a research report on Tuesday, February 13th. Citigroup cut shares of monday.com from a “buy” rating to a “neutral” rating and lowered their price target for the company from $277.00 to $250.00 in a research report on Wednesday, April 10th. Oppenheimer upped their price objective on shares of monday.com from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Tuesday, February 13th. KeyCorp started coverage on shares of monday.com in a research note on Thursday, March 21st. They set an “overweight” rating and a $275.00 target price for the company. Finally, Canaccord Genuity Group dropped their price target on monday.com from $250.00 to $220.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $240.00.

monday.com Trading Up 1.3 %

NASDAQ:MNDY opened at $192.80 on Tuesday. monday.com has a 12 month low of $108.35 and a 12 month high of $239.22. The company has a 50-day moving average price of $211.55 and a 200-day moving average price of $190.57. The stock has a market cap of $9.31 billion, a price-to-earnings ratio of -2,753.89 and a beta of 1.18.

monday.com (NASDAQ:MNDY) last issued its quarterly earnings data on Monday, February 12th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.32 by $0.33. monday.com had a negative net margin of 0.26% and a negative return on equity of 0.43%. The business had revenue of $202.60 million during the quarter, compared to analyst estimates of $197.97 million. During the same period last year, the business posted ($0.03) earnings per share. monday.com’s quarterly revenue was up 35.5% compared to the same quarter last year. Equities analysts forecast that monday.com will post -0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On monday.com

Several large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its stake in monday.com by 4,419.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 60,104 shares of the company’s stock valued at $13,576,000 after acquiring an additional 58,774 shares during the period. Commonwealth Equity Services LLC lifted its position in monday.com by 21.8% during the first quarter. Commonwealth Equity Services LLC now owns 3,213 shares of the company’s stock valued at $726,000 after purchasing an additional 575 shares during the period. Principal Financial Group Inc. boosted its holdings in monday.com by 2,121.0% in the first quarter. Principal Financial Group Inc. now owns 42,510 shares of the company’s stock worth $9,602,000 after purchasing an additional 40,596 shares during the last quarter. Marks Group Wealth Management Inc bought a new stake in monday.com in the 1st quarter worth approximately $310,000. Finally, SYSTM Wealth Solutions LLC grew its position in monday.com by 39.6% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 9,639 shares of the company’s stock worth $2,177,000 after purchasing an additional 2,734 shares during the period. 73.70% of the stock is currently owned by 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.