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

monday.com (NASDAQ:MNDY)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a note issued to investors on Tuesday, Marketbeat.com reports. They presently have a $125.00 price target on the stock. Needham & Company LLC‘s target price would suggest a potential upside of 20.46% from the stock’s previous close.

A number of other brokerages have also issued reports on MNDY. Barclays lowered shares of monday.com from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a research report on Monday, October 12th. BTIG Research restated a “buy” rating and set a $105.00 target price on shares of monday.com in a research report on Monday, August 10th. TD Cowen restated a “buy” rating and set a $110.00 target price on shares of monday.com in a research report on Tuesday, August 11th. Zacks Research lowered shares of monday.com from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 15th. Finally, Piper Sandler restated a “neutral” rating and set a $90.00 target price on shares of monday.com in a research report on Monday, August 10th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $111.70.

monday.com Stock Performance

Shares of MNDY opened at $103.77 on Tuesday. monday.com has a 52 week low of $57.50 and a 52 week high of $210.49. The firm has a market cap of $5.31 billion, a P/E ratio of 44.16, a price-to-earnings-growth ratio of 2.40 and a beta of 1.14. The firm’s 50-day simple moving average is $90.10 and its 200 day simple moving average is $85.01.

monday.com (NASDAQ:MNDY) last announced its quarterly earnings results on Monday, August 10th. The company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.37. monday.com had a net margin of 8.87% and a return on equity of 9.09%. The business had revenue of $364.62 million for the quarter, compared to analyst estimates of $355.55 million. During the same quarter in the prior year, the business earned $1.09 EPS. monday.com’s quarterly revenue was up 21.9% on a year-over-year basis. As a group, equities analysts forecast that monday.com will post 2.34 earnings per share for the current year.

Insider Activity

In related news, Director Aviad Eyal sold 2,000 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $100.04, for a total transaction of $200,080.00. Following the sale, the director owned 203,455 shares in the company, valued at approximately $20,353,638.20. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 22.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its stake in monday.com by 93.3% in the first quarter. Renaissance Technologies LLC now owns 2,181,990 shares of the company’s stock valued at $150,797,000 after acquiring an additional 1,052,900 shares during the last quarter. RPD Fund Management LLC bought a new position in monday.com in the first quarter valued at approximately $17,529,000. Bank of America Corp DE increased its stake in monday.com by 33.6% in the first quarter. Bank of America Corp DE now owns 194,635 shares of the company’s stock valued at $13,451,000 after acquiring an additional 49,002 shares during the last quarter. Swiss National Bank increased its stake in monday.com by 28.6% in the first quarter. Swiss National Bank now owns 159,100 shares of the company’s stock valued at $10,995,000 after acquiring an additional 35,400 shares during the last quarter. Finally, Ardmore Road Asset Management LP increased its stake in monday.com by 18.1% in the first quarter. Ardmore Road Asset Management LP now owns 118,700 shares of the company’s stock valued at $8,203,000 after acquiring an additional 18,234 shares during the last quarter. 73.70% of the stock is owned by institutional investors.

monday.com Company Profile

monday.com Ltd. is a software company that provides a cloud-based Work Operating System (Work OS) designed to help organizations manage projects, workflows and business operations. Its platform uses configurable boards, dashboards, automations, integrations and collaboration tools, enabling teams to organize work and build workflows without extensive software development.

The company offers products tailored to several business functions, including monday work management for project and task coordination, monday CRM for sales and customer relationship processes, monday dev for software development teams, and monday service for managing customer support and service operations.