monday.com (NASDAQ:MNDY) Trading 7.3% Higher – Here’s What Happened

monday.com Ltd. (NASDAQ:MNDY) shares were up 7.3% on Monday . The stock traded as high as $94.88 and last traded at $93.1570. 258,677 shares traded hands during trading, a decline of 86% from the average daily volume of 1,895,417 shares. The stock had previously closed at $86.84.

Analyst Upgrades and Downgrades

Several analysts have commented on MNDY shares. Piper Sandler reaffirmed a “neutral” rating and issued a $90.00 price objective on shares of monday.com in a research report on Monday, August 10th. Citigroup reduced their target price on shares of monday.com from $154.00 to $132.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Wells Fargo & Company decreased their price target on shares of monday.com from $130.00 to $120.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Tigress Financial lowered their price target on shares of monday.com to $165.00 and set a “buy” rating on the stock in a report on Friday, May 22nd. Finally, Zacks Research upgraded monday.com from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $117.91.

monday.com Trading Up 8.5%

The company has a market capitalization of $4.82 billion, a P/E ratio of 40.08, a P/E/G ratio of 2.03 and a beta of 1.15. The company’s fifty day moving average is $87.20 and its 200 day moving average is $78.38.

monday.com (NASDAQ:MNDY) last issued its earnings results on Monday, August 10th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.37. The business had revenue of $364.62 million for the quarter, compared to analysts’ expectations of $355.55 million. monday.com had a net margin of 8.87% and a return on equity of 9.09%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 EPS. Equities research analysts predict that monday.com Ltd. will post 2.25 EPS for the current year.

Institutional Trading of monday.com

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of monday.com by 76.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 150 shares of the company’s stock valued at $47,000 after buying an additional 65 shares during the period. NewEdge Advisors LLC increased its position in monday.com by 2,120.0% during the first quarter. NewEdge Advisors LLC now owns 111 shares of the company’s stock valued at $27,000 after acquiring an additional 106 shares during the last quarter. Royal London Asset Management Ltd. increased its position in monday.com by 8.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 1,792 shares of the company’s stock valued at $264,000 after acquiring an additional 140 shares during the last quarter. Advisory Services Network LLC bought a new position in monday.com in the third quarter valued at about $28,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in monday.com by 6.2% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 2,635 shares of the company’s stock valued at $389,000 after acquiring an additional 155 shares during the period. 73.70% of the stock is currently owned by institutional investors.

About monday.com

monday.com Ltd. is a software company that provides cloud-based work management and productivity solutions for organizations of various sizes. Its platform is designed to help teams plan projects, manage workflows, coordinate tasks, track progress and collaborate across departments.

The company’s product portfolio includes monday work management, monday CRM, monday dev and monday service. These products support functions such as project and portfolio management, customer relationship management, software development, IT service management and business process automation.