monday.com (NASDAQ:MNDY) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of monday.com (NASDAQ:MNDY) from an overweight rating to a neutral rating in a research note issued to investors on Tuesday morning, Marketbeat reports. The brokerage currently has $87.00 target price on the stock, down from their prior target price of $90.00.

A number of other research firms have also recently commented on MNDY. Wolfe Research cut monday.com from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, August 11th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $95.00 target price on shares of monday.com in a report on Monday, August 10th. TD Cowen reaffirmed a “buy” rating and set a $110.00 price objective on shares of monday.com in a report on Tuesday, August 11th. Piper Sandler restated a “neutral” rating and set a $90.00 price objective on shares of monday.com in a research report on Monday, August 10th. Finally, BTIG Research restated a “buy” rating and issued a $105.00 price target on shares of monday.com in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $111.70.

monday.com Stock Up 2.4%

Shares of MNDY opened at $80.31 on Tuesday. The company has a market capitalization of $4.11 billion, a P/E ratio of 34.17, a price-to-earnings-growth ratio of 1.84 and a beta of 1.15. The firm has a 50 day moving average of $88.93 and a 200 day moving average of $79.39. monday.com has a twelve month low of $57.50 and a twelve month high of $210.49.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings results on Monday, August 10th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.37. The firm had revenue of $364.62 million during the quarter, compared to analysts’ expectations of $355.55 million. monday.com had a return on equity of 9.09% and a net margin of 8.87%.The company’s revenue was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.09 earnings per share. On average, sell-side analysts expect that monday.com will post 2.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. SEB Asset Management AB bought a new stake in shares of monday.com in the 1st quarter valued at about $1,639,000. Swiss National Bank increased its holdings in shares of monday.com by 28.6% during 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 in the last quarter. Empowered Funds LLC raised its holdings in shares of monday.com by 4,194.6% in the first quarter. Empowered Funds LLC now owns 14,430 shares of the company’s stock worth $997,000 after buying an additional 14,094 shares during the last quarter. Arkadios Wealth Advisors purchased a new position in monday.com in the 1st quarter worth $1,534,000. Finally, Royal Bank of Canada lifted its holdings in shares of monday.com by 88.7% during the first quarter. Royal Bank of Canada now owns 30,422 shares of the company’s stock worth $2,102,000 after purchasing an additional 14,300 shares during the period. 73.70% of the stock is currently owned by hedge funds and other institutional investors.

About monday.com

monday.com Ltd. develops cloud-based software designed to help organizations plan, manage and track work. Its platform provides customizable workflows, visual boards, dashboards, automations and collaboration tools that teams can use to coordinate projects, processes and day-to-day operations.

The company offers a portfolio of products built on its Work Operating System, including monday work management for project and task coordination, monday CRM for sales and customer-management activities, monday dev for software-development teams and monday service for service-management workflows.