monday.com (NASDAQ:MNDY) Given “Buy” Rating 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 report released on Tuesday, Benzinga reports. They currently have a $230.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 21.08% from the company’s current price.

Several other analysts have also recently weighed in on the stock. Bank of America initiated coverage on shares of monday.com in a research note on Monday, February 26th. They issued a “buy” rating and a $280.00 price objective for the company. Jefferies Financial Group upgraded shares of monday.com from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $180.00 to $230.00 in a research note on Friday, January 5th. Citigroup cut shares of monday.com from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $277.00 to $250.00 in a research note on Wednesday, April 10th. DA Davidson reiterated a “neutral” rating and issued a $190.00 price objective on shares of monday.com in a research note on Tuesday, February 13th. Finally, Canaccord Genuity Group dropped their price objective on shares of monday.com from $250.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $240.00.

monday.com Stock Performance

NASDAQ MNDY opened at $189.95 on Tuesday. The firm has a 50-day moving average of $210.99 and a 200-day moving average of $190.92. The stock has a market cap of $9.17 billion, a PE ratio of -2,713.57 and a beta of 1.18. monday.com has a 52-week low of $108.35 and a 52-week high of $239.22.

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

Hedge Funds Weigh In On monday.com

Several hedge funds and other institutional investors have recently made changes to their positions in MNDY. WCM Investment Management LLC bought a new stake in shares of monday.com during the 1st quarter valued at approximately $728,521,000. Acadian Asset Management LLC grew its holdings in shares of monday.com by 35.8% during the 3rd quarter. Acadian Asset Management LLC now owns 1,137,850 shares of the company’s stock valued at $181,124,000 after purchasing an additional 300,011 shares during the last quarter. 1832 Asset Management L.P. grew its holdings in shares of monday.com by 12.1% during the 4th quarter. 1832 Asset Management L.P. now owns 860,300 shares of the company’s stock valued at $161,573,000 after purchasing an additional 92,600 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of monday.com during the 4th quarter valued at approximately $131,086,000. Finally, Invesco Ltd. grew its holdings in shares of monday.com by 331.6% during the 3rd quarter. Invesco Ltd. now owns 629,572 shares of the company’s stock valued at $100,240,000 after purchasing an additional 483,709 shares during the last quarter. 73.70% of the stock is currently owned by institutional investors and hedge funds.

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.