Needham & Company LLC Reaffirms “Buy” Rating for monday.com (NASDAQ:MNDY)

monday.com (NASDAQ:MNDY)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $400.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 36.60% from the stock’s current price.

Several other brokerages have also recently issued reports on MNDY. Piper Sandler reduced their price objective on monday.com from $385.00 to $305.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company reduced their price objective on monday.com from $380.00 to $310.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. The Goldman Sachs Group raised their price objective on monday.com from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Scotiabank raised their price objective on monday.com from $315.00 to $330.00 and gave the stock a “sector outperform” rating in a research note on Friday, May 2nd. Finally, Jefferies Financial Group cut their target price on monday.com from $400.00 to $360.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Three equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, monday.com currently has a consensus rating of “Moderate Buy” and an average price target of $346.50.

monday.com Trading Up 0.8%

Shares of NASDAQ:MNDY opened at $292.83 on Tuesday. The company has a fifty day simple moving average of $257.21 and a 200 day simple moving average of $265.49. The firm has a market cap of $14.87 billion, a PE ratio of 488.05, a price-to-earnings-growth ratio of 16.53 and a beta of 1.32. monday.com has a 12-month low of $188.01 and a 12-month high of $342.64.

monday.com (NASDAQ:MNDY) last issued its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.40. The business had revenue of $282.25 million during the quarter, compared to analyst estimates of $275.93 million. monday.com had a net margin of 3.33% and a return on equity of 6.22%. The business’s revenue was up 30.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.61 earnings per share. As a group, equities research analysts forecast that monday.com will post 0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On monday.com

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its holdings in monday.com by 78.7% during the fourth quarter. FMR LLC now owns 2,701,952 shares of the company’s stock worth $636,147,000 after acquiring an additional 1,189,858 shares during the period. JPMorgan Chase & Co. grew its holdings in monday.com by 102.5% during the first quarter. JPMorgan Chase & Co. now owns 1,682,013 shares of the company’s stock worth $408,999,000 after acquiring an additional 851,231 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in monday.com by 45.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,401,580 shares of the company’s stock worth $583,969,000 after acquiring an additional 745,686 shares during the period. Rubicon Global Capital Ltd acquired a new position in monday.com during the first quarter worth about $137,434,000. Finally, Norges Bank acquired a new position in monday.com during the fourth quarter worth about $116,686,000. 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.