monday.com (NASDAQ:MNDY) Price Target Cut to $220.00 by Analysts at Canaccord Genuity Group

monday.com (NASDAQ:MNDY) had its price objective dropped by analysts at Canaccord Genuity Group from $250.00 to $220.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 19.05% from the stock’s current price.

MNDY has been the topic of several other research reports. Tigress Financial raised their price target on shares of monday.com from $240.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Oppenheimer raised their price target on shares of monday.com from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. Wells Fargo & Company began coverage on shares of monday.com in a research report on Tuesday, April 9th. They set an “overweight” rating and a $260.00 price target on the stock. KeyCorp began coverage on shares of monday.com in a research report on Thursday, March 21st. They set an “overweight” rating and a $275.00 price target on the stock. Finally, DA Davidson restated a “neutral” rating and set a $190.00 price target on shares of monday.com in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $240.00.

monday.com Price Performance

NASDAQ:MNDY opened at $184.79 on Monday. The firm has a market capitalization of $8.92 billion, a P/E ratio of -2,639.48 and a beta of 1.18. monday.com has a 1-year low of $108.35 and a 1-year high of $239.22. The company’s fifty day moving average price is $214.29 and its 200-day moving average price is $189.44.

monday.com (NASDAQ:MNDY) last released its quarterly earnings data on Monday, February 12th. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.33. The firm had revenue of $202.60 million for the quarter, compared to analyst estimates of $197.97 million. monday.com had a negative net margin of 0.26% and a negative return on equity of 0.43%. The business’s quarterly revenue was up 35.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) earnings per share. Equities analysts anticipate 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 modified their holdings of the business. Summit Trail Advisors LLC lifted its stake in shares of monday.com by 264.1% in the first quarter. Summit Trail Advisors LLC now owns 55,048 shares of the company’s stock worth $12,434,000 after buying an additional 39,929 shares in the last quarter. Raymond James & Associates lifted its stake in shares of monday.com by 131.5% in the first quarter. Raymond James & Associates now owns 28,995 shares of the company’s stock worth $6,549,000 after buying an additional 16,470 shares in the last quarter. Norden Group LLC purchased a new position in shares of monday.com in the first quarter worth about $840,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of monday.com by 18.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 56,500 shares of the company’s stock worth $12,762,000 after buying an additional 8,636 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of monday.com by 4,419.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 60,104 shares of the company’s stock worth $13,576,000 after buying an additional 58,774 shares in the last quarter. 73.70% of the stock is owned by hedge funds and other institutional investors.

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.