monday.com (NASDAQ:MNDY) Shares Gap Up – What’s Next?

monday.com Ltd. (NASDAQ:MNDY)’s stock price gapped up prior to trading on Tuesday. The stock had previously closed at $93.42, but opened at $97.00. monday.com shares last traded at $97.2170, with a volume of 175,687 shares traded.

Analysts Set New Price Targets

Several research firms have recently issued reports on MNDY. TD Cowen reiterated a “buy” rating and issued a $110.00 price objective on shares of monday.com in a report on Tuesday, August 11th. Citigroup dropped their target price on monday.com from $154.00 to $132.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Barclays cut monday.com from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a report on Monday, October 12th. Jefferies Financial Group restated a “hold” rating and issued a $95.00 target price on shares of monday.com in a research report on Monday, August 10th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $90.00 price target on shares of monday.com in a research note on Monday, August 10th. Twelve analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, monday.com currently has a consensus rating of “Hold” and an average target price of $111.70.

monday.com Stock Up 6.2%

The firm’s 50-day simple moving average is $88.66 and its 200 day simple moving average is $80.66. The stock has a market capitalization of $5.08 billion, a P/E ratio of 42.21, a PEG ratio of 2.04 and a beta of 1.14.

monday.com (NASDAQ:MNDY) last issued its quarterly earnings results on Monday, August 10th. The company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.37. The company had revenue of $364.62 million during the quarter, compared to the consensus estimate of $355.55 million. monday.com had a net margin of 8.87% and a return on equity of 9.09%. monday.com’s revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.09 EPS. As a group, equities analysts anticipate that monday.com Ltd. will post 2.34 EPS for the current fiscal year.

Institutional Trading of monday.com

A number of large investors have recently added to or reduced their stakes in MNDY. Renaissance Technologies LLC grew its holdings in shares of monday.com by 93.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,181,990 shares of the company’s stock worth $150,797,000 after acquiring an additional 1,052,900 shares during the last quarter. RPD Fund Management LLC purchased a new stake in shares of monday.com during the first quarter valued at $17,529,000. Bank of America Corp DE lifted its holdings in shares of monday.com by 33.6% during the first quarter. Bank of America Corp DE now owns 194,635 shares of the company’s stock valued at $13,451,000 after purchasing an additional 49,002 shares during the last quarter. Swiss National Bank lifted 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 purchasing an additional 35,400 shares during the last quarter. Finally, Ardmore Road Asset Management LP boosted its position in shares of monday.com by 18.1% in the 1st quarter. Ardmore Road Asset Management LP now owns 118,700 shares of the company’s stock valued at $8,203,000 after purchasing an additional 18,234 shares during the period. 73.70% of the stock is currently owned by institutional investors.

monday.com Company Profile

monday.com Ltd. is a software company that provides a cloud-based Work Operating System (Work OS) designed to help organizations manage projects, workflows and business operations. Its platform uses configurable boards, dashboards, automations, integrations and collaboration tools, enabling teams to organize work and build workflows without extensive software development.

The company offers products tailored to several business functions, including monday work management for project and task coordination, monday CRM for sales and customer relationship processes, monday dev for software development teams, and monday service for managing customer support and service operations.