monday.com (NASDAQ:MNDY) Shares Up 8.3% – Here’s Why

monday.com Ltd. (NASDAQ:MNDY) rose 8.3% during trading on Thursday . The stock traded as high as $99.86 and last traded at $100.2650. 172,157 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,942,854 shares. The stock had previously closed at $92.55.

Analyst Ratings Changes

MNDY has been the subject of several research reports. BTIG Research reiterated a “buy” rating and set a $105.00 price objective on shares of monday.com in a research note on Monday, August 10th. Barclays raised their target price on shares of monday.com from $95.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Oppenheimer set a $115.00 target price on shares of monday.com in a report on Monday, May 11th. Jefferies Financial Group reaffirmed a “hold” rating and set a $95.00 price target on shares of monday.com in a research report on Monday, August 10th. Finally, Capital One Financial downgraded monday.com from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $117.91.

monday.com Stock Up 4.8%

The company has a market cap of $4.96 billion, a PE ratio of 41.08, a price-to-earnings-growth ratio of 2.18 and a beta of 1.24. The business’s 50 day moving average price is $82.55 and its 200-day moving average price is $77.01.

monday.com (NASDAQ:MNDY) last announced its earnings results on Monday, August 10th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.37. The business 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%. The business’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 earnings per share. Equities analysts expect that monday.com Ltd. will post 2.25 earnings per share for the current year.

Institutional Trading of monday.com

Several large investors have recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of monday.com during the second quarter worth about $5,098,000. California State Teachers Retirement System boosted its holdings in monday.com by 10,466.8% in the second quarter. California State Teachers Retirement System now owns 3,293,238 shares of the company’s stock valued at $238,397,000 after purchasing an additional 3,262,072 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in monday.com during the 2nd quarter valued at approximately $970,000. Plato Investment Management Ltd purchased a new stake in monday.com during the 2nd quarter worth approximately $432,000. Finally, S&CO Inc. acquired a new position in shares of monday.com in the 2nd quarter valued at approximately $786,000. 73.70% of the stock is currently owned by institutional investors and hedge funds.

About monday.com

monday.com is a software-as-a-service (SaaS) company that provides a cloud-based Work Operating System (Work OS) designed to help teams plan, organize and track their work. The platform offers customizable workflows that support project management, task delegation, time tracking and collaboration across departments. monday.com’s visual interface enables users to create boards, automations and dashboards to centralize information and streamline processes without requiring extensive coding knowledge.

The company’s product portfolio includes monday Work OS, which can be adapted for use cases ranging from marketing campaign management and sales pipelines to software development sprints and human resources onboarding.