Piper Sandler Reiterates “Overweight” Rating for monday.com (NASDAQ:MNDY)

monday.com (NASDAQ:MNDY)‘s stock had its “overweight” rating reaffirmed by stock analysts at Piper Sandler in a research note issued on Wednesday,Benzinga reports. They currently have a $350.00 price target on the stock. Piper Sandler’s price objective suggests a potential upside of 39.00% from the company’s current price.

Several other research analysts also recently issued reports on the company. Needham & Company LLC upped their price objective on monday.com from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Scotiabank initiated coverage on shares of monday.com in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $325.00 price target for the company. Wells Fargo & Company boosted their price objective on shares of monday.com from $315.00 to $330.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. DA Davidson restated a “neutral” rating and set a $300.00 price objective on shares of monday.com in a research report on Tuesday, November 12th. Finally, Loop Capital upped their target price on monday.com from $285.00 to $310.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Six analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $310.81.

monday.com Price Performance

Shares of NASDAQ:MNDY opened at $251.80 on Wednesday. The firm has a 50 day simple moving average of $285.29 and a 200 day simple moving average of $258.89. The company has a market cap of $12.16 billion, a price-to-earnings ratio of 614.15, a PEG ratio of 7.75 and a beta of 1.25. monday.com has a one year low of $170.00 and a one year high of $324.99.

monday.com (NASDAQ:MNDY) last announced its quarterly earnings results on Monday, November 11th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.24. The company had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $246.17 million. monday.com had a return on equity of 4.99% and a net margin of 2.39%. monday.com’s revenue was up 49.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 EPS. As a group, analysts expect that monday.com will post 0.85 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MNDY. FMR LLC lifted its position in monday.com by 112.0% in the 3rd quarter. FMR LLC now owns 1,512,094 shares of the company’s stock valued at $420,014,000 after acquiring an additional 798,791 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of monday.com by 77.5% in the third quarter. Jennison Associates LLC now owns 730,478 shares of the company’s stock valued at $202,905,000 after purchasing an additional 318,837 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of monday.com by 431.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 385,843 shares of the company’s stock valued at $107,176,000 after buying an additional 313,279 shares during the last quarter. Renaissance Technologies LLC grew its holdings in monday.com by 20.2% during the second quarter. Renaissance Technologies LLC now owns 1,122,690 shares of the company’s stock worth $270,299,000 after buying an additional 188,800 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in monday.com by 171.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 273,877 shares of the company’s stock valued at $65,938,000 after buying an additional 172,919 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.