Pier 88 Investment Partners LLC Trims Stake in monday.com Ltd. (NASDAQ:MNDY)

Pier 88 Investment Partners LLC lessened its stake in monday.com Ltd. (NASDAQ:MNDY) by 43.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,530 shares of the company’s stock after selling 3,480 shares during the period. Pier 88 Investment Partners LLC’s holdings in monday.com were worth $1,258,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Clearbridge Investments LLC boosted its stake in monday.com by 2,851.5% during the first quarter. Clearbridge Investments LLC now owns 344,525 shares of the company’s stock worth $77,818,000 after buying an additional 332,852 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of monday.com by 431.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 385,843 shares of the company’s stock valued at $107,176,000 after purchasing an additional 313,279 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of monday.com by 20.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,122,690 shares of the company’s stock worth $270,299,000 after purchasing an additional 188,800 shares during the period. Bank of New York Mellon Corp increased its position in shares of monday.com by 171.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 273,877 shares of the company’s stock worth $65,938,000 after purchasing an additional 172,919 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in monday.com by 34.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 667,500 shares of the company’s stock valued at $160,707,000 after buying an additional 170,800 shares during the period. Institutional investors and hedge funds own 73.70% of the company’s stock.

monday.com Stock Up 3.3 %

Shares of monday.com stock opened at $269.16 on Thursday. The firm has a market capitalization of $13.00 billion, a P/E ratio of 656.49, a P/E/G ratio of 12.15 and a beta of 1.31. monday.com Ltd. has a 52 week low of $159.22 and a 52 week high of $324.99. The firm’s 50 day moving average is $279.69 and its two-hundred day moving average is $247.51.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings data on Monday, November 11th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.24. The business had revenue of $251.00 million during the quarter, compared to the consensus estimate of $246.17 million. monday.com had a return on equity of 5.15% and a net margin of 2.39%. The company’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 earnings per share. As a group, research analysts expect that monday.com Ltd. will post 0.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Capital One Financial began coverage on shares of monday.com in a report on Thursday, October 10th. They issued an “overweight” rating and a $325.00 price objective on the stock. Bank of America lifted their price objective on monday.com from $280.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. Wells Fargo & Company increased their target price on monday.com from $315.00 to $330.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. boosted their price target on shares of monday.com from $270.00 to $300.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 13th. Finally, Canaccord Genuity Group raised their price objective on shares of monday.com from $295.00 to $310.00 and gave the company a “buy” rating in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $310.10.

monday.com 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.