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

monday.com Ltd. (NASDAQ:MNDY)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $234.15, but opened at $241.65. monday.com shares last traded at $239.92, with a volume of 97,102 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Cantor Fitzgerald initiated coverage on monday.com in a research note on Friday. They issued an “overweight” rating and a $292.00 target price on the stock. Loop Capital decreased their target price on shares of monday.com from $310.00 to $300.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. Needham & Company LLC boosted their price target on shares of monday.com from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. KeyCorp cut monday.com from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Finally, Scotiabank dropped their target price on monday.com from $325.00 to $300.00 and set a “sector outperform” rating on the stock in a report on Thursday. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $310.48.

monday.com Trading Up 0.6 %

The stock has a market cap of $11.69 billion, a price-to-earnings ratio of 590.37, a price-to-earnings-growth ratio of 5.41 and a beta of 1.30. The stock’s 50-day simple moving average is $256.02 and its 200-day simple moving average is $259.37.

monday.com (NASDAQ:MNDY) last issued its quarterly earnings results on Monday, November 11th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.24. monday.com had a net margin of 2.39% and a return on equity of 4.99%. The company had revenue of $251.00 million during the quarter, compared to the consensus estimate of $246.17 million. During the same quarter in the prior year, the firm posted $0.15 EPS. The firm’s quarterly revenue was up 49.5% on a year-over-year basis. On average, equities research analysts forecast that monday.com Ltd. will post 0.85 earnings per share for the current year.

Hedge Funds Weigh In On monday.com

A number of institutional investors have recently added to or reduced their stakes in MNDY. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of monday.com during the third quarter worth $43,000. Toronto Dominion Bank bought a new position in monday.com in the second quarter valued at about $120,000. Vestcor Inc boosted its stake in shares of monday.com by 31.4% during the third quarter. Vestcor Inc now owns 519 shares of the company’s stock valued at $144,000 after purchasing an additional 124 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of monday.com by 645.7% during the third quarter. Larson Financial Group LLC now owns 604 shares of the company’s stock worth $168,000 after purchasing an additional 523 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. increased its stake in shares of monday.com by 18.2% in the third quarter. Northwest & Ethical Investments L.P. now owns 650 shares of the company’s stock valued at $181,000 after buying an additional 100 shares during the period. 73.70% of the stock is currently owned by institutional investors and hedge funds.

About monday.com

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.