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

monday.com (NASDAQ:MNDY)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Piper Sandler in a research report issued on Wednesday,Benzinga reports. They currently have a $350.00 price objective on the stock. Piper Sandler’s target price points to a potential upside of 55.77% from the stock’s previous close.

Several other brokerages have also recently issued reports on MNDY. Wells Fargo & Company upped their target price on shares of monday.com from $315.00 to $330.00 and gave the company an “overweight” rating in a report on Monday, November 4th. KeyCorp downgraded shares of monday.com from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Capital One Financial began coverage on monday.com in a research report on Thursday, October 10th. They set an “overweight” rating and a $325.00 target price on the stock. Barclays upped their target price on monday.com from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, October 1st. Finally, Robert W. Baird lifted their price target on monday.com from $265.00 to $270.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Six research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $309.62.

monday.com Price Performance

NASDAQ:MNDY opened at $224.69 on Wednesday. The firm has a market capitalization of $10.85 billion, a PE ratio of 548.02, a price-to-earnings-growth ratio of 7.75 and a beta of 1.25. The business’s fifty day moving average price is $283.18 and its 200 day moving average price is $258.47. monday.com has a 12 month low of $170.00 and a 12 month high of $324.99.

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

Hedge Funds Weigh In On monday.com

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. purchased a new stake in shares of monday.com in the third quarter valued at approximately $1,667,000. International Assets Investment Management LLC acquired a new position in shares of monday.com during the 3rd quarter worth $21,989,000. Taylor Frigon Capital Management LLC purchased a new position in shares of monday.com in the 3rd quarter valued at about $1,311,000. Jennison Associates LLC lifted its stake 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 during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in monday.com by 20.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 72,564 shares of the company’s stock worth $17,471,000 after buying an additional 12,460 shares in the last quarter. Institutional investors and hedge funds own 73.70% of the company’s stock.

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.