Canaccord Genuity Group Lowers monday.com (NASDAQ:MNDY) Price Target to $350.00

monday.com (NASDAQ:MNDY) had its target price cut by equities researchers at Canaccord Genuity Group from $375.00 to $350.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 22.21% from the company’s current price.

Other analysts have also recently issued reports about the stock. Piper Sandler raised their price target on shares of monday.com from $305.00 to $325.00 and gave the company an “overweight” rating in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 target price on shares of monday.com in a report on Tuesday. Tigress Financial boosted their price target on monday.com from $340.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Citigroup raised monday.com from a “neutral” rating to a “buy” rating and cut their target price for the stock from $302.00 to $298.00 in a research note on Thursday, January 16th. Finally, DA Davidson decreased their price target on monday.com from $350.00 to $290.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Three research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $342.64.

monday.com Stock Up 2.6%

MNDY traded up $7.21 during trading on Tuesday, reaching $286.38. 104,671 shares of the company were exchanged, compared to its average volume of 795,763. The company’s 50-day moving average is $255.67 and its two-hundred day moving average is $265.12. monday.com has a 12-month low of $180.66 and a 12-month high of $342.64. The company has a market cap of $14.54 billion, a price-to-earnings ratio of 477.54, a P/E/G ratio of 16.53 and a beta of 1.32.

monday.com (NASDAQ:MNDY) last announced its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.40. The company had revenue of $282.25 million during the quarter, compared to the consensus estimate of $275.93 million. monday.com had a net margin of 3.33% and a return on equity of 6.22%. The firm’s quarterly revenue was up 30.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.61 earnings per share. Equities analysts forecast that monday.com will post 0.46 earnings per share for the current year.

Institutional Investors Weigh In On monday.com

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. boosted its stake in monday.com by 24.2% during the fourth quarter. Oppenheimer & Co. Inc. now owns 6,765 shares of the company’s stock valued at $1,593,000 after buying an additional 1,318 shares during the period. SBI Securities Co. Ltd. bought a new stake in monday.com in the 4th quarter worth approximately $245,000. Bank of Montreal Can boosted its stake in monday.com by 62.0% in the fourth quarter. Bank of Montreal Can now owns 22,097 shares of the company’s stock worth $5,203,000 after buying an additional 8,454 shares in the last quarter. Bailard Inc. raised its stake in shares of monday.com by 147.5% during the fourth quarter. Bailard Inc. now owns 7,055 shares of the company’s stock worth $1,661,000 after acquiring an additional 4,204 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of monday.com by 3.4% in the 4th quarter. Bank of New York Mellon Corp now owns 255,455 shares of the company’s stock valued at $60,144,000 after purchasing an additional 8,329 shares in the last quarter. Institutional investors own 73.70% of the company’s stock.

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.