Canaccord Genuity Group Forecasts Strong Price Appreciation for monday.com (NASDAQ:MNDY) Stock

monday.com (NASDAQ:MNDY) had its price objective raised by investment analysts at Canaccord Genuity Group from $295.00 to $310.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 13.98% from the company’s previous close.

MNDY has been the topic of a number of other reports. Wells Fargo & Company upped their price objective on shares of monday.com from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Capital One Financial began coverage on monday.com in a research note on Thursday, October 10th. They issued an “overweight” rating and a $325.00 price objective for the company. Barclays raised their price target on shares of monday.com from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, October 1st. The Goldman Sachs Group lifted their target price on monday.com from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. Finally, TD Cowen raised their target price on monday.com from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Five equities 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $310.10.

monday.com Stock Performance

MNDY stock traded down $3.23 during midday trading on Tuesday, hitting $271.98. 602,474 shares of the company’s stock were exchanged, compared to its average volume of 709,918. The company has a market cap of $13.13 billion, a PE ratio of 339.61, a price-to-earnings-growth ratio of 15.22 and a beta of 1.31. monday.com has a one year low of $150.10 and a one year high of $324.99. The stock’s fifty day moving average price is $279.07 and its 200-day moving average price is $246.86.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings results on Monday, August 12th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.23. The business had revenue of $236.11 million during the quarter, compared to analysts’ expectations of $227.96 million. monday.com had a return on equity of 4.74% and a net margin of 4.88%. On average, analysts expect that monday.com will post 0.5 EPS for the current year.

Institutional Investors Weigh In On monday.com

Large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in monday.com in the 3rd quarter worth approximately $43,000. Ridgewood Investments LLC bought a new stake in monday.com during the 2nd quarter valued at $45,000. Gilliland Jeter Wealth Management LLC boosted its holdings in shares of monday.com by 72.9% during the second quarter. Gilliland Jeter Wealth Management LLC now owns 242 shares of the company’s stock worth $58,000 after purchasing an additional 102 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of monday.com in the 2nd quarter worth approximately $69,000. Finally, Industrial Alliance Investment Management Inc. increased its position in monday.com by 741.7% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 404 shares of the company’s stock valued at $91,000 after purchasing an additional 356 shares during the period. Hedge funds and other 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.