monday.com (NASDAQ:MNDY) Trading Up 6.2% – Time to Buy?

monday.com Ltd. (NASDAQ:MNDY) shares were up 6.2% during mid-day trading on Tuesday . The stock traded as high as $260.72 and last traded at $261.11. Approximately 201,640 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 890,584 shares. The stock had previously closed at $245.97.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MNDY shares. William Blair reissued an “outperform” rating on shares of monday.com in a research note on Wednesday, December 18th. Canaccord Genuity Group lifted their target price on monday.com from $295.00 to $310.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. KeyCorp downgraded monday.com from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Robert W. Baird lifted their target price on monday.com from $270.00 to $275.00 and gave the company a “neutral” rating in a research report on Tuesday, January 21st. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $300.00 target price on shares of monday.com in a research report on Tuesday, November 12th. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, monday.com currently has a consensus rating of “Moderate Buy” and an average price target of $310.68.

monday.com Price Performance

The firm has a 50-day moving average price of $253.90 and a 200 day moving average price of $259.97. The company has a market cap of $12.73 billion, a price-to-earnings ratio of 643.21, a P/E/G ratio of 6.29 and a beta of 1.30.

monday.com (NASDAQ:MNDY) last issued its quarterly earnings results on Monday, November 11th. The company reported $0.85 earnings per share (EPS) 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 analysts’ expectations of $246.17 million. monday.com had a return on equity of 4.99% and a net margin of 2.39%. The firm’s revenue for the quarter was up 49.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 earnings per share. On average, equities analysts anticipate that monday.com Ltd. will post 0.85 EPS for the current fiscal year.

Institutional Investors Weigh In On monday.com

Several institutional investors have recently made changes to their positions in the stock. FMR LLC lifted its stake in monday.com by 112.0% during the third quarter. FMR LLC now owns 1,512,094 shares of the company’s stock worth $420,014,000 after purchasing an additional 798,791 shares during the last quarter. SG Americas Securities LLC lifted its stake in monday.com by 1,024.7% during the fourth quarter. SG Americas Securities LLC now owns 476,392 shares of the company’s stock worth $112,162,000 after purchasing an additional 434,035 shares during the last quarter. Jennison Associates LLC lifted its stake in monday.com by 77.5% during the third quarter. Jennison Associates LLC now owns 730,478 shares of the company’s stock worth $202,905,000 after purchasing an additional 318,837 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of monday.com by 431.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 385,843 shares of the company’s stock worth $107,176,000 after buying an additional 313,279 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of monday.com during the second quarter worth $28,747,000. 73.70% of the stock is currently owned by institutional investors.

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.