monday.com (NASDAQ:MNDY) Shares Gap Up – What’s Next?

Shares of monday.com Ltd. (NASDAQ:MNDY) gapped up before the market opened on Tuesday. The stock had previously closed at $93.42, but opened at $97.00. monday.com shares last traded at $97.2170, with a volume of 175,687 shares changing hands.

Wall Street Analysts Forecast Growth

MNDY has been the subject of several recent analyst reports. TD Cowen reiterated a “buy” rating and issued a $110.00 target price on shares of monday.com in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of monday.com from a “hold” rating to a “buy” rating in a report on Monday, October 5th. Citigroup cut their price target on shares of monday.com from $154.00 to $132.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Wolfe Research downgraded shares of monday.com from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. lowered shares of monday.com from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $90.00 to $87.00 in a research note on Tuesday, September 29th. Twelve investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $111.70.

monday.com Trading Up 6.2%

The stock has a 50-day simple moving average of $88.66 and a 200 day simple moving average of $80.66. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 42.21, a price-to-earnings-growth ratio of 2.04 and a beta of 1.14.

monday.com (NASDAQ:MNDY) last issued its earnings results on Monday, August 10th. The company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.37. The company had revenue of $364.62 million for the quarter, compared to the consensus estimate of $355.55 million. monday.com had a return on equity of 9.09% and a net margin of 8.87%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.09 EPS. Sell-side analysts expect that monday.com Ltd. will post 2.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MNDY. SEB Asset Management AB purchased a new stake in monday.com in the 1st quarter worth approximately $1,639,000. Swiss National Bank boosted its stake in shares of monday.com by 28.6% during the 1st quarter. Swiss National Bank now owns 159,100 shares of the company’s stock valued at $10,995,000 after buying an additional 35,400 shares during the period. Empowered Funds LLC boosted its stake in shares of monday.com by 4,194.6% during the 1st quarter. Empowered Funds LLC now owns 14,430 shares of the company’s stock valued at $997,000 after buying an additional 14,094 shares during the period. Arkadios Wealth Advisors purchased a new position in shares of monday.com during the 1st quarter valued at $1,534,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of monday.com during the 2nd quarter valued at $970,000. Institutional investors and hedge funds own 73.70% of the company’s stock.

About monday.com

monday.com Ltd. is a software company that provides a cloud-based Work Operating System (Work OS) designed to help organizations manage projects, workflows and business operations. Its platform uses configurable boards, dashboards, automations, integrations and collaboration tools, enabling teams to organize work and build workflows without extensive software development.

The company offers products tailored to several business functions, including monday work management for project and task coordination, monday CRM for sales and customer relationship processes, monday dev for software development teams, and monday service for managing customer support and service operations.