monday.com (NASDAQ:MNDY) Shares Up 6.8% – Should You Buy?

monday.com Ltd. (NASDAQ:MNDY)’s stock price shot up 6.8% during trading on Thursday. The stock traded as high as $92.79 and last traded at $93.4270. Approximately 249,830 shares traded hands during trading, a decline of 86% from the average session volume of 1,798,083 shares. The stock had previously closed at $87.47.

Wall Street Analyst Weigh In

MNDY has been the subject of a number of research reports. JPMorgan Chase & Co. cut shares of monday.com from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $90.00 to $87.00 in a report on Tuesday, September 29th. Citigroup reduced their price target on shares of monday.com from $154.00 to $132.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Capital One Financial cut monday.com from an “overweight” rating to an “equal weight” rating and set a $95.00 target price for the company. in a research report on Monday, August 10th. Cantor Fitzgerald downgraded monday.com from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $112.00 to $90.00 in a report on Monday, August 10th. Finally, Wells Fargo & Company decreased their target price on shares of monday.com from $130.00 to $120.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $111.70.

monday.com Stock Up 7.9%

The firm has a market cap of $4.83 billion, a P/E ratio of 39.95, a price-to-earnings-growth ratio of 1.91 and a beta of 1.14. The stock’s 50-day moving average is $88.48 and its 200-day moving average is $80.13.

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

Hedge Funds Weigh In On monday.com

A number of large investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC boosted its stake in shares of monday.com by 60.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,312 shares of the company’s stock valued at $457,000 after purchasing an additional 2,373 shares during the last quarter. Engineers Gate Manager LP lifted its stake in monday.com by 29.5% in the 2nd quarter. Engineers Gate Manager LP now owns 38,981 shares of the company’s stock valued at $2,822,000 after acquiring an additional 8,891 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in monday.com in the 2nd quarter valued at approximately $5,098,000. Public Employees Retirement System of Ohio acquired a new stake in shares of monday.com in the second quarter valued at approximately $970,000. Finally, Plato Investment Management Ltd acquired a new position in monday.com during the second quarter worth $432,000. 73.70% of the stock is currently owned by institutional investors and hedge funds.

monday.com Company Profile

monday.com Ltd. develops cloud-based software designed to help organizations plan, manage and track work. Its platform provides customizable workflows, visual boards, dashboards, automations and collaboration tools that teams can use to coordinate projects, processes and day-to-day operations.

The company offers a portfolio of products built on its Work Operating System, including monday work management for project and task coordination, monday CRM for sales and customer-management activities, monday dev for software-development teams and monday service for service-management workflows.