monday.com (NASDAQ:MNDY) Shares Gap Down – Here’s What Happened

monday.com Ltd. (NASDAQ:MNDY)’s stock price gapped down prior to trading on Monday. The stock had previously closed at $87.93, but opened at $83.00. monday.com shares last traded at $84.1490, with a volume of 935,773 shares trading hands.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Zacks Research cut shares of monday.com from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 15th. JPMorgan Chase & Co. downgraded monday.com from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $90.00 to $87.00 in a research note on Tuesday, September 29th. Guggenheim reaffirmed a “buy” rating and issued a $130.00 target price on shares of monday.com in a report on Tuesday, November 3rd. BTIG Research reaffirmed a “buy” rating and set a $105.00 price target on shares of monday.com in a research report on Thursday, October 29th. Finally, Capital One Financial lowered monday.com from an “overweight” rating to an “equal weight” rating and set a $95.00 price target on the stock. in a report on Monday, August 10th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat.com, monday.com currently has an average rating of “Hold” and a consensus price target of $107.35.

monday.com Stock Down 7.5%

The company has a market cap of $4.16 billion, a P/E ratio of 34.59, a price-to-earnings-growth ratio of 1.98 and a beta of 1.06. The company’s 50-day moving average is $90.72 and its two-hundred day moving average is $83.05.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings data on Monday, November 9th. The company reported $2.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.73. The business had revenue of $377.54 million during the quarter, compared to the consensus estimate of $369.17 million. monday.com had a net margin of 8.87% and a return on equity of 9.09%. The firm’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.16 earnings per share. On average, analysts anticipate that monday.com Ltd. will post 2.34 EPS for the current fiscal year.

Insider Buying and Selling at monday.com

In other news, Director Aviad Eyal sold 2,000 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $100.04, for a total transaction of $200,080.00. Following the completion of the transaction, the director directly owned 203,455 shares of the company’s stock, valued at $20,353,638.20. This represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 22.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On monday.com

Institutional investors have recently bought and sold shares of the company. SEB Asset Management AB bought a new position in monday.com during the first quarter valued at $1,639,000. Swiss National Bank increased its position in monday.com by 28.6% in the first quarter. Swiss National Bank now owns 159,100 shares of the company’s stock worth $10,995,000 after buying an additional 35,400 shares during the last quarter. Empowered Funds LLC raised its stake in shares of monday.com by 4,194.6% in the first 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. Public Employees Retirement System of Ohio bought a new stake in shares of monday.com in the second quarter valued at $970,000. Finally, Arkadios Wealth Advisors bought a new stake in shares of monday.com in the first quarter valued at $1,534,000. Hedge funds and other institutional investors own 73.70% of the company’s stock.

About monday.com

monday.com Ltd. is a software company that provides a cloud-based platform for organizations to plan, manage and track work. Founded in 2012 as dapulse, the company adopted the monday.com name in 2017.

Its products include monday work management, monday CRM, monday dev and monday service. The platform offers tools for project and workflow management, customer relationship management, software development and service operations, with features for collaboration, automation and reporting.

Headquartered in Tel Aviv, Israel, monday.com serves customers across a range of industries and geographies.