BTIG Research Initiates Coverage on monday.com (NASDAQ:MNDY)

Stock analysts at BTIG Research assumed coverage on shares of monday.com (NASDAQ:MNDY) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $210.00 price target on the stock. BTIG Research’s target price indicates a potential upside of 43.14% from the company’s previous close.

Several other brokerages also recently issued reports on MNDY. Wells Fargo & Company decreased their target price on monday.com from $260.00 to $200.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Needham & Company LLC reiterated a “buy” rating and set a $250.00 price objective on shares of monday.com in a research report on Thursday, September 18th. Bank of America dropped their target price on shares of monday.com from $205.00 to $195.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Morgan Stanley reduced their price target on shares of monday.com from $260.00 to $236.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Finally, Zacks Research raised shares of monday.com from a “strong sell” rating to a “hold” rating in a report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, monday.com currently has an average rating of “Moderate Buy” and a consensus price target of $260.61.

monday.com Price Performance

Shares of NASDAQ:MNDY opened at $146.71 on Tuesday. The company has a market capitalization of $7.45 billion, a P/E ratio of 119.65, a P/E/G ratio of 5.93 and a beta of 1.27. monday.com has a 1-year low of $141.20 and a 1-year high of $342.64. The firm’s 50 day simple moving average is $170.12 and its two-hundred day simple moving average is $217.52.

monday.com (NASDAQ:MNDY) last announced its quarterly earnings data on Monday, November 10th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.89 by $0.27. The firm had revenue of $316.86 million for the quarter, compared to the consensus estimate of $312.26 million. monday.com had a net margin of 5.58% and a return on equity of 5.99%. The company’s revenue was up 26.3% on a year-over-year basis. During the same period last year, the firm earned $0.85 EPS. On average, sell-side analysts anticipate that monday.com will post 0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors boosted its holdings in shares of monday.com by 231.2% in the 3rd quarter. Capital World Investors now owns 1,717,263 shares of the company’s stock worth $332,617,000 after purchasing an additional 1,198,761 shares during the period. Rubicon Global Capital Ltd raised its holdings in monday.com by 155.3% during the 2nd quarter. Rubicon Global Capital Ltd now owns 1,442,900 shares of the company’s stock valued at $453,763,000 after buying an additional 877,700 shares during the period. Price T Rowe Associates Inc. MD lifted its position in monday.com by 45.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,401,580 shares of the company’s stock worth $583,969,000 after buying an additional 745,686 shares during the last quarter. Norges Bank purchased a new position in monday.com during the second quarter worth $161,114,000. Finally, 1832 Asset Management L.P. bought a new position in monday.com during the first quarter valued at $115,744,000. Hedge funds and other institutional investors own 73.70% of the company’s stock.

monday.com Company Profile

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.