Scotiabank Issues Positive Forecast for monday.com (NASDAQ:MNDY) Stock Price

monday.com (NASDAQ:MNDY) had its price objective raised by Scotiabank from $300.00 to $400.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 25.89% from the company’s previous close.

A number of other equities analysts also recently weighed in on the stock. Piper Sandler increased their price target on shares of monday.com from $345.00 to $385.00 and gave the stock an “overweight” rating in a research note on Monday. Cantor Fitzgerald began coverage on monday.com in a report on Friday, January 17th. They issued an “overweight” rating and a $292.00 target price on the stock. Jefferies Financial Group upped their price target on monday.com from $300.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday. DA Davidson reiterated a “neutral” rating and set a $300.00 target price on shares of monday.com in a report on Tuesday, November 12th. Finally, Needham & Company LLC boosted their price objective on shares of monday.com from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $353.32.

monday.com Stock Performance

Shares of MNDY opened at $317.73 on Tuesday. monday.com has a fifty-two week low of $174.75 and a fifty-two week high of $342.64. The stock has a fifty day moving average of $251.81 and a two-hundred day moving average of $263.06. The company has a market capitalization of $15.34 billion, a PE ratio of 774.95, a price-to-earnings-growth ratio of 7.67 and a beta of 1.31.

monday.com (NASDAQ:MNDY) last issued its quarterly earnings results on Monday, February 10th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.28). monday.com had a return on equity of 4.99% and a net margin of 2.39%. As a group, equities research analysts forecast that monday.com will post 0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On monday.com

A number of hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new stake in monday.com during the second quarter valued at $285,000. Inspire Investing LLC acquired a new position in monday.com in the third quarter valued at approximately $870,000. Sapient Capital LLC acquired a new stake in shares of monday.com during the 3rd quarter worth approximately $1,282,000. Chicago Capital LLC raised its position in shares of monday.com by 18.9% during the 3rd quarter. Chicago Capital LLC now owns 1,795 shares of the company’s stock worth $499,000 after purchasing an additional 285 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of monday.com by 431.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 385,843 shares of the company’s stock worth $107,176,000 after purchasing an additional 313,279 shares during the last quarter. 73.70% of the stock is currently owned by institutional investors and hedge funds.

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.