Canaccord Genuity Group Boosts monday.com (NASDAQ:MNDY) Price Target to $295.00

monday.com (NASDAQ:MNDY) had its target price hoisted by Canaccord Genuity Group from $250.00 to $295.00 in a research note issued to investors on Tuesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company raised their price objective on shares of monday.com from $260.00 to $275.00 and gave the company an overweight rating in a report on Thursday, May 16th. Wolfe Research initiated coverage on monday.com in a research report on Tuesday, July 9th. They set an outperform rating and a $300.00 price objective for the company. Barclays assumed coverage on monday.com in a research report on Wednesday, June 26th. They set an overweight rating and a $275.00 target price on the stock. Piper Sandler reiterated an overweight rating and issued a $300.00 price target (up from $270.00) on shares of monday.com in a research note on Monday, August 12th. Finally, Baird R W raised shares of monday.com to a hold rating in a report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $282.63.

monday.com Price Performance

Shares of NASDAQ MNDY opened at $263.38 on Tuesday. The stock’s 50-day moving average is $232.24 and its two-hundred day moving average is $219.93. The company has a market cap of $12.72 billion, a price-to-earnings ratio of 693.11, a price-to-earnings-growth ratio of 43.41 and a beta of 1.30. monday.com has a 1-year low of $122.13 and a 1-year high of $265.97.

monday.com (NASDAQ:MNDY) last issued its earnings results on Wednesday, May 15th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.25. monday.com had a net margin of 2.53% and a return on equity of 2.42%. The firm had revenue of $216.91 million for the quarter, compared to analysts’ expectations of $210.33 million. Equities research analysts anticipate that monday.com will post 0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Desjardins Global Asset Management Inc. lifted its holdings in monday.com by 222.0% in the fourth quarter. Desjardins Global Asset Management Inc. now owns 132 shares of the company’s stock valued at $25,000 after acquiring an additional 91 shares during the period. Ridgewood Investments LLC purchased a new position in monday.com in the second quarter valued at about $45,000. Gilliland Jeter Wealth Management LLC lifted its position in shares of monday.com by 72.9% during the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 242 shares of the company’s stock valued at $58,000 after acquiring an additional 102 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of monday.com by 2.1% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 34,044 shares of the company’s stock worth $65,000 after acquiring an additional 691 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of monday.com in the 2nd quarter worth approximately $69,000. 73.70% of the stock is currently owned by hedge funds and other institutional investors.

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.