monday.com (NASDAQ:MNDY) Sets New 12-Month High – Here’s Why

monday.com Ltd. (NASDAQ:MNDY)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $308.00 and last traded at $307.51, with a volume of 3132 shares trading hands. The stock had previously closed at $296.95.

Analyst Ratings Changes

MNDY has been the subject of several analyst reports. Bank of America lifted their price target on shares of monday.com from $280.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, August 13th. Canaccord Genuity Group upped their target price on shares of monday.com from $250.00 to $295.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. UBS Group increased their price target on monday.com from $240.00 to $280.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Capital One Financial started coverage on monday.com in a research note on Thursday, October 10th. They set an “overweight” rating and a $325.00 price objective for the company. Finally, Wells Fargo & Company increased their target price on monday.com from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, monday.com has an average rating of “Moderate Buy” and a consensus target price of $306.10.

monday.com Stock Performance

The firm has a market cap of $15.38 billion, a price-to-earnings ratio of 398.20, a price-to-earnings-growth ratio of 13.88 and a beta of 1.31. The stock has a 50-day moving average of $277.72 and a 200-day moving average of $244.40.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings data on Monday, August 12th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.23. The company had revenue of $236.11 million for the quarter, compared to the consensus estimate of $227.96 million. monday.com had a net margin of 4.88% and a return on equity of 4.74%. Sell-side analysts predict that monday.com Ltd. will post 0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On monday.com

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV increased its position in shares of monday.com by 4.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 1,124 shares of the company’s stock valued at $271,000 after acquiring an additional 47 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in shares of monday.com by 4.0% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 1,303 shares of the company’s stock worth $314,000 after purchasing an additional 50 shares during the last quarter. FDx Advisors Inc. raised its stake in shares of monday.com by 4.7% during the 2nd quarter. FDx Advisors Inc. now owns 2,000 shares of the company’s stock worth $482,000 after purchasing an additional 90 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of monday.com by 4.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,065 shares of the company’s stock valued at $497,000 after buying an additional 91 shares during the last quarter. Finally, American International Group Inc. boosted its holdings in shares of monday.com by 2.3% in the 1st quarter. American International Group Inc. now owns 4,550 shares of the company’s stock valued at $1,028,000 after buying an additional 102 shares during the last quarter. 73.70% of the stock is owned by institutional investors.

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.