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

monday.com Ltd. (NASDAQ:MNDY) gapped up before the market opened on Monday . The stock had previously closed at $255.87, but opened at $264.04. monday.com shares last traded at $262.35, with a volume of 66,747 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MNDY. Tigress Financial upped their target price on shares of monday.com from $340.00 to $450.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Piper Sandler upped their target price on shares of monday.com from $345.00 to $385.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Wells Fargo & Company upped their target price on shares of monday.com from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Loop Capital cut their price target on shares of monday.com from $310.00 to $300.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Finally, The Goldman Sachs Group upped their price target on shares of monday.com from $350.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Three analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $354.45.

monday.com Stock Performance

The firm has a market capitalization of $12.42 billion, a P/E ratio of 428.72, a P/E/G ratio of 16.53 and a beta of 1.27. The stock’s 50 day simple moving average is $267.18 and its 200 day simple moving average is $269.58.

monday.com (NASDAQ:MNDY) last issued its quarterly earnings data on Monday, February 10th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.28). monday.com had a net margin of 3.33% and a return on equity of 6.22%. On average, analysts anticipate that monday.com Ltd. will post 0.46 earnings per share for the current year.

Hedge Funds Weigh In On monday.com

Institutional investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. increased its holdings in monday.com by 24.2% during the fourth quarter. Oppenheimer & Co. Inc. now owns 6,765 shares of the company’s stock valued at $1,593,000 after buying an additional 1,318 shares during the period. Jennison Associates LLC increased its holdings in monday.com by 77.5% during the third quarter. Jennison Associates LLC now owns 730,478 shares of the company’s stock valued at $202,905,000 after buying an additional 318,837 shares during the period. SBI Securities Co. Ltd. purchased a new position in monday.com during the fourth quarter valued at approximately $245,000. Swiss National Bank increased its holdings in monday.com by 2.2% during the third quarter. Swiss National Bank now owns 111,400 shares of the company’s stock valued at $30,944,000 after buying an additional 2,400 shares during the period. Finally, Brown Capital Management LLC increased its holdings in monday.com by 2.4% during the third quarter. Brown Capital Management LLC now owns 110,720 shares of the company’s stock valued at $30,755,000 after buying an additional 2,583 shares during the period. 73.70% of the stock is owned by hedge funds and other 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.