Canaccord Genuity Group Forecasts Strong Price Appreciation for monday.com (NASDAQ:MNDY) Stock

monday.com (NASDAQ:MNDY) had its price objective upped by Canaccord Genuity Group from $295.00 to $310.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 13.98% from the stock’s current price.

MNDY has been the subject of a number of other research reports. DA Davidson reaffirmed a “neutral” rating and issued a $300.00 target price on shares of monday.com in a research report on Tuesday. The Goldman Sachs Group lifted their price objective on monday.com from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Citigroup increased their price target on monday.com from $296.00 to $327.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Bank of America upped their price objective on monday.com from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. Finally, Needham & Company LLC boosted their price target on monday.com from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $310.10.

monday.com Price Performance

NASDAQ:MNDY traded down $3.23 during mid-day trading on Tuesday, hitting $271.98. 602,474 shares of the company’s stock were exchanged, compared to its average volume of 709,918. The company has a market cap of $13.13 billion, a PE ratio of 339.61, a P/E/G ratio of 15.22 and a beta of 1.31. monday.com has a one year low of $150.10 and a one year high of $324.99. The business has a fifty day moving average price of $279.07 and a 200 day moving average price of $246.86.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings results on Monday, August 12th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.23. monday.com had a net margin of 4.88% and a return on equity of 4.74%. The firm had revenue of $236.11 million for the quarter, compared to analysts’ expectations of $227.96 million. On average, equities analysts forecast that monday.com will post 0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Clearbridge Investments LLC grew its position in shares of monday.com by 2,851.5% during the 1st quarter. Clearbridge Investments LLC now owns 344,525 shares of the company’s stock worth $77,818,000 after buying an additional 332,852 shares in the last quarter. Jennison Associates LLC grew its holdings in monday.com by 77.5% during the 3rd quarter. Jennison Associates LLC now owns 730,478 shares of the company’s stock worth $202,905,000 after acquiring an additional 318,837 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in monday.com by 431.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 385,843 shares of the company’s stock valued at $107,176,000 after purchasing an additional 313,279 shares during the period. Renaissance Technologies LLC lifted its position in shares of monday.com by 20.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,122,690 shares of the company’s stock worth $270,299,000 after purchasing an additional 188,800 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of monday.com by 171.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 273,877 shares of the company’s stock worth $65,938,000 after purchasing an additional 172,919 shares during the period. Institutional investors own 73.70% of the company’s stock.

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.