Needham & Company LLC Issues Positive Forecast for monday.com (NASDAQ:MNDY) Stock Price

monday.com (NASDAQ:MNDY) had its price objective boosted by equities researchers at Needham & Company LLC from $300.00 to $350.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 27.18% from the company’s previous close.

Several other equities research analysts have also commented on the company. Barclays boosted their price objective on monday.com from $300.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 1st. Piper Sandler boosted their price target on monday.com from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. raised their price objective on monday.com from $270.00 to $300.00 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Oppenheimer lifted their target price on shares of monday.com from $275.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group increased 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. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $309.35.

monday.com Stock Performance

NASDAQ:MNDY opened at $275.21 on Tuesday. The stock has a market capitalization of $13.29 billion, a PE ratio of 344.01, a P/E/G ratio of 15.22 and a beta of 1.31. monday.com has a fifty-two week low of $150.10 and a fifty-two week high of $324.99. The company has a fifty day moving average of $279.07 and a two-hundred day moving average of $246.86.

monday.com (NASDAQ:MNDY) last released its quarterly earnings results on Monday, August 12th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.23. The firm had revenue of $236.11 million during 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%. Research analysts forecast that monday.com will post 0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in monday.com in the third quarter valued at approximately $43,000. Ridgewood Investments LLC acquired a new position in monday.com in the second quarter valued at approximately $45,000. Gilliland Jeter Wealth Management LLC lifted its holdings in monday.com by 72.9% in the second 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 last quarter. Opal Wealth Advisors LLC acquired a new position in monday.com in the second quarter valued at approximately $69,000. Finally, Industrial Alliance Investment Management Inc. lifted its holdings in monday.com by 741.7% in the first quarter. Industrial Alliance Investment Management Inc. now owns 404 shares of the company’s stock valued at $91,000 after acquiring an additional 356 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.