monday.com (NASDAQ:MNDY) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded monday.com from “strong buy” to “hold,” while the broader analyst consensus is also “hold,” with a $111.70 average price target.
• monday.com shares fell $3.93 to $90.37 in midday trading. The stock has a $4.62 billion market capitalization and has traded between $57.50 and $210.49 over the past year.
• The company exceeded quarterly expectations, reporting $1.48 in EPS versus the $1.11 consensus and $364.62 million in revenue, up 21.9% year over year. Institutional investors own 73.7% of the company.

monday.com (NASDAQ:MNDY - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Thursday, Zacks reports.

Several other analysts have also commented on the stock. BTIG Research reaffirmed a "buy" rating and issued a $105.00 price objective on shares of monday.com in a research report on Monday, August 10th. UBS Group boosted their price objective on monday.com from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Wells Fargo & Company reduced their target price on monday.com from $130.00 to $120.00 and set an "overweight" rating on the stock in a report on Tuesday, August 11th. Jefferies Financial Group restated a "hold" rating and set a $95.00 price objective on shares of monday.com in a research note on Monday, August 10th. Finally, Wall Street Zen upgraded shares of monday.com from a "hold" rating to a "buy" rating in a report on Monday, October 5th. Twelve analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to MarketBeat.com, monday.com presently has an average rating of "Hold" and a consensus price target of $111.70.

monday.com Price Performance

monday.com stock traded down $3.93 during midday trading on Thursday, hitting $90.37. The company's stock had a trading volume of 1,166,192 shares, compared to its average volume of 1,064,992. The company has a 50-day moving average price of $88.56 and a two-hundred day moving average price of $80.40. The company has a market cap of $4.62 billion, a price-to-earnings ratio of 38.46, a PEG ratio of 2.13 and a beta of 1.14. monday.com has a 1-year low of $57.50 and a 1-year high of $210.49.

monday.com (NASDAQ:MNDY - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.37. The company had revenue of $364.62 million for the quarter, compared to the consensus estimate of $355.55 million. monday.com had a net margin of 8.87% and a return on equity of 9.09%. The firm's quarterly revenue was up 21.9% compared to the same quarter last year. During the same period last year, the company posted $1.09 EPS. Sell-side analysts forecast that monday.com will post 2.34 EPS for the current year.

Institutional Investors Weigh In On monday.com

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its position in shares of monday.com by 93.3% during the 1st quarter. Renaissance Technologies LLC now owns 2,181,990 shares of the company's stock worth $150,797,000 after purchasing an additional 1,052,900 shares during the last quarter. RPD Fund Management LLC purchased a new position in monday.com in the first quarter worth approximately $17,529,000. Bank of America Corp DE increased its holdings in monday.com by 33.6% in the first quarter. Bank of America Corp DE now owns 194,635 shares of the company's stock valued at $13,451,000 after buying an additional 49,002 shares during the last quarter. Swiss National Bank raised its position in shares of monday.com by 28.6% during the 1st quarter. Swiss National Bank now owns 159,100 shares of the company's stock worth $10,995,000 after acquiring an additional 35,400 shares in the last quarter. Finally, Ardmore Road Asset Management LP lifted its position in shares of monday.com by 18.1% during the 1st quarter. Ardmore Road Asset Management LP now owns 118,700 shares of the company's stock worth $8,203,000 after buying an additional 18,234 shares during the last quarter. Institutional investors and hedge funds own 73.70% of the company's stock.

About monday.com

monday.com Ltd. develops cloud-based software designed to help organizations plan, manage and track work. Its platform provides customizable workflows, visual boards, dashboards, automations and collaboration tools that teams can use to coordinate projects, processes and day-to-day operations.

The company offers a portfolio of products built on its Work Operating System, including monday work management for project and task coordination, monday CRM for sales and customer-management activities, monday dev for software-development teams and monday service for service-management workflows.

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