Canaccord Genuity Group Issues Pessimistic Forecast for monday.com (NASDAQ:MNDY) Stock Price

Key Points

• Canaccord Genuity Group has lowered its price target for monday.com (NASDAQ:MNDY) from $350.00 to $255.00, while maintaining a "buy" rating on the stock, indicating a potential upside of 48.13% from its current price.
• The stock is currently trading at $172.15, which reflects a decline of 1.1%, with a twelve-month low of $171.54 and a high of $342.64.
• Despite the mixed outlook from different analysts, 23 analysts have issued buy ratings, while the stock holds a consensus rating of "Moderate Buy" with an average price target of $311.77.

monday.com (NASDAQ:MNDY - Get Free Report) had its price target reduced by Canaccord Genuity Group from $350.00 to $255.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 45.10% from the company's previous close.

A number of other equities research analysts have also recently weighed in on MNDY. Cowen restated a "buy" rating on shares of monday.com in a research note on Tuesday. Needham & Company LLC dropped their price target on monday.com from $400.00 to $250.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. KeyCorp reiterated an "overweight" rating and set a $330.00 price objective on shares of monday.com in a research report on Monday. Citigroup lowered their price objective on monday.com from $381.00 to $326.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Barclays lowered their price objective on monday.com from $345.00 to $258.00 and set an "overweight" rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, monday.com has an average rating of "Moderate Buy" and a consensus price target of $305.18.

monday.com Stock Down 0.7%

Shares of NASDAQ MNDY traded down $1.18 during trading hours on Tuesday, hitting $175.74. The company had a trading volume of 1,660,523 shares, compared to its average volume of 1,540,328. The stock has a market capitalization of $8.92 billion, a P/E ratio of 237.49, a price-to-earnings-growth ratio of 5.95 and a beta of 1.27. monday.com has a 1-year low of $171.54 and a 1-year high of $342.64. The firm's 50 day moving average is $276.72 and its 200-day moving average is $274.37.

monday.com (NASDAQ:MNDY - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.84 by $0.25. monday.com had a return on equity of 6.32% and a net margin of 3.63%. The company had revenue of $299.01 million during the quarter, compared to the consensus estimate of $293.60 million. During the same quarter in the prior year, the firm posted $0.94 EPS. The firm's revenue for the quarter was up 26.6% compared to the same quarter last year. On average, sell-side analysts predict that monday.com will post 0.46 earnings per share for the current year.

Hedge Funds Weigh In On monday.com

A number of hedge funds have recently made changes to their positions in MNDY. ASR Vermogensbeheer N.V. bought a new position in shares of monday.com during the first quarter worth about $25,000. Summit Securities Group LLC bought a new position in shares of monday.com during the first quarter worth about $25,000. NewEdge Advisors LLC raised its position in shares of monday.com by 2,120.0% during the first quarter. NewEdge Advisors LLC now owns 111 shares of the company's stock worth $27,000 after acquiring an additional 106 shares during the last quarter. Grove Bank & Trust bought a new position in shares of monday.com during the first quarter worth about $30,000. Finally, First Horizon Advisors Inc. raised its position in shares of monday.com by 72.9% during the first quarter. First Horizon Advisors Inc. now owns 166 shares of the company's stock worth $40,000 after acquiring an additional 70 shares during the last quarter. 73.70% of the stock is currently owned by institutional investors.

monday.com Company Profile

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.