monday.com (NASDAQ:MNDY) Price Target Cut to $255.00 by Analysts at Canaccord Genuity Group

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 objective lowered by stock analysts at Canaccord Genuity Group from $350.00 to $255.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 45.10% from the stock's previous close.

Several other research analysts also recently commented on the stock. Loop Capital decreased their target price on shares of monday.com from $385.00 to $375.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Robert W. Baird cut their price objective on shares of monday.com from $310.00 to $240.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 12th. Piper Sandler reduced their price objective on shares of monday.com from $325.00 to $300.00 and set an "overweight" rating on the stock in a report on Tuesday, August 12th. Oppenheimer restated an "outperform" rating and set a $300.00 price target on shares of monday.com in a research note on Monday, August 11th. Finally, TD Cowen cut their price objective on monday.com from $360.00 to $290.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, monday.com currently has a consensus rating of "Moderate Buy" and an average target price of $305.18.

monday.com Stock Performance

Shares of MNDY traded down $1.18 during trading hours on Tuesday, hitting $175.74. 1,660,523 shares of the stock were exchanged, compared to its average volume of 1,609,926. monday.com has a 12-month low of $171.54 and a 12-month high of $342.64. The stock's 50-day moving average price is $276.72 and its two-hundred day moving average price is $274.76. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 237.49, a price-to-earnings-growth ratio of 5.91 and a beta of 1.27.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors 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 valued at $25,000. Summit Securities Group LLC bought a new position in monday.com in the first quarter valued at about $25,000. NewEdge Advisors LLC increased its holdings in monday.com by 2,120.0% in the first quarter. NewEdge Advisors LLC now owns 111 shares of the company's stock worth $27,000 after purchasing an additional 106 shares in the last quarter. Grove Bank & Trust bought a new stake in monday.com during the first quarter worth $30,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of monday.com by 76.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 150 shares of the company's stock valued at $47,000 after purchasing an additional 65 shares during the period. 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.