Coronation Fund Managers Ltd. Buys Shares of 67,884 monday.com Ltd. (NASDAQ:MNDY)

Key Points

• Coronation Fund Managers Ltd. acquired a new stake in monday.com Ltd., purchasing 67,884 shares worth approximately $16.51 million, representing a 0.13% ownership in the company.
• monday.com recently reported quarterly earnings, achieving $1.10 EPS, exceeding analysts' expectations of $0.70, with revenue of $282.25 million, a 30.2% increase year-over-year.
• monday.com's stock has received favorable ratings, with a consensus target price of $348.09 and a majority of analysts recommending it as a buy.

Coronation Fund Managers Ltd. bought a new position in shares of monday.com Ltd. (NASDAQ:MNDY - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 67,884 shares of the company's stock, valued at approximately $16,507,000. Coronation Fund Managers Ltd. owned 0.13% of monday.com at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Spire Wealth Management raised its holdings in shares of monday.com by 7.9% during the first quarter. Spire Wealth Management now owns 572 shares of the company's stock valued at $139,000 after acquiring an additional 42 shares during the last quarter. Farther Finance Advisors LLC raised its stake in monday.com by 32.7% in the 1st quarter. Farther Finance Advisors LLC now owns 211 shares of the company's stock valued at $55,000 after purchasing an additional 52 shares during the last quarter. Mesirow Financial Investment Management Inc. raised its stake in monday.com by 6.1% in the 1st quarter. Mesirow Financial Investment Management Inc. now owns 950 shares of the company's stock valued at $231,000 after purchasing an additional 55 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in monday.com by 72.9% in the 1st quarter. First Horizon Advisors Inc. now owns 166 shares of the company's stock valued at $40,000 after purchasing an additional 70 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in monday.com by 50.7% during the 1st quarter. Signaturefd LLC now owns 217 shares of the company's stock worth $53,000 after purchasing an additional 73 shares during the last quarter. Hedge funds and other institutional investors own 73.70% of the company's stock.

monday.com Stock Up 3.7%

Shares of MNDY traded up $6.36 during trading on Wednesday, reaching $178.51. 3,437,620 shares of the company traded hands, compared to its average volume of 887,226. The stock has a 50-day simple moving average of $284.40 and a 200-day simple moving average of $276.13. The stock has a market cap of $9.06 billion, a PE ratio of 241.23, a price-to-earnings-growth ratio of 63.01 and a beta of 1.27. monday.com Ltd. has a twelve month low of $171.54 and a twelve month high of $342.64.

monday.com (NASDAQ:MNDY - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.25. The firm had revenue of $299.01 million during the quarter, compared to the consensus estimate of $293.60 million. monday.com had a net margin of 3.63% and a return on equity of 6.56%. The firm's revenue for the quarter was up 26.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 EPS. On average, equities research analysts predict that monday.com Ltd. will post 0.46 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Barclays reduced their target price on shares of monday.com from $345.00 to $258.00 and set an "overweight" rating for the company in a research report on Tuesday. KeyCorp reiterated an "overweight" rating and issued a $330.00 price objective on shares of monday.com in a report on Monday. Baird R W raised shares of monday.com from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 6th. Needham & Company LLC dropped their price target on monday.com from $400.00 to $250.00 and set a "buy" rating for the company in a research report on Monday. Finally, Morgan Stanley raised monday.com from an "equal weight" rating to an "overweight" rating and cut their price target for the company from $330.00 to $260.00 in a report on Tuesday. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, monday.com presently has an average rating of "Moderate Buy" and a consensus target price of $305.18.

monday.com 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.