JPMorgan Chase & Co. Acquires 851,231 Shares of monday.com Ltd. (NASDAQ:MNDY)

Key Points

• JPMorgan Chase & Co. increased its stake in monday.com Ltd. by 102.5% during the first quarter, acquiring an additional 851,231 shares and owning about 3.31% of the company as of the latest SEC filing.
• Multiple institutional investors have also raised their positions in monday.com, with combined institutional ownership now at 73.70%.
• Analysts generally project growth for monday.com, with a current average price target of $334.68 and a significant majority maintaining buy ratings on the stock.

JPMorgan Chase & Co. boosted its holdings in shares of monday.com Ltd. (NASDAQ:MNDY - Free Report) by 102.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,682,013 shares of the company's stock after acquiring an additional 851,231 shares during the period. JPMorgan Chase & Co. owned about 3.31% of monday.com worth $408,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Spire Wealth Management lifted its position 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 buying an additional 42 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of monday.com by 32.7% during the first quarter. Farther Finance Advisors LLC now owns 211 shares of the company's stock valued at $55,000 after buying an additional 52 shares during the last quarter. Mesirow Financial Investment Management Inc. lifted its position in shares of monday.com by 6.1% during the first quarter. Mesirow Financial Investment Management Inc. now owns 950 shares of the company's stock valued at $231,000 after buying an additional 55 shares during the last quarter. First Horizon Advisors Inc. lifted 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 valued at $40,000 after buying an additional 70 shares during the last quarter. Finally, Signaturefd LLC lifted its position in shares of monday.com by 50.7% during the first quarter. Signaturefd LLC now owns 217 shares of the company's stock valued at $53,000 after buying an additional 73 shares during the last quarter. 73.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MNDY has been the subject of several analyst reports. Oppenheimer reissued an "outperform" rating and set a $300.00 price target on shares of monday.com in a research report on Monday. DA Davidson decreased their price target on shares of monday.com from $350.00 to $290.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Loop Capital decreased their price target on shares of monday.com from $385.00 to $375.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Wall Street Zen lowered shares of monday.com from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Scotiabank increased their price objective on shares of monday.com from $315.00 to $330.00 and gave the company a "sector outperform" rating in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, monday.com currently has an average rating of "Moderate Buy" and an average price target of $334.68.

monday.com Trading Down 29.8%

MNDY opened at $174.13 on Tuesday. monday.com Ltd. has a 12-month low of $173.20 and a 12-month high of $342.64. The firm has a market capitalization of $8.84 billion, a PE ratio of 177.68, a P/E/G ratio of 89.75 and a beta of 1.27. The firm has a 50 day moving average of $287.11 and a two-hundred day moving average of $276.86.

monday.com (NASDAQ:MNDY - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported $1.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.84 by $0.25. The company had revenue of $299.01 million during the quarter, compared to analyst estimates of $293.60 million. monday.com had a net margin of 5.08% and a return on equity of 7.87%. monday.com's revenue for the quarter was up 26.6% compared to the same quarter last year. During the same period last year, the firm posted $0.94 EPS. As a group, analysts predict that monday.com Ltd. will post 0.46 EPS for the current fiscal year.

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.

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