Sumitomo Mitsui Trust Group Inc. Sells 19,468 Shares of monday.com Ltd. (NASDAQ:MNDY)

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of monday.com Ltd. (NASDAQ:MNDY - Free Report) by 28.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 50,153 shares of the company's stock after selling 19,468 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.10% of monday.com worth $12,195,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC increased its stake in monday.com by 78.7% during the 4th quarter. FMR LLC now owns 2,701,952 shares of the company's stock worth $636,147,000 after purchasing an additional 1,189,858 shares in the last quarter. Rubicon Global Capital Ltd bought a new stake in monday.com during the 1st quarter worth approximately $137,434,000. CIBC Private Wealth Group LLC increased its stake in monday.com by 264.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 555,929 shares of the company's stock worth $126,407,000 after purchasing an additional 403,255 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in monday.com by 23.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 499,950 shares of the company's stock worth $117,708,000 after purchasing an additional 96,222 shares in the last quarter. Finally, Norges Bank bought a new stake in monday.com during the 4th quarter worth approximately $116,686,000. 73.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MNDY has been the subject of a number of research reports. Piper Sandler reissued an "overweight" rating and set a $325.00 target price on shares of monday.com in a research note on Friday, June 27th. UBS Group decreased their price target on shares of monday.com from $350.00 to $310.00 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. Wall Street Zen cut shares of monday.com from a "buy" rating to a "hold" rating in a research note on Saturday. Scotiabank raised their price target on shares of monday.com from $315.00 to $330.00 and gave the stock a "sector outperform" rating in a research note on Friday, May 2nd. Finally, Jefferies Financial Group decreased their price target on shares of monday.com from $400.00 to $360.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Five analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $347.09.

monday.com Stock Up 0.4%

MNDY traded up $1.21 during trading on Friday, hitting $301.07. The company's stock had a trading volume of 296,823 shares, compared to its average volume of 738,818. monday.com Ltd. has a twelve month low of $188.01 and a twelve month high of $342.64. The stock's fifty day moving average price is $292.76 and its 200-day moving average price is $268.81. The firm has a market capitalization of $15.29 billion, a P/E ratio of 307.22, a PEG ratio of 111.23 and a beta of 1.30.

monday.com (NASDAQ:MNDY - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $0.70 by $0.40. The firm had revenue of $282.25 million during the quarter, compared to the consensus estimate of $275.93 million. monday.com had a return on equity of 7.87% and a net margin of 5.08%. The company's quarterly revenue was up 30.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.61 earnings per share. Equities research analysts expect that monday.com Ltd. will post 0.46 EPS for the current fiscal year.

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.