Wellington Management Group LLP Cuts Stake in monday.com Ltd. $MNDY

Key Points

• Wellington Management cut its monday.com stake by 53% in the second quarter, selling 77,967 shares and retaining 69,135 shares valued at approximately $5.0 million. Institutional investors collectively own 73.7% of the company.
• monday.com reported better-than-expected quarterly results, with earnings per share of $1.48 versus the $1.11 consensus estimate and revenue of $364.6 million, up 21.9% year over year.
• MNDY opened at $81.11, down 3.1%, while analysts maintained a generally positive outlook: the stock has a “Moderate Buy” consensus rating and an average price target of $117.91.

Wellington Management Group LLP lowered its stake in shares of monday.com Ltd. (NASDAQ:MNDY - Free Report) by 53.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 69,135 shares of the company's stock after selling 77,967 shares during the quarter. Wellington Management Group LLP owned approximately 0.14% of monday.com worth $5,005,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MNDY. NewEdge Advisors LLC increased its stake in shares of monday.com by 2,120.0% during the 1st quarter. NewEdge Advisors LLC now owns 111 shares of the company's stock worth $27,000 after purchasing an additional 106 shares during the last quarter. Advisory Services Network LLC bought a new position in monday.com during the third quarter valued at $28,000. EverSource Wealth Advisors LLC increased its position in monday.com by 498.6% in the first quarter. EverSource Wealth Advisors LLC now owns 425 shares of the company's stock worth $29,000 after buying an additional 354 shares during the last quarter. Quarry LP bought a new stake in shares of monday.com in the fourth quarter valued at $29,000. Finally, Huntington National Bank raised its stake in shares of monday.com by 6,040.0% in the fourth quarter. Huntington National Bank now owns 307 shares of the company's stock valued at $45,000 after buying an additional 302 shares during the period. 73.70% of the stock is currently owned by hedge funds and other institutional investors.

monday.com Stock Down 3.1%

MNDY stock opened at $81.11 on Thursday. The firm has a market capitalization of $4.15 billion, a PE ratio of 34.52, a PEG ratio of 1.96 and a beta of 1.15. monday.com Ltd. has a twelve month low of $57.50 and a twelve month high of $220.80. The stock has a 50-day simple moving average of $86.95 and a two-hundred day simple moving average of $78.19.

monday.com (NASDAQ:MNDY - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.37. monday.com had a return on equity of 9.09% and a net margin of 8.87%.The firm had revenue of $364.62 million for the quarter, compared to analysts' expectations of $355.55 million. During the same period in the prior year, the business posted $1.09 earnings per share. The company's revenue was up 21.9% on a year-over-year basis. On average, equities research analysts anticipate that monday.com Ltd. will post 2.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Zacks Research upgraded monday.com from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. Tigress Financial dropped their price objective on shares of monday.com to $165.00 and set a "buy" rating on the stock in a report on Friday, May 22nd. Wells Fargo & Company cut their target price on shares of monday.com from $130.00 to $120.00 and set an "overweight" rating for the company in a research report on Tuesday, August 11th. Jefferies Financial Group reiterated a "hold" rating and issued a $95.00 target price on shares of monday.com in a research note on Monday, August 10th. Finally, TD Cowen reaffirmed a "buy" rating and issued a $110.00 price objective on shares of monday.com in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, monday.com has an average rating of "Moderate Buy" and a consensus price target of $117.91.

monday.com Company Profile

monday.com is a software-as-a-service (SaaS) company that provides a cloud-based Work Operating System (Work OS) designed to help teams plan, organize and track their work. The platform offers customizable workflows that support project management, task delegation, time tracking and collaboration across departments. monday.com's visual interface enables users to create boards, automations and dashboards to centralize information and streamline processes without requiring extensive coding knowledge.

The company's product portfolio includes monday Work OS, which can be adapted for use cases ranging from marketing campaign management and sales pipelines to software development sprints and human resources onboarding.

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