Citigroup Has Lowered Expectations for monday.com (NASDAQ:MNDY) Stock Price

Key Points

• Citigroup has lowered its price target for monday.com from $381.00 to $326.00, while maintaining a "buy" rating, indicating a potential upside of 87.22% from the current stock price.
• Several analysts have adjusted their ratings on monday.com, with Wall Street Zen downgrading it from "buy" to "hold," while KeyCorp, Wells Fargo, and Jefferies have issued varying price targets between $240.00 and $365.00.
• monday.com reported strong quarterly earnings with a 26.6% year-over-year revenue increase, recording $299.01 million, exceeding consensus estimates; however, the stock has traded down 29.8% recently.

monday.com (NASDAQ:MNDY - Free Report) had its price objective lowered by Citigroup from $381.00 to $326.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

MNDY has been the subject of several other reports. Robert W. Baird dropped their target price on shares of monday.com from $310.00 to $240.00 and set an "outperform" rating for the company in a research report on Tuesday. Wall Street Zen cut shares of monday.com from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Oppenheimer reiterated an "outperform" rating and issued a $300.00 price target on shares of monday.com in a research note on Monday. Jefferies Financial Group reiterated a "buy" rating and issued a $330.00 price target (down from $360.00) on shares of monday.com in a research note on Monday. Finally, Needham & Company LLC decreased their price target on shares of monday.com from $400.00 to $250.00 and set a "buy" rating for the company in a research note on Monday. Two investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $305.18.

monday.com Price Performance

MNDY traded down $1.18 during trading on Tuesday, hitting $175.74. 1,660,523 shares of the stock traded hands, compared to its average volume of 1,540,328. The firm has a 50-day moving average of $276.72 and a 200 day moving average of $274.37. monday.com has a 12-month low of $171.54 and a 12-month high of $342.64. The firm has a market capitalization of $8.92 billion, a P/E ratio of 237.49, a price-to-earnings-growth ratio of 5.95 and a beta of 1.27.

monday.com (NASDAQ:MNDY - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.84 by $0.25. monday.com had a net margin of 3.63% and a return on equity of 6.32%. The firm had revenue of $299.01 million during the quarter, compared to analysts' expectations of $293.60 million. During the same period last year, the company posted $0.94 EPS. The company's quarterly revenue was up 26.6% compared to the same quarter last year. As a group, equities analysts predict that monday.com will post 0.46 EPS for the current fiscal year.

Institutional Trading of monday.com

A number of large investors have recently made changes to their positions in MNDY. Rubicon Global Capital Ltd boosted its holdings in shares of monday.com by 155.3% in the second quarter. Rubicon Global Capital Ltd now owns 1,442,900 shares of the company's stock worth $453,763,000 after buying an additional 877,700 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of monday.com by 102.5% in the first quarter. JPMorgan Chase & Co. now owns 1,682,013 shares of the company's stock valued at $408,999,000 after acquiring an additional 851,231 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of monday.com by 45.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,401,580 shares of the company's stock valued at $583,969,000 after buying an additional 745,686 shares during the last quarter. Norges Bank bought a new stake in shares of monday.com during the second quarter valued at approximately $161,114,000. Finally, 1832 Asset Management L.P. bought a new stake in monday.com in the first quarter worth $115,744,000. 73.70% of the stock is currently owned by institutional investors.

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.