Piper Sandler Cuts monday.com (NASDAQ:MNDY) Price Target to $300.00

Key Points

• Analysts at Piper Sandler lowered their target price for monday.com from $325.00 to $300.00, while maintaining an "overweight" rating on the stock.
• Despite the price target reduction, the stock still has a potential upside of 72.66% from its previous close of $173.75.
• Recent quarterly earnings showed monday.com reported $1.09 earnings per share, exceeding expectations, alongside a revenue increase of 26.6% year-over-year.

monday.com (NASDAQ:MNDY - Get Free Report) had its price objective reduced by Piper Sandler from $325.00 to $300.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price target indicates a potential upside of 70.71% from the company's current price.

Other equities analysts also recently issued research reports about the stock. Oppenheimer reissued an "outperform" rating and issued a $300.00 target price 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. Robert W. Baird decreased their price target on shares of monday.com from $310.00 to $240.00 and set an "outperform" rating on the stock in a research note on Tuesday. UBS Group decreased their price target on shares of monday.com from $350.00 to $310.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 29th. Finally, Loop Capital decreased their price target on shares of monday.com from $385.00 to $375.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. 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 company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $305.18.

monday.com Price Performance

Shares of MNDY stock traded down $1.18 during mid-day trading on Tuesday, hitting $175.74. The company had a trading volume of 1,660,523 shares, compared to its average volume of 1,540,328. monday.com has a 52-week low of $171.54 and a 52-week high of $342.64. The stock's 50 day moving average price is $276.72 and its 200-day moving average price is $274.37. The company has a market capitalization of $8.92 billion, a P/E ratio of 237.49, a P/E/G ratio of 5.95 and a beta of 1.27.

monday.com (NASDAQ:MNDY - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $293.60 million. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The company's quarterly revenue was up 26.6% compared to the same quarter last year. On average, equities research analysts expect that monday.com will post 0.46 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. WCM Investment Management LLC grew its holdings in shares of monday.com by 0.4% in the first quarter. WCM Investment Management LLC now owns 4,078,985 shares of the company's stock worth $1,007,550,000 after purchasing an additional 17,371 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in monday.com by 45.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,401,580 shares of the company's stock worth $583,969,000 after acquiring an additional 745,686 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in monday.com by 9.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,833,000 shares of the company's stock worth $576,442,000 after acquiring an additional 150,987 shares in the last quarter. Rubicon Global Capital Ltd grew its holdings in monday.com by 155.3% during the 2nd quarter. Rubicon Global Capital Ltd now owns 1,442,900 shares of the company's stock worth $453,763,000 after acquiring an additional 877,700 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in monday.com by 98.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 924,325 shares of the company's stock worth $224,759,000 after acquiring an additional 458,794 shares in the last quarter. 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.