Needham & Company LLC Issues Pessimistic Forecast for monday.com (NASDAQ:MNDY) Stock Price

Key Points

• Needham & Company LLC has reduced its target price for monday.com (NASDAQ:MNDY) from $400.00 to $250.00, maintaining a "buy" rating, indicating a potential upside of 41.80% from the last close.
• monday.com stock is currently down 28.9%, trading at approximately $176.30 and has a fifty-two week trading range between $174.20 and $342.64.
• Despite the pessimistic forecast, the stock has a consensus rating of "Moderate Buy" among analysts, with a consensus target price of $341.27.

monday.com (NASDAQ:MNDY - Get Free Report) had its price target dropped by research analysts at Needham & Company LLC from $400.00 to $250.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 42.26% from the stock's previous close.

A number of other analysts also recently weighed in on MNDY. DA Davidson cut their price target on shares of monday.com from $350.00 to $290.00 and set a "buy" rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. reduced their target price on monday.com from $400.00 to $350.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Piper Sandler reissued an "overweight" rating and set a $325.00 price target on shares of monday.com in a report on Friday, June 27th. Wall Street Zen lowered monday.com from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, UBS Group lowered their target price on monday.com from $350.00 to $310.00 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. Two equities research 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 stock. Based on data from MarketBeat.com, monday.com has an average rating of "Moderate Buy" and a consensus price target of $305.18.

monday.com Stock Down 0.7%

Shares of MNDY traded down $1.18 during mid-day trading on Monday, hitting $175.74. 1,660,523 shares of the company's stock were exchanged, 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 simple moving average is $276.72 and its 200-day simple moving average is $274.37. The firm has a market cap of $8.92 billion, a price-to-earnings 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 quarterly earnings data on Monday, August 11th. The company reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.25. The firm had revenue of $299.01 million for the quarter, compared to analyst estimates of $293.60 million. monday.com had a return on equity of 6.32% and a net margin of 3.63%. The company's revenue was up 26.6% on a year-over-year basis. During the same quarter last year, the company earned $0.94 EPS. Analysts forecast that monday.com will post 0.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On monday.com

Several large investors have recently bought and sold shares of MNDY. ASR Vermogensbeheer N.V. bought a new position in shares of monday.com during the first quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in monday.com in the 1st quarter valued at about $25,000. NewEdge Advisors LLC increased its stake in monday.com by 2,120.0% in the 1st quarter. NewEdge Advisors LLC now owns 111 shares of the company's stock valued at $27,000 after buying an additional 106 shares during the last quarter. Grove Bank & Trust bought a new position in shares of monday.com during the 1st quarter worth approximately $30,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of monday.com by 72.9% in the 1st quarter. First Horizon Advisors Inc. now owns 166 shares of the company's stock worth $40,000 after buying an additional 70 shares during 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.