monday.com (NASDAQ:MNDY) Shares Gap Down - Here's What Happened

Key Points

• monday.com shares fell at the open: The stock opened at $83.00 versus its prior close of $87.93 and was last reported at $84.15.
• Analyst sentiment was mixed: The consensus rating was “Hold,” based on 12 Buy and 13 Hold ratings, with an average price target of $107.35. Recent target changes included cuts by Citigroup and Cantor Fitzgerald.
• Quarterly results beat estimates: monday.com reported EPS of $2.14 versus the $1.41 consensus and revenue of $377.54 million versus estimates of $369.17 million; revenue grew 19.1% year over year.

monday.com Ltd. (NASDAQ:MNDY - Get Free Report) gapped down before the market opened on Monday. The stock had previously closed at $87.93, but opened at $83.00. monday.com shares last traded at $84.1490, with a volume of 935,773 shares.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MNDY shares. Weiss Ratings raised shares of monday.com from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, October 15th. UBS Group reiterated a "buy" rating on shares of monday.com in a report on Tuesday, October 27th. Citigroup cut their price objective on shares of monday.com from $154.00 to $132.00 and set a "buy" rating on the stock in a research report on Tuesday, August 11th. Cantor Fitzgerald downgraded monday.com from an "overweight" rating to a "neutral" rating and reduced their target price for the company from $112.00 to $90.00 in a research note on Monday, August 10th. Finally, Piper Sandler restated a "neutral" rating and issued a $90.00 target price on shares of monday.com in a research note on Thursday, October 29th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $107.35.

monday.com Stock Performance

The business has a fifty day moving average of $90.72 and a 200-day moving average of $83.05. The company has a market capitalization of $4.16 billion, a P/E ratio of 34.59, a PEG ratio of 1.98 and a beta of 1.06.

monday.com (NASDAQ:MNDY - Get Free Report) last posted its quarterly earnings results on Monday, November 9th. The company reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.73. The business had revenue of $377.54 million during the quarter, compared to the consensus estimate of $369.17 million. monday.com had a net margin of 8.87% and a return on equity of 9.09%. monday.com's revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 EPS. Sell-side analysts anticipate that monday.com Ltd. will post 2.34 EPS for the current year.

Insider Buying and Selling at monday.com

In other news, Director Aviad Eyal sold 2,000 shares of monday.com stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $100.04, for a total transaction of $200,080.00. Following the completion of the transaction, the director directly owned 203,455 shares in the company, valued at $20,353,638.20. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 22.30% of the company's stock.

Institutional Investors Weigh In On monday.com

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fulton Bank N.A. boosted its holdings in monday.com by 5.1% during the 2nd quarter. Fulton Bank N.A. now owns 3,339 shares of the company's stock worth $242,000 after acquiring an additional 162 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of monday.com by 498.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 425 shares of the company's stock worth $29,000 after acquiring an additional 354 shares in the last quarter. Signaturefd LLC raised its holdings in shares of monday.com by 28.3% in the third quarter. Signaturefd LLC now owns 4,469 shares of the company's stock valued at $351,000 after purchasing an additional 987 shares during the last quarter. State of Wyoming raised its holdings in shares of monday.com by 96.6% in the first quarter. State of Wyoming now owns 3,497 shares of the company's stock valued at $242,000 after purchasing an additional 1,718 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in shares of monday.com by 56.8% in the third quarter. Commonwealth Equity Services LLC now owns 4,746 shares of the company's stock valued at $372,000 after purchasing an additional 1,720 shares during the last quarter. Institutional investors and hedge funds own 73.70% of the company's stock.

monday.com Company Profile

monday.com Ltd. is a software company that provides a cloud-based platform for organizations to plan, manage and track work. Founded in 2012 as dapulse, the company adopted the monday.com name in 2017.

Its products include monday work management, monday CRM, monday dev and monday service. The platform offers tools for project and workflow management, customer relationship management, software development and service operations, with features for collaboration, automation and reporting.

Headquartered in Tel Aviv, Israel, monday.com serves customers across a range of industries and geographies.

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