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

monday.com (NASDAQ:MNDY) had its target price cut by research analysts at Scotiabank from $325.00 to $300.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 24.35% from the stock’s previous close.

Several other equities research analysts also recently weighed in on MNDY. TD Cowen boosted their target price on shares of monday.com from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Robert W. Baird upped their price objective on monday.com from $265.00 to $270.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Canaccord Genuity Group raised their price objective on monday.com from $295.00 to $310.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. DA Davidson reiterated a “neutral” rating and set a $300.00 target price on shares of monday.com in a research note on Tuesday, November 12th. Finally, Needham & Company LLC raised their price target on shares of monday.com from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $311.40.

monday.com Price Performance

MNDY traded up $7.10 on Thursday, reaching $241.25. The company’s stock had a trading volume of 901,973 shares, compared to its average volume of 981,206. monday.com has a 1 year low of $174.75 and a 1 year high of $324.99. The business’s 50 day moving average is $259.22 and its 200 day moving average is $259.49. The stock has a market cap of $11.65 billion, a price-to-earnings ratio of 592.51, a price-to-earnings-growth ratio of 5.41 and a beta of 1.30.

monday.com (NASDAQ:MNDY) last released its quarterly earnings results on Monday, November 11th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.24. The business had revenue of $251.00 million during the quarter, compared to the consensus estimate of $246.17 million. monday.com had a net margin of 2.39% and a return on equity of 4.99%. The business’s quarterly revenue was up 49.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 earnings per share. As a group, research analysts forecast that monday.com will post 0.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On monday.com

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. acquired a new stake in shares of monday.com in the 3rd quarter worth approximately $1,667,000. International Assets Investment Management LLC bought a new stake in monday.com during the third quarter worth approximately $21,989,000. Taylor Frigon Capital Management LLC acquired a new stake in monday.com in the third quarter worth approximately $1,311,000. Jennison Associates LLC increased its position in shares of monday.com by 77.5% during the 3rd quarter. Jennison Associates LLC now owns 730,478 shares of the company’s stock valued at $202,905,000 after purchasing an additional 318,837 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of monday.com by 6.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 36,572 shares of the company’s stock worth $10,159,000 after buying an additional 2,196 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.