monday.com (NASDAQ:MNDY) Hits New 12-Month High – Still a Buy?

monday.com Ltd. (NASDAQ:MNDY)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $285.84 and last traded at $283.94, with a volume of 310304 shares trading hands. The stock had previously closed at $280.01.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of monday.com in a report on Thursday, September 26th. Wolfe Research initiated coverage on monday.com in a report on Tuesday, July 9th. They issued an “outperform” rating and a $300.00 price target for the company. Piper Sandler reissued an “overweight” rating and issued a $300.00 price objective (up from $270.00) on shares of monday.com in a report on Monday, August 12th. The Goldman Sachs Group upped their target price on monday.com from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. Finally, Loop Capital lifted their price target on shares of monday.com from $285.00 to $310.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, monday.com presently has a consensus rating of “Moderate Buy” and an average target price of $297.60.

monday.com Price Performance

The stock has a market capitalization of $13.98 billion, a price-to-earnings ratio of 762.00, a PEG ratio of 13.68 and a beta of 1.32. The business has a fifty day moving average of $260.20 and a 200 day moving average of $232.73.

monday.com (NASDAQ:MNDY) last announced its earnings results on Monday, August 12th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.23. monday.com had a net margin of 4.88% and a return on equity of 4.74%. The company had revenue of $236.11 million during the quarter, compared to analyst estimates of $227.96 million. On average, equities research analysts expect that monday.com Ltd. will post 0.49 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MNDY. Baillie Gifford & Co. purchased a new position in monday.com in the 1st quarter valued at approximately $76,534,000. Clearbridge Investments LLC raised its position in monday.com by 2,851.5% in the 1st quarter. Clearbridge Investments LLC now owns 344,525 shares of the company’s stock valued at $77,818,000 after purchasing an additional 332,852 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of monday.com by 20.2% during the second quarter. Renaissance Technologies LLC now owns 1,122,690 shares of the company’s stock worth $270,299,000 after buying an additional 188,800 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in monday.com by 171.3% in the second quarter. Bank of New York Mellon Corp now owns 273,877 shares of the company’s stock valued at $65,938,000 after acquiring an additional 172,919 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in monday.com by 34.4% in the second quarter. 1832 Asset Management L.P. now owns 667,500 shares of the company’s stock worth $160,707,000 after acquiring an additional 170,800 shares during the last quarter. Hedge funds and other institutional investors own 73.70% of the company’s stock.

About monday.com

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.