Citigroup Issues Pessimistic Forecast for monday.com (NASDAQ:MNDY) Stock Price

monday.com (NASDAQ:MNDY) had its price objective cut by Citigroup from $338.00 to $302.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird increased their price target on shares of monday.com from $265.00 to $270.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Wells Fargo & Company lifted their price target on shares of monday.com from $315.00 to $330.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Needham & Company LLC upped their price target on monday.com from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Capital One Financial began coverage on monday.com in a report on Thursday, October 10th. They set an “overweight” rating and a $325.00 price objective for the company. Finally, TD Cowen upped their target price on monday.com from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Six equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $309.62.

monday.com Stock Down 7.9 %

NASDAQ MNDY opened at $231.99 on Wednesday. The firm has a market cap of $11.20 billion, a P/E ratio of 565.83, a P/E/G ratio of 7.75 and a beta of 1.25. monday.com has a 52-week low of $170.00 and a 52-week high of $324.99. The business’s 50-day moving average price is $284.33 and its 200 day moving average price is $258.70.

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

Institutional Investors Weigh In On monday.com

A number of hedge funds and other institutional investors have recently made changes to their positions in MNDY. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in monday.com by 14.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,606 shares of the company’s stock valued at $15,555,000 after purchasing an additional 8,106 shares during the period. Raymond James & Associates boosted its holdings in shares of monday.com by 9.8% in the 2nd quarter. Raymond James & Associates now owns 31,845 shares of the company’s stock valued at $7,667,000 after purchasing an additional 2,850 shares during the last quarter. Gilliland Jeter Wealth Management LLC grew its stake in shares of monday.com by 72.9% during the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 242 shares of the company’s stock valued at $58,000 after buying an additional 102 shares during the period. McAdam LLC acquired a new stake in shares of monday.com during the 2nd quarter worth $611,000. Finally, Bank of New York Mellon Corp raised its position in shares of monday.com by 171.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 273,877 shares of the company’s stock worth $65,938,000 after buying an additional 172,919 shares during the period. 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.