Wells Fargo & Company Forecasts Strong Price Appreciation for monday.com (NASDAQ:MNDY) Stock

monday.com (NASDAQ:MNDY) had its target price raised by equities researchers at Wells Fargo & Company from $330.00 to $340.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 38.32% from the company’s previous close.

MNDY has been the topic of a number of other research reports. Citigroup raised shares of monday.com from a “neutral” rating to a “buy” rating and cut their price target for the company from $302.00 to $298.00 in a research report on Thursday, January 16th. Scotiabank cut their target price on monday.com from $325.00 to $300.00 and set a “sector outperform” rating on the stock in a research report on Thursday, January 16th. Loop Capital lowered their target price on monday.com from $310.00 to $300.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Barclays increased their price target on monday.com from $300.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, October 1st. Finally, William Blair reiterated an “outperform” rating on shares of monday.com in a research report on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, monday.com currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.68.

monday.com Price Performance

MNDY stock traded up $3.76 during midday trading on Tuesday, reaching $245.81. The company had a trading volume of 199,785 shares, compared to its average volume of 930,869. The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of 601.62, a price-to-earnings-growth ratio of 6.00 and a beta of 1.30. monday.com has a 1-year low of $174.75 and a 1-year high of $324.99. The stock has a 50 day moving average price of $255.36 and a 200-day moving average price of $259.63.

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

Hedge Funds Weigh In On monday.com

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of monday.com during the third quarter valued at approximately $43,000. Toronto Dominion Bank purchased a new stake in shares of monday.com during the second quarter worth about $120,000. Vestcor Inc grew its stake in shares of monday.com by 31.4% in the third quarter. Vestcor Inc now owns 519 shares of the company’s stock worth $144,000 after purchasing an additional 124 shares during the last quarter. Larson Financial Group LLC raised its position in monday.com by 645.7% during the 3rd quarter. Larson Financial Group LLC now owns 604 shares of the company’s stock valued at $168,000 after purchasing an additional 523 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. grew its position in shares of monday.com by 18.2% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 650 shares of the company’s stock worth $181,000 after buying an additional 100 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.