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

monday.com (NASDAQ:MNDY) had its price objective lifted by Wells Fargo & Company from $315.00 to $330.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 10.17% from the company’s previous close.

Several other research analysts have also issued reports on MNDY. Capital One Financial started coverage on shares of monday.com in a research report on Thursday, October 10th. They issued an “overweight” rating and a $325.00 price target for the company. TD Cowen raised their target price on monday.com from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Barclays upped their price target on monday.com from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, October 1st. DA Davidson lifted their price objective on monday.com from $250.00 to $300.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Finally, Piper Sandler upped their target price on shares of monday.com from $300.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $306.10.

monday.com Stock Performance

NASDAQ MNDY opened at $299.55 on Monday. The stock has a 50-day simple moving average of $274.03 and a 200 day simple moving average of $241.76. monday.com has a twelve month low of $125.28 and a twelve month high of $306.80. The stock has a market capitalization of $14.46 billion, a PE ratio of 374.44, a P/E/G ratio of 13.79 and a beta of 1.31.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings results on Monday, August 12th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.23. monday.com had a net margin of 4.88% and a return on equity of 4.74%. The firm had revenue of $236.11 million for the quarter, compared to the consensus estimate of $227.96 million. As a group, equities research analysts forecast that monday.com will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On monday.com

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNDY. Price T Rowe Associates Inc. MD boosted its position in shares of monday.com by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,164,566 shares of the company’s stock worth $714,781,000 after buying an additional 31,304 shares during the period. Renaissance Technologies LLC raised its holdings in shares of monday.com by 20.2% in the second quarter. Renaissance Technologies LLC now owns 1,122,690 shares of the company’s stock valued at $270,299,000 after purchasing an additional 188,800 shares during the last quarter. 1832 Asset Management L.P. lifted its position in shares of 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 purchasing an additional 170,800 shares in the last quarter. Eminence Capital LP boosted its holdings in monday.com by 1.4% during the second quarter. Eminence Capital LP now owns 470,717 shares of the company’s stock worth $113,330,000 after purchasing an additional 6,349 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its position in monday.com by 33.0% during the 1st quarter. Westfield Capital Management Co. LP now owns 415,584 shares of the company’s stock worth $93,868,000 after buying an additional 103,094 shares in the last quarter. 73.70% of the stock is owned by institutional investors and hedge funds.

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.