Canaccord Genuity Group Forecasts Strong Price Appreciation for monday.com (NASDAQ:MNDY) Stock

monday.com (NASDAQ:MNDY - Get Free Report) had its target price increased by Canaccord Genuity Group from $310.00 to $375.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 17.75% from the company's current price.

Several other equities analysts have also issued reports on MNDY. Wells Fargo & Company increased their target price on monday.com from $340.00 to $380.00 and gave the stock an "overweight" rating in a research note on Tuesday. KeyCorp raised monday.com from a "sector weight" rating to an "overweight" rating and set a $420.00 target price on the stock in a research note on Tuesday. DA Davidson increased their target price on monday.com from $300.00 to $350.00 and gave the stock a "neutral" rating in a research note on Tuesday. Robert W. Baird increased their target price on monday.com from $275.00 to $335.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, Jefferies Financial Group increased their price target on monday.com from $300.00 to $400.00 and gave the company a "buy" rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $353.32.

monday.com Stock Performance

Shares of NASDAQ MNDY traded down $1.86 during mid-day trading on Tuesday, reaching $318.48. 371,407 shares of the company's stock were exchanged, compared to its average volume of 1,175,707. The firm has a market capitalization of $15.38 billion, a price-to-earnings ratio of 775.71, a PEG ratio of 7.67 and a beta of 1.31. monday.com has a 52-week low of $174.75 and a 52-week high of $342.64. The company's 50-day moving average is $252.51 and its 200-day moving average is $263.46.

monday.com (NASDAQ:MNDY - Get Free Report) last released its quarterly earnings results on Monday, February 10th. The company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.28). monday.com had a return on equity of 4.99% and a net margin of 2.39%. As a group, equities analysts predict that monday.com will post 0.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MNDY. FMR LLC increased its position in monday.com by 78.7% during the fourth quarter. FMR LLC now owns 2,701,952 shares of the company's stock worth $636,147,000 after buying an additional 1,189,858 shares during the period. Norges Bank acquired a new position in monday.com during the fourth quarter worth approximately $116,686,000. T. Rowe Price Investment Management Inc. acquired a new position in monday.com during the fourth quarter worth approximately $109,605,000. SG Americas Securities LLC increased its position in monday.com by 1,024.7% during the fourth quarter. SG Americas Securities LLC now owns 476,392 shares of the company's stock worth $112,162,000 after buying an additional 434,035 shares during the period. Finally, CIBC Private Wealth Group LLC increased its position in monday.com by 264.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 555,929 shares of the company's stock worth $126,407,000 after buying an additional 403,255 shares during the period. Institutional investors and hedge funds 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.