monday.com (NASDAQ:MNDY) Shares Gap Up - Here's Why

Shares of monday.com Ltd. (NASDAQ:MNDY - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $255.87, but opened at $264.04. monday.com shares last traded at $262.35, with a volume of 66,747 shares trading hands.

Wall Street Analyst Weigh In

MNDY has been the subject of several analyst reports. Tigress Financial raised their target price on shares of monday.com from $340.00 to $450.00 and gave the stock a "buy" rating in a report on Friday, February 21st. JPMorgan Chase & Co. raised their price objective on shares of monday.com from $350.00 to $400.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 11th. Scotiabank cut their target price on monday.com from $400.00 to $315.00 and set a "sector outperform" rating on the stock in a research note on Monday. Citigroup upgraded monday.com from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $302.00 to $298.00 in a report on Thursday, January 16th. Finally, Cantor Fitzgerald boosted their price objective on monday.com from $292.00 to $380.00 and gave the company an "overweight" rating in a report on Tuesday, February 11th. Three analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, monday.com has an average rating of "Moderate Buy" and a consensus target price of $354.45.

monday.com Price Performance

The firm has a market capitalization of $12.82 billion, a P/E ratio of 442.42, a P/E/G ratio of 16.53 and a beta of 1.27. The stock's fifty day simple moving average is $268.63 and its 200 day simple moving average is $269.50.

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monday.com (NASDAQ:MNDY - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.28). monday.com had a return on equity of 6.22% and a net margin of 3.33%. As a group, sell-side analysts forecast that monday.com Ltd. will post 0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On monday.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNDY. Clearbridge Investments LLC raised its position in shares of monday.com by 0.3% in the 4th quarter. Clearbridge Investments LLC now owns 13,501 shares of the company's stock valued at $3,179,000 after purchasing an additional 44 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of monday.com by 1.3% during the fourth quarter. Prudential Financial Inc. now owns 4,122 shares of the company's stock worth $970,000 after buying an additional 53 shares during the period. Global Retirement Partners LLC grew its holdings in shares of monday.com by 64.8% during the fourth quarter. Global Retirement Partners LLC now owns 150 shares of the company's stock valued at $35,000 after buying an additional 59 shares during the last quarter. Avior Wealth Management LLC increased its position in shares of monday.com by 2.6% in the 3rd quarter. Avior Wealth Management LLC now owns 2,611 shares of the company's stock valued at $725,000 after acquiring an additional 67 shares during the period. Finally, Venturi Wealth Management LLC raised its stake in monday.com by 7.6% in the 4th quarter. Venturi Wealth Management LLC now owns 1,076 shares of the company's stock worth $253,000 after acquiring an additional 76 shares during the last quarter. 73.70% of the stock is currently owned by hedge funds and other 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.