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

monday.com (NASDAQ:MNDY) had its target price lifted by equities research analysts at Wells Fargo & Company from $340.00 to $380.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 19.60% from the stock’s previous close.

Several other research firms have also recently issued reports on MNDY. DA Davidson reiterated a “neutral” rating and set a $300.00 price objective on shares of monday.com in a research report on Tuesday, November 12th. Cantor Fitzgerald initiated coverage on shares of monday.com in a report on Friday, January 17th. They issued an “overweight” rating and a $292.00 price target on the stock. Scotiabank dropped their price objective on shares of monday.com from $325.00 to $300.00 and set a “sector outperform” rating for the company in a report on Thursday, January 16th. Oppenheimer raised their price objective on monday.com from $275.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, William Blair reiterated an “outperform” rating on shares of monday.com in a research report on Wednesday, December 18th. Four equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, monday.com currently has an average rating of “Moderate Buy” and an average target price of $353.32.

monday.com Stock Performance

Shares of MNDY stock opened at $317.73 on Tuesday. The stock has a fifty day simple moving average of $251.81 and a two-hundred day simple moving average of $263.06. The firm has a market capitalization of $15.34 billion, a PE ratio of 774.95, 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.

monday.com (NASDAQ:MNDY) last released its earnings results on Monday, February 10th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.28). monday.com had a return on equity of 4.99% and a net margin of 2.39%. On average, sell-side analysts forecast that monday.com will post 0.85 EPS for the current fiscal year.

Institutional Trading of monday.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNDY. BloombergSen Inc. boosted its position in shares of monday.com by 7.8% during the fourth quarter. BloombergSen Inc. now owns 3,634 shares of the company’s stock valued at $856,000 after buying an additional 262 shares during the period. Trexquant Investment LP purchased a new position in monday.com during the 4th quarter valued at $6,694,000. Headlands Technologies LLC bought a new position in monday.com in the 4th quarter valued at $3,160,000. Geode Capital Management LLC grew its position in monday.com by 5.4% in the 4th quarter. Geode Capital Management LLC now owns 348,594 shares of the company’s stock valued at $81,770,000 after acquiring an additional 17,817 shares during the last quarter. Finally, National Bank of Canada FI purchased a new stake in monday.com in the fourth quarter worth $216,000. 73.70% of the stock is owned by hedge funds and other institutional investors.

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.