Envestnet Asset Management Inc. Buys 29,982 Shares of monday.com Ltd. (NASDAQ:MNDY)

Envestnet Asset Management Inc. raised its stake in monday.com Ltd. (NASDAQ:MNDY) by 19.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 185,567 shares of the company’s stock after acquiring an additional 29,982 shares during the period. Envestnet Asset Management Inc.’s holdings in monday.com were worth $44,677,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. raised its holdings in monday.com by 13.8% during the 4th quarter. Principal Financial Group Inc. now owns 1,914 shares of the company’s stock valued at $359,000 after buying an additional 232 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of monday.com by 2.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 34,044 shares of the company’s stock valued at $65,000 after acquiring an additional 691 shares during the last quarter. Norges Bank purchased a new stake in shares of monday.com during the fourth quarter worth about $57,754,000. Clearbridge Investments LLC bought a new stake in shares of monday.com in the fourth quarter worth about $2,192,000. Finally, Assetmark Inc. grew its stake in shares of monday.com by 11.1% in the fourth quarter. Assetmark Inc. now owns 5,277 shares of the company’s stock worth $991,000 after purchasing an additional 527 shares during the last quarter. Hedge funds and other institutional investors own 73.70% of the company’s stock.

monday.com Price Performance

MNDY opened at $274.33 on Friday. The firm has a market cap of $13.24 billion, a PE ratio of 721.92, a P/E/G ratio of 12.23 and a beta of 1.32. The stock has a 50-day moving average price of $244.12 and a 200-day moving average price of $226.40. monday.com Ltd. has a 1 year low of $122.13 and a 1 year high of $277.94.

monday.com (NASDAQ:MNDY) last issued its earnings results on Monday, August 12th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.23. The business had revenue of $236.11 million during the quarter, compared to analysts’ expectations of $227.96 million. monday.com had a net margin of 4.88% and a return on equity of 4.74%. As a group, sell-side analysts anticipate that monday.com Ltd. will post 0.49 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MNDY shares. Tigress Financial lifted their price objective on monday.com from $280.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. TD Cowen lifted their price target on shares of monday.com from $275.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 13th. KeyCorp decreased their price objective on shares of monday.com from $280.00 to $270.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Wolfe Research initiated coverage on shares of monday.com in a research note on Tuesday, July 9th. They set an “outperform” rating and a $300.00 target price on the stock. Finally, Piper Sandler reissued an “overweight” rating and issued a $300.00 price target (up from $270.00) on shares of monday.com in a research note on Monday, August 12th. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $285.79.

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.