We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Here's Why monday.com (MNDY) is a Must-Buy Stock in 2024
Read MoreHide Full Article
monday.com’s (MNDY - Free Report) shares fell 5.3% to close at $177.89 on Jan 2, following a 1.6% decline on Dec 29. MNDY shares are now down almost 11% from the 52-week high of $199.68 on Dec 19.
The recent dip offers an exciting buying opportunity. In the trailing 12-month period, monday.com shares have outperformed the Zacks Computer and Technology sector, as well as its peers like AvidXchange (AVDX - Free Report) , Ceridian HCM and DigitalOcean (DOCN - Free Report) .
While monday.com has returned 57.6%, shares of AvidXchange, Ceridian HCM and DigitalOcean have gained 27.8%, 4% and 27.8%, respectively. The broader sector has returned 53.1% over the same time frame.
monday.com’s outperformance can be attributed to an expanding clientele, driven by growing cross-selling opportunities. Apart from strong fundamentals, monday.com has a Growth Score of A and sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Per the Zacks proprietary methodology, a stock with such a favorable combination offers a good investment opportunity.
Let's delve deep into the factors that make MNDY an exciting stock to buy in 2024.
monday.com’s robust stock price performance has been primarily driven by its better-than-expected financial results and impressive growth profile.
The firm is leveraging its robust portfolio and growing clientele, affirming its commitment to addressing evolving customer needs and solidifying its market position with significant growth in paid customers.
In the third quarter of 2023, the number of paid customers with more than $50,000 in ARR increased 57%, reaching 2,077, up from 1,323 as of Sep 30, 2022.
monday.com recently witnessed promising cross-sell opportunities with the introduction of its new products like monday Sales CRM and mondayDB. These additions have garnered significant traction, with more than 2,534 initial work management accounts adopting these innovative offerings.
A significant achievement for monday.com involves the successful launch of mondayDB 1.0, known for its advanced AI functionalities like the AI formula builder and AI solution builder. These elements have played a pivotal role in enhancing MNDY's portfolio.
In the third quarter of 2023, monday.com launched the initial release of mondayDB 1.1, signifying the initiation of the second phase in deploying new infrastructure for the Work OS platform. This phase is specifically geared toward improving the speed performance of large dashboards.
monday.com’s 2023 View Strong
For the fourth quarter of 2023, monday.com expects revenues between $196 million and $198 million, indicating year-over-year growth of 31% to 32%.
The Zacks Consensus Estimate for fourth-quarter 2023 revenues is pegged at $197.42 million, indicating year-over-year growth of 31.68%. The consensus mark for earnings has increased by a penny in the past 30 days to 29 cents per share.
For 2023, the company expects revenues between $723 million and $725 million, indicating year-over-year growth of 39% to 40%.
The Zacks Consensus Estimate for 2023 and 2024 revenues is pegged at $724.56 million and $924.71 million, indicating growth of 39.6% and 27.62%, respectively.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Here's Why monday.com (MNDY) is a Must-Buy Stock in 2024
monday.com’s (MNDY - Free Report) shares fell 5.3% to close at $177.89 on Jan 2, following a 1.6% decline on Dec 29. MNDY shares are now down almost 11% from the 52-week high of $199.68 on Dec 19.
The recent dip offers an exciting buying opportunity. In the trailing 12-month period, monday.com shares have outperformed the Zacks Computer and Technology sector, as well as its peers like AvidXchange (AVDX - Free Report) , Ceridian HCM and DigitalOcean (DOCN - Free Report) .
While monday.com has returned 57.6%, shares of AvidXchange, Ceridian HCM and DigitalOcean have gained 27.8%, 4% and 27.8%, respectively. The broader sector has returned 53.1% over the same time frame.
monday.com’s outperformance can be attributed to an expanding clientele, driven by growing cross-selling opportunities. Apart from strong fundamentals, monday.com has a Growth Score of A and sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Per the Zacks proprietary methodology, a stock with such a favorable combination offers a good investment opportunity.
Let's delve deep into the factors that make MNDY an exciting stock to buy in 2024.
monday.com Ltd. Price and Consensus
monday.com Ltd. price-consensus-chart | monday.com Ltd. Quote
Strong Growth Drivers to Aid MNDY’s Surge
monday.com’s robust stock price performance has been primarily driven by its better-than-expected financial results and impressive growth profile.
The firm is leveraging its robust portfolio and growing clientele, affirming its commitment to addressing evolving customer needs and solidifying its market position with significant growth in paid customers.
In the third quarter of 2023, the number of paid customers with more than $50,000 in ARR increased 57%, reaching 2,077, up from 1,323 as of Sep 30, 2022.
monday.com recently witnessed promising cross-sell opportunities with the introduction of its new products like monday Sales CRM and mondayDB. These additions have garnered significant traction, with more than 2,534 initial work management accounts adopting these innovative offerings.
A significant achievement for monday.com involves the successful launch of mondayDB 1.0, known for its advanced AI functionalities like the AI formula builder and AI solution builder. These elements have played a pivotal role in enhancing MNDY's portfolio.
In the third quarter of 2023, monday.com launched the initial release of mondayDB 1.1, signifying the initiation of the second phase in deploying new infrastructure for the Work OS platform. This phase is specifically geared toward improving the speed performance of large dashboards.
monday.com’s 2023 View Strong
For the fourth quarter of 2023, monday.com expects revenues between $196 million and $198 million, indicating year-over-year growth of 31% to 32%.
The Zacks Consensus Estimate for fourth-quarter 2023 revenues is pegged at $197.42 million, indicating year-over-year growth of 31.68%. The consensus mark for earnings has increased by a penny in the past 30 days to 29 cents per share.
For 2023, the company expects revenues between $723 million and $725 million, indicating year-over-year growth of 39% to 40%.
The Zacks Consensus Estimate for 2023 and 2024 revenues is pegged at $724.56 million and $924.71 million, indicating growth of 39.6% and 27.62%, respectively.