Shares of project management software outfit Monday.com (NASDAQ: MNDY) have been hot since its IPO in June. After debuting in public trade at over $170 per share, the stock has traded as much as 48% higher during its first month.
There's good reason for the optimism surrounding this company. Though it competes against project management software leader Atlassian (NASDAQ: TEAM) and fellow upstart Asana (NYSE: ASAN) , this is a growing niche of the cloud-based software world and Monday.com has deep pockets -- and even deeper-pocketed friends. This is a top stock to put on your buy list if you are willing to wait out what is sure to be a wild ride over the next few years.
Thanks in no small part to Atlassian (which is responsible for programs like Jira and Trello), project management software that helps organize workflows for business teams has been a high-growth industry. Atlassian has been growing revenue at a double-digit pace for years and is something of an under-the-radar IT industry titan these days. The Australia-based company has hauled in nearly $2 billion in sales over the last 12-month stretch.
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Is Monday.com Stock a Buy?