2024-05-16 08:00:00 ET
Summary
- monday.com has outperformed the S&P 500 and Nasdaq 100 YTD and reported strong Q1 FY24 earnings, with revenue and earnings beating estimates.
- The company is driving innovation and scaling upmarket with its monday sales CRM and monday Dev, which should boost growth through cross-selling and upselling opportunities in the coming quarters.
- While there are concerns about customer churn and competition in the market, Monday's overall fundamentals are strong, and the management has raised revenue and earnings guidance.
- Assessing both the "good" and the "bad", Monday's growth story is poised to continue with its success in upmarket and expanding profitability, making it a "buy".
Introduction & Investment Thesis
monday.com ( MNDY ) is a leading provider of cloud solutions for work management and enterprise collaboration that has outperformed the S&P 500 and Nasdaq 100 YTD. I last covered the stock on February 13, when I changed my rating from “buy” to "hold," which was predicated on my belief that the valuation seemed to have priced in the upside, based on management’s guidance....
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For further details see:
monday.com: Management Raises Guidance On Upmarket Momentum (Rating Upgrade)