MNDY stock has been rallying over the last several months, and its value is projected to increase even more. Consequently, some analysts advise purchasing its shares now, giving the stock a Buy rating. But why is the stock’s forecast so good? Let’s find out. 

Monday.com Ltd is a popular cloud-based platform that enables customers to create various applications. It also offers project management software. The founder team launched this project in 2014, and the company managed to raise $150 million in five years.

Buoyed with success, the firm went public in the summer of 2021, making its shares available to global investors. They can now purchase MNDY on various stock exchanges around the world, among them the Nasdaq exchange. 

Moreover, Monday.com expanded worldwide, creating teams in Tel Aviv, New York, Miami, San Francisco, and Chicago, as well as Sydney, London, and Kiev. 

How Is MNDY Trading Today?

The MNDY stock price hit $262.18 on Wednesday, soaring by 1.21% during this session. The company’s market cap is 13.05B, with its 52-week high standing at  265.97 and a 52-week low remaining at 122.13 thus far. Overall, 49.78M shares are available for traders.

The team recently reported a total revenue of 784.352M, which is a substantial amount. The analysts believe that MNDY stock earnings will increase more in the coming months. 

Its earnings report for the second quarter was also robust, showing strong profits. As a result, more higher-paying businesses partnered with this company to use its software for project management. 

After this positive data, Monday.com has adjusted its earnings for the last quarter, with a new figure of 94 cents a share. This far succeeds analysts’ forecast of 56 cents. 

However, there’s more to come. Co-CEO Eran Zinman stated that the firm launched its new generative AI features that help to enhance its product. It makes text extraction on the Monday platform much easier and more convenient.

Moreover, the team automated customer services. Consequently, its margins have increased over the last months. Soon after these changes, Monday.com announced that its revenue for the fiscal year of 2024 might come between $956 million and $961 million. If this forecast proves right, it will represent YoY growth of almost 32%.

Priorly, the team expected revenue to come between $942 million to $948 million, while analysts set their target at $947.7 million.

MNDY/USD 5 Day-Chart

What Is the MNDY Stock Forecast? 

Most experts agree that Monday.com Ltd has great potential, and its shares’ value will soar in the coming months. TD Cowen recently raised the MNDY stock price target from the previous $275 to $300, rating it a Buy. 

The analysts point out that Monday.com is successfully executing its vision and has made significant progress with top-notch clients. TD Cowen even stated that this stock is a Top Pick in the tech sector.

Besides, the company’s robust business model and effective strategy for attracting more clients appeal to the investors. As a result, the number of its shareholders is increasing. Monday.com has secured 80,000 seats in the last quarter, which is a noteworthy achievement. 

Add the new advanced features in the mix and it will come as no surprise that analysts predict the company to achieve great success over the next year. Its gross profit margin has already reached an impressive 88.9%, showing that the team is managing costs effectively. The shareholders’ returns were also substantial in the last quarter, reaching 24.17%.

Besides, the firm currently has more capital than debts, indicating its financial stability. Market participants predict that the net income will grow more in 2024.

Is the MNDY Stock Buy Or Sell? 

Top Wall Street analysts’ consensus for the MNDY shares is a Buy. On Monday, Goldman Sachs raised its price target for this stock to $340 from the previous $300, maintaining its Buy rating, as well. Meanwhile, analysts from DA Davidson have a Neutral rating but also increased their price targets. 

Over the last month, the stock recorded 43% green days. It experienced only 16.05% price volatility over the same period of time. However, the MNDY shares are now trading 10.85% below the forecast. That means the stock is a bit undervalued and it’s a good time to purchase it. 

According to the analysts, the average price target is a 15.34% increase for 2024. The stock’s consensus rating based on 16 Wall Street Analysts is a Strong Buy. Furthermore, the  monday.com Ltd. stock will skyrocket to $538.00 if it sustains its current 10-year average growth rate. This means 148.01% growth from its current price.