Monday.com (NASDAQ:MNDY) stock received four Buy ratings from analysts following the release of stellar third-quarter results yesterday. The company’s Q3 performance was driven by solid demand for its products. The number of paid customers with more than $50,000 in Annual Recurring Revenue (ARR) jumped 57% year-over-year, while the net dollar retention rate was over 115% for these customers.
Monday.com provides a comprehensive work operating system aimed at enhancing team collaboration and project management.
Among the bullish analysts, Kash Rangan from Goldman Sachs believes MNDY’s strong management and consistent performance position the company favorably for growth. Also, Rangan remains impressed with the company’s strategic investments and infrastructure improvements.
What is the Price Target for Monday.com?
Wall Street analysts are optimistic about Monday.com stock. It has a Strong Buy consensus rating based on 12 Buys and two Holds. The average MNDY stock price target of $79.33 implies a 10.5% upside potential.
