These Analysts Boost Their Forecasts On Monday.com After Upbeat Results

Monday.com Ltd MNDY reported better-than-expected first-quarter financial results and issued revenue guidance above estimates on Wednesday.

Monday.com reported fiscal first-quarter 2024 revenue growth of 34% Y/Y to $216.9 million, beating the analyst consensus estimate of $210.4 million. The project management software company’s adjusted EPS of 61 cents beat the analyst consensus estimate of 40 cents, according to data from Benzinga Pro.

"Our Q1 results mark an exceptional start to the year, with strong demand for our products across all ends of the market," said monday.com co-founders and co-CEOs, Roy Mann and Eran Zinman.

Monday.com expects second-quarter revenue of $226 million – $230 million (versus the consensus of $225.1 million) and adjusted operating margin of 8% – 9%. The company expects 2024 revenue guidance of $942 million – $948 million (prior $926 million – $932 million) against the consensus of $935.28 million, and an adjusted operating margin of 8% – 9% (prior 6% – 7%).

Monday.com shares gained 21.4% to close at $220.72 on Wednesday.

These analysts made changes to their price targets on Monday.com after the company reported quarterly results.

• Keybanc boosted the price target on Monday.com from $275 to $280. Keybanc analyst Jackson Ader maintained an Overweight rating.
• Goldman Sachs increased Monday.com price target from $270 to $300. Goldman Sachs analyst Kash Rangan maintained a Buy rating.
• Oppenheimer boosted the price target on Monday.com from $240 to $250. Oppenheimer analyst George Iwanyc maintained an Outperform rating.
• On Wednesday, Needham increased the price target on Monday.com from $230 to $250. Needham analyst Scott Berg maintained a Buy rating.
• On Wednesday, Piper Sandler boosted the price target on Monday.com from $250 to $270. Piper Sandler analyst Brent Bracelin reiterated an Overweight rating.

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