Piper Sandler bullish on monday.com (MNDY) after meeting with management

Piper Sandler reiterated an Overweight rating and $200.00 price target on monday.com Ltd. (NASDAQ: MNDY) after hosting meetings with Co-Founder & Co-CEO, Roy Mann last week. Also attending the meetings were CFO Eliran Glazer and VP of R&D and Product, Daniel Lereya.

Piper Sandler remains optimistic in the Automation 2.0 Era and untapped future growth prospects for MNDY following the meetings.

The number of paid subscribers has more than doubled since the June 2021 IPO to 2.5M+ with line-ofsight to $1B+ ARR during 2024, while approximately 70% of the customer base remains outside of technology across 200+ different industry segments.

As popularity for this automation workflow builder tool

further expands, analyst, Brent Bracelin sees multi-billion ARR potential with every 1M+ paid users adding an incremental $250M+.

Bracelin wrote in a note, “While MNDY has built a reputation as a leading project management application, the underlying schemaless database architecture and expanding number of core building blocks (forms, analytics, widgets, integrations, AI) point to a much larger platform opportunity. The doubling of the Monday.com branded Sales CRM ARR and increasing number of custom apps and workflows for 180K+ customers further reinforce the platform potential. We continue to have confidence in our view that an upward bias to FY24 growth estimates of 29% y/y (vs. 50% last quarter) exists based on new product potential.”

Shares of MNDY are up 5.20% in mid-day trading on Wednesday.

By Michael Elkins | [email protected]

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