monday.com recently hit the financial milestone of $1 million in annual recurring revenue for its “Work” operating system.
monday.com Ltd: ($MNDY), a provider of low code-no code platform that helps organizations easily build work management tools and software applications, is scheduled to report its third-quarter results before the market opens on Monday.
Analysts, on average, expect the Tel Aviv, Israel-based company to report non-GAAP earnings per share (EPS) of $0.64, flat with a year ago, and revenue of $246.17 million versus the $189.19 million reported for the same period last year. The company anticipates revenue of $243 million to $247 million, and non-GAAP operating income of $19 million to $23 million.
The earnings call is scheduled for 8:30 am ET.
In September, the company said it has been recognized as a “Leader in the Gartner Magic Quadrant for Adaptive Project Management and Reporting.”
monday.com Ltd said in late-August that it hit the financial milestone of $1 million in annual recurring revenue for its “Work” operating system in just eight years of its launch.
Roy Mann, CEO of monday.com said, “We believe software can be both a platform that people love and an effective way to solve core business challenges in a scalable and robust way. We wouldn’t have achieved this without our dedicated monday.com team, partners, and customers.”
As of June 30, 2024, the company had 57,203 customers with more than 10 users, with customers over $50,000 in annual recurring revenue at 2,713. Its net dollar retention rate was at 110% as of June 30, 2024, and it had 2,110 employees on its payrolls.
monday.com shares have rallied nearly 73% for the year-to-date period. It ended Friday’s session up 1.80% at $324.31.
A slew of analysts recently raised their price targets for the stock, the Fly reported. Wells Fargo raised the price target from $315 to $330, while maintaining an “Overweight” rating,” citing consistently strong feedback on Q3 plus Elevate conference. The firm sees the third-quarter setup as achievable and views the company as the best-in-class SMID asset poised for durable growth.
Users of Stocktwits platform were mostly bullish on the stock. One of them recommended staying put in the stock even if it dips on earnings, and then ride the recovery up.
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