Needham Reiterates Buy on monday.com (MNDY), Sets $250 Price Targe
The firm revealed how its post 3Q investor call with the company's VP of IR Byron Stephen and IR Manager Paige Newman helped gain clarity on Monday's performance marketing shortfall. It also helped explain how their reliance on Google should further reduce moving forward.
The firm believes that Google pricing change will result in a small but minor near-term impact. This may force the company to reduce its mid-term growth target from 30% to 25% at its September investor day.
However, the company's overall dependence on Google has decreased and now represents less than 30% of net customer additions. Moreover, self-service sales have also decreased to 40% of total sales. This reveals how the company is shifting toward larger, higher-quality deals in upmarket segments.
SFIO CRACHO/Shutterstock.com
'We came away believing this Google pricing change will have a small, but minor near-term impact which we expect will force MNDY to reduce its 30% mid-term growth target down to 25% at its Sept. investor day. Google now represents <30% of net customer adds and self-service sales have decreased to 40% of sales highlighting the up market GTM shift to larger, higher quality deals. Other key topics include AI monetization, a $300mm CRM ARR target, NRR stabilization, and confidence in accelerating 4Q growth. Reiterate Buy after a large share decline seems overdone for a 5pt change in growth assumptions.'
monday.com Ltd. (NASDAQ:MNDY) develops software applications globally, offering a cloud-based Work OS for creating work management tools.
While we acknowledge the potential of MNDY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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