.August 12, 2024 6:43 PM

Goldman Sachs analysts raised monday.com’s price target to $340 from $300, maintaining a Buy rating after the company reported strong Q2 2024 results. Shares surged over 14% in response to the news.

Investor confidence in monday.com is growing due to anticipated improvements in net revenue retention, momentum in the upmarket segment, and successful growth initiatives. Record-high gross retention and a strong growth profile further support the positive outlook.

With the upcoming release of Monday Service and Elevate user conference, monday.com is expected to drive pipeline conversion and expand its software offerings. The company is operating strongly against mid-term targets, positioning it as a consistent outperformer in the market.