Should You Open a Position in monday.com (MNDY)?

ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy outperformed its benchmark Russell Midcap Growth Index in the quarter. The strategy gained nine of the 11 sectors it was invested in during the quarter on an absolute basis. Overall stock selection and sector allocation effects contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Mid Cap Growth Strategy featured stocks like Monday.com Ltd. (NASDAQ:MNDY) in the fourth quarter 2023 investor letter. Monday.com Ltd. (NASDAQ:MNDY), headquartered in Tel Aviv, Israel, is a software applications developer. On March 28, 2024, Monday.com Ltd. (NASDAQ:MNDY) stock closed at $225.87 per share. One-month return of Monday.com Ltd. (NASDAQ:MNDY) was 1.28%, and its shares gained 65.24% of their value over the last 52 weeks. Monday.com Ltd. (NASDAQ:MNDY) has a market capitalization of $11.05 billion.

ClearBridge Mid Cap Growth Strategy stated the following regarding Monday.com Ltd. (NASDAQ:MNDY) in its fourth quarter 2023 investor letter:

“We established a position in Monday.com Ltd. (NASDAQ:MNDY) in the IT sector, which provides software efficiency work management tools through its cloud-based operating system. After an extended stretch of revenue deceleration in the software industry, we believe conditions are stabilizing, and monday.com is exceptionally well-positioned to capitalize on an industry re-acceleration, especially as it expands from a single product into a platform offering.”

Software engineers collaborating on a project while seated in a shared workspace.

Monday.com Ltd. (NASDAQ:MNDY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Monday.com Ltd. (NASDAQ:MNDY) was held by 48 hedge fund portfolios, compared to 37 in the previous quarter, according to our database.

We discussed Monday.com Ltd. (NASDAQ:MNDY) in another article and shared the list of best mid-cap growth stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.