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monday.com's stellar earnings and the stock's recent dip make it a strong buy

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This earnings season has been quite challenging for SaaS firms as high interest rates and geopolitical uncertainty have made companies more cautious about tech spending. Even tech giants are struggling to sustain their high growth rates in the current environment. For instance, shares of CRM leader Salesforce plunged 20% last week after the company projected future growth rates in the high single digits.

However, some tech companies are still thriving, and investors are thrilled. Cloud collaboration firm monday.com ($MNDY) reported earnings results earlier this month that beat analyst estimates across the board and lifted its full-year outlook, sending its shares soaring.

After hitting 52-week highs earlier this month, MNDY has given up some gains, falling about 13%. This dip has created a new buying opportunity in one of the fastest-growing tech names on the market. Let’s take a deeper dive.

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