Shares of work collaboration software company Monday.com (NASDAQ: MNDY) have rocketed nearly 140% higher in the seven months since hitting their low in mid-Nov. 2022. Not for poor reasons, either. Despite a hypercompetitive niche that includes large enterprise software company and fellow upstart Asana, Monday.com has continued to grow its business at a rapid pace.  

Better yet, Monday is also quickly scaling its profitability, which makes it a promising long-term stock. But is now the time to buy, despite the big surge in share price so far in 2023? 

Monday.com's software provides a customizable interface that lets teams organize their workflows and collaborate with each other. This would seemingly be a tough sell right now, what with all things cloud software growth slowing down dramatically this year. With organizations worrying about a possible recession in 2023, many customers (potential and existing) are tapping the brakes on expanding their use of the cloud for the time being in an attempt to conserve cash.

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Source Fool.com