Crosslink Capital Makes its Biggest Bet Yet on Monday.com: Is the Stock a Buy?
Key Points
Crosslink Capital bought 143,650 shares of monday.com, raising its position value by $20.55 million quarter-over-quarter.
The transaction value equaled 2.41% of the fund’s 13F AUM.
Post-trade, the fund held 203,865 monday.com shares valued at $39.49 million.
The stake now equals 2.87% of AUM, which places it outside the fund’s top five holdings.
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Crosslink Capital added 143,650 shares of monday.com (NASDAQ:MNDY) in the third quarter, increasing its stake by an estimated $20.55 million, per Nov. 14, 2025, SEC filings.
What happened
According to a Nov. 14, 2025, SEC filing, Crosslink Capital increased its position in monday.com by 143,650 shares during the third quarter.
The move brought the fund’s total holding to 203,865 shares, with a reported market value of $39.49 million as of Sept. 30, 2025.
The position accounted for 2.87% of the fund’s $1.37 billion in reportable U.S. equity assets.
What else to know
Crosslink Capital's top holdings after the filing:
- Chime Financial (NASDAQ:CHYM): $589.92 million (42.9% of AUM)
- Lam Research (NASDAQ:LRCX): $102.20 million (7.4% of AUM)
- MercadoLibre (NASDAQ:MELI): $63.10 million (4.6% of AUM)
- Pure Storage (NYSE:PSTG): $60.37 million (4.4% of AUM)
- Veeva Systems (NYSE:VEEV): $53.94 million (3.9% of AUM)
As of Nov. 14, 2025, shares of monday.com were priced at $156.98, down 46% over the past year and underperforming the S&P 500 Index by 59 percentage points.
The fund is downsizing overall, with a 22% reduction in reportable AUM during the quarter.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-12-5) | $156.98 |
| Market Capitalization | $8.1 billion |
| Revenue (TTM) | $1.2 billion |
| Net Income (TTM) | $65 million |
Company Snapshot
Monday.com:
- Offers a cloud-based Work OS platform with modular building blocks for workflow, project management, CRM, marketing, and software development solutions.
- Serves a diverse customer base, including enterprises, educational institutions, government agencies, and business units across multiple geographies.
- Employs over 2,500 people worldwide and maintains a global presence with offices in several countries.
Monday.com Ltd. operates at scale with over 2,500 employees and a global presence, specializing in flexible work management software for organizations of all sizes.
Foolish take
Crosslink Capital's significant investment in Monday.com is a notable event for current and prospective shareholders.
Following Monday.com's stock dropping over 50% from its 52-week high, this additional purchase highlights that the firm views the collaborative workflow and project management platform as a buy-the-dip opportunity.
Following its decline, Monday.com trades at just 24 times free cash flow. However, if we account for stock-based compensation, this figure rises to around 48 -- so it's not as blatantly cheap as it may appear.
That said, the company just grew sales by 26% in the last quarter and saw even faster grow among its largest customers.
Posting a net retention rate of 117% among its larger clients, Monday.com is not only landing new customers but also steadily upselling them to new offerings as well.
Leaning heavily into an array of AI-infused applications, the company looks poised to benefit from the rise of AI, rather than be disrupted by it.
Named to Gartner's Magic Quadrant for Adaptive Project Management and Reporting the last four years and its Collaborative Work Management for the previous three years, Monday.com is a clear leader in its niche.
While I'd like to see the company rein in its stock-based compensation some more, Monday.com is on my stock shortlist, and I certainly understand why Crosslink has been buying shares hand over fist.
Glossary
13F AUM: The total value of U.S. equity securities reported by an institutional investment manager in SEC Form 13F filings.
AUM (Assets Under Management): The total market value of assets that an investment firm manages on behalf of clients.
Quarter-over-quarter: A comparison of a financial metric or position from one fiscal quarter to the next.
Top holdings: The largest investments in a fund’s portfolio, ranked by market value.
Work OS: A cloud-based platform enabling organizations to manage workflows, projects, and processes using customizable tools.
Subscription-driven model: A business approach where customers pay recurring fees for ongoing access to products or services.
TTM: The 12 months ending with the most recent quarterly report.
Reportable U.S. equity assets: U.S. stocks and related securities that an investment manager must disclose in regulatory filings.
Stake: The ownership interest or share that an investor holds in a company.
Modular building blocks: Individual components that can be combined or customized to create tailored software solutions.
Fund downsizing: When an investment fund reduces its total assets under management, often by selling investments or experiencing withdrawals.
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Josh Kohn-Lindquist has positions in MercadoLibre and Veeva Systems. The Motley Fool has positions in and recommends Lam Research, MercadoLibre, Monday.com, Pure Storage, and Veeva Systems. The Motley Fool has a disclosure policy.
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