Growth DecelerationThere is likely disappointment stemming from this quarter’s growth decelerating to 19%, a smaller beat than historical levels, and a muted growth outlook to close out the year.
Guidance Cut'Conservative' guidance implies a cut to 4Q consensus and weighed heavily on the stock following a strong run into earnings.
Valuation ConcernsValuation on free cash flow screens relatively full, limiting the scope for outperformance in a broader recovery in software.