INST - Instructure: Shifting To Neutral On Valuation And Deceleration Concerns
I've been a longtime bull on the ed-tech company Instructure (INST). Of the many companies in the space, it's Instructure's business model that I find stickiest - its flagship Canvas product boasts multi-year installations at some of the largest individual universities as well as university systems in the U.S. And, to diversify its revenue stream, Instructure's burgeoning Bridge product also gives the company a foot in the door of the enterprise software world, selling learning and HCM-related tools to companies.
This quarter, however, my enthusiasm for Instructure has waned. Two major developments have