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PagerDuty Long Thesis
Stock down 51% over past 6 months and is worst performing name in universe of 50+ saas/cloud stocks.
What went wrong?
-IPO timed around SAAS mania excitement of late Spring/Early Summer 2019 produced bubbly 25x forward ev/rev multiple
-IPO quickly followed by competitive concerns from SAAS giants Splunk/Atlassian as both players slashed pricing on recently acquired competing offerings in Oncall 2 months after PD IPO