I would think it’s just part of the overall market decline which because of the significant run up had some possibly taking profits with the intention of re-entering at a later date. At 5.00 it was trading at PE27. Now at 3.90 it’s trading at around PE22. I would see this as an acceptable trading range especially in a stock still in the beginning stages of what could be a decade long tail wind. Actually, as the company matures and if interest rates stay lower for longer I would not be surprised to see it eventually move into a 15-20 PE range. These are my thoughts as after all it’s an Industrial not a SASS company albeit, in a significant growth industry. Personally, I think it presents an opportunity to top up or enter however, an even better opportunity in the present macro climate in the way of a correction or brief crash can never be discounted. However, this could be said about many stocks.

Hold IRL