We were bullish on $SEMR after our analysis of the company in February this year. However, the stock was trading close to our target price and given the macro-economic environment and especially its impact on the valuation of tech stocks, we decided to wait before initiating a position. The stock is down c.34% since the publication of our analysis.

We believe the current price represents an attractive opportunity to buy a fast growing company with a strong secular trend and a large TAM. We have been gradually buying shares over the past few weeks.

We would be happy to hear your thoughts. Full analysis below for those interested.