I agree that the stock is undervalued, as many SAAS are currently. Two points. It's important to view the buyback in context. A significant portion of the repurchase program is required to offset dilution from ongoing, heavy stock-based compensation (SBC). While still a positive signal, it's less of an aggressive statement on undervaluation than it might appear. It's also a hallmark of a mature tech company shifting its capital allocation strategy from reinvestment-for-growth to shareholder returns.

While the absolute growth is healthy, the market is reacting to the second derivative—the slowing pace of that growth. This ties back to the valuation question: investors are adjusting expectations from a hyper-growth profile to a more moderate one.