We maintain our bullish view on Pluralsight (NASDAQ:PS), the leading cloud-based solution for technical skills development. The share price has appreciated by over 40% since last September when we covered the stock for the first time. Back then, we had our share of doubts about the management's execution. However, the consistent outperformance in the next few months that followed proved us wrong. The execution has been solid as of Q1, and therefore, we continue to believe in the management's ability to convert the temporary tailwinds the business currently sees, into long-term opportunities.
Strong execution has maintained growth at +30%. The share price has been up ~40% to ~$21.5 since our first coverage in September. Driven by the upcoming Free April campaign's ROI, there are upside opportunities across B2C and B2B. At ~6.7x P/S, the price level is similar to that of September last year, where the company faced a sales execution issue and was without a CRO.
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