Analysist Updates, page-41

Hokusai, your own reasoning does not support your conclusion. The price of NEA today has departed from its underlying value and the reason is "growth technology stocks are in a huge bull market". ie it's the market, not the company.

What should drive the price is the underlying company performance . The company is doing very well, but it will still take years to deliver a profit that justifies today's $575m valuation ($1.46). One day it will get there. In fact one day it will be a $2B company. But right now, its all the excitement of a bull market that has swept it up too early. Undertheradar may have got it badly wrong before, but right now, their conclusion looks solid.

"Analysts worth their salt" don't let the market be their guide - the market undervalued NEA at 60 cents a few months ago, and now over-values it today. Meantime, underneath the madness of the market, the company chugs along, consistently growing at a solid rate.