DA Davidson analyst Rishi Jaluria initiated Instructure with a Buy rating and a price target of $47, citing the company's " market leadership position, long runway of growth, corporate market opportunity, and expansion opportunities" in learning and performance management in grade school, higher education, and corporations. The analyst cites Instructure's 28% market share within the learning management systems for higher education, recently topping Blackboard, and also points to the company's "impressive" university customer base that includes Harvard, Yale, U.C. Berkeley, and University of Michigan. Jaluria further notes that the company's valuation of 5-times enterprise value to expected FY19 revenue is "compelling".