'If you can get it below that, great. If not, keep your bat on your shoulder. This is a great story, but we need to stay disciplined,' Jim Cramer says.
"I'm willing to let you pay $40. ... That's well above" the reference price of $26, CNBC's Jim Cramer says.
Slack will generate a ton of excitement when it lists on the New York Stock Exchange Thursday, CNBC'sThe cloud-based communications platform will forgo a traditional IPO in lieu of a direct listing, where a company lists a block of pre-existing shares on the exchange, without any underwriters. NYSE"I'm willing to let you pay $40. ... That's well above. Now if you can get it below that, that's even better. If not, you keep your bat on your shoulder," thehost said.
Slack offers both free and paid subscription versions, including a higher-priced option that has additional services. The company sports 10 million daily active users and serves about 600,000 entities that have at least three users. Only about 95,000 of those organizations are using the paid product, but that includes about 60 of the Fortune 100, Cramer added.Slack's revenue grew 82% in 2018, but slowed to 67% in its most recent quarter.
"This has become increasingly common with tech, though. The unicorns do it. I hate it," Cramer said. "Because if something goes wrong, you and your fellow shareholders have no real recourse other than to dump the stock."
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