PagerDuty (PD) is currently trading at 4x TTM PE. Value trap?

PagerDuty (PD) is a SaaS business that helps businesses with incident management. For example, when a product or service stops working, a business can use PagerDuty to log the event and escalate it to an on-call engineer or team to fix it. They are very entrenched with Enterprise, counting most of the Fortune 100 as customers. Consequently, organic growth is pretty minimal. Not only that, but there are many new frontiers of competition, with other businesses like DataDog and ServiceNow offering competing services. Overall, growth expectations are muted, let's call it ~0-5%. The stock is currently trading at 4x TTM PE or 5.8x forward PE. The forward PE being larger than the TTM PE indicates that analysts are actually expecting an earnings _decrease_ over the next full year, rather than modest growth. That said, for an entrenched enterprise SaaS company providing a mission-critical service, this still looks incredibly cheap—I can't help but feel that I must be missing something. It seems like the market is writing the business off entirely. Are we looking at an under-the-radar deep value opportunity, or is this one a dead-man walking—a classic value trap?