Are we in a bubble? Enterprise software

Enterprise software multiples are at historically high-levels averaging forward price/sales high-teen's & low twenties, some are even trading in the 30's, The trend appears to be one of slowing growth rates and multiple expansion, this makes little sense to me. If you look at any enterprise cloud company the multiple keeps rising and the growth rate decelerating... How can this continue? Also, a ton of the SMID stocks are 30-50% higher than pre-pandemic levels on the back of investor preconception that there will be an acceleration in the cloud adoption curve due to remote working, however, recent commentary from earnings calls have suggested otherwise with companies lowering 2Q guidance due to longer sales cycles and upgrade decisions.

All views are welcome, especially interested to hear bullish views on the space. What am I missing? Are we in a enterprise software bubble?