APOL is currently a (super) growth stock. The going forward PE is not outrageous.
I tend to think the stock grew a bit to fast over the last couple of years (i.e., a high of $90+ last fall) but overall this company has consistently increased earnings (not just revenue) at faster rates than the long run average growth rate in stock price. Therefore, regardless of what the historical P/E is, the going forward outlook is pretty good.
Once the earnings growth slows, then (depending on how fast that slowing happens) you could see either a leveling out of the growth rate in price or a drop. So far however, APOL has either met or beat the per share earnings targets.
Very weak response to the high p/e. The only thing keeping APOL bouncing up is hedge fund games each day who keep the shorts covering. APOL lost many of its momentum players quarters ago, and any earnings/revenues that are not blowout will make momo players who are still hanging on -- maybe you are one -- jump off APOL.