“A difficult U.S. macro environment and its slow spillover internationally create problems for the group,” the Goldman analysts wrote in an extensive software industry research note this morning. “These are seen in longer sales cycles, price discounting, and the need for multiple signatures for deal closings, and hence sales slippages. All this is somewhat offset by currency benefits, ongoing strength in emerging markets and trough valuations.” They also note that short interest in the group is at a three-year high and could provide some support for the shares.

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