Operating Margin PressureWhile significant investment to capitalize on GenAI is positive long-term, operating margin is pressured near-term as FY25 targets reflect compression.
Revenue GrowthThere is a noted deceleration in revenue growth due to the time needed for new pricing and packaging changes to take full effect.
Valuation ConcernsShares are trading at a significant premium to the large cap software group, suggesting that near-term upside is largely priced in.