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Home Blog Page 8628

ZoomInfo Technologies May Reduce its 2023 Revenue Growth Guidance

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BofA Securities lowered its price target on ZoomInfo Technologies (NASDAQ:ZI) to $30.00 from $32.00 while maintaining a Neutral rating, noting it believes there is a risk to the revenue growth guidance of 16-17% for 2023.
The recent software and technology layoffs, along with potential constraints on financial services tech spend, may lead to a reduction in guidance during the upcoming Q1/23 earnings call, according to BofA Securities. Despite this, analysts believe that the software company can generate significant free cash flow, which could help support its valuation.
The analysts view ZoomInfo’s stock’s risk-reward as balanced given ongoing technology sector layoffs and disruption in financial services.

PGA News: Masters chair: Greg Norman not invited to Augusta

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Masters chairman Fred Ridley confirmed that Augusta National did not invite former major champion and current LIV Golf CEO and commissioner Greg Norman to this year’s event.

But Ridley stopped short of closing the door on Norman completely and said there had been a good “tone” between PGA Tour and LIV players on the grounds this week leading up to the 87th Masters.

LIV players have remained eligible for the four majors since they defected from the PGA Tour and DP World circuits last year to play for the Saudi-funded league.

“I’ve noticed a tone — the tone has been really good here this week,” Ridley said at his annual pre-Masters press conference. “I’ve noticed the players are interacting. Last night at the Champions Dinner, I would not have known that anything was going on in the world of professional golf other than the norm. So I think, and I’m hopeful, that this week might get people thinking in a little bit different direction and things will change.”

Six former Masters champions who now play for LIV — Phil Mickelson, Dustin Johnson, Patrick Reed, Bubba Watson, Spaniard Sergio Garcia and South Africa’s Charl Schwartzel — attended the Champions Dinner on Tuesday night. Mickelson is back at Augusta a year after taking a personal leave of absence amid the fallout of his controversial comments about Saudi Arabia and the fledgling LIV circuit to golf writer Alan Shipnuck.

Rory McIlroy of Northern Ireland, the PGA Tour’s most outspoken critic of LIV and many of its members, played a practice round with LIV’s Brooks Koepka earlier in the week and said that each interpersonal relationship has “different dynamics.”

Norman, under normal circumstances, would have received an invite to the Masters because he is a past major champion. Norman won two Open Championships in 1986 and 1993.

“We did not extend an invitation to Mr. Norman,” Ridley said. “The primary issue and the driver there is that I want the focus this week to be on the Masters competition, on the great players that are participating, the greatest players in the world, which, by our decision in December, we ensured that we were going to honor and be consistent with our invitation criteria.

“I would also add that, in the last 10 years, Greg Norman has only been here twice, and I believe one of those was as a commentator for Sirius Radio. It really was to keep the focus on the competition.”

Norman told media in his native Australia last week that he doesn’t believe he’ll ever be welcomed back at the Masters given his role in launching LIV, which caused a fracture in the golf world that became the story of the 2022 season.

“It’s hard to answer that question because, you know, I don’t know where the world is going to be next year or two years from now,” Ridley said before implying that the improved relations between PGA and LIV players could be a positive sign. “But as I stated, I would say — I would never say never. But I told you why he had not been invited this year.”

–Field Level Media

ATP News: ATP roundup: Casper Ruud rallies to advance in Estoril


Top-seeded Casper Ruud of Norway shook off a slow start to defeat Portugal’s Joao Sousa 4-6, 6-2, 6-2 on Wednesday in the second round of the Millennium Estoril (Portugal) Open.

In the first set, Sousa put 75 percent of his first serves in play and saved the only break point he faced. In the last two sets, Sousa had just a 47.4 percent first-serve rate, and he lost his serve five times.

Third-seeded Alejandro Davidovich Fokina of Spain rolled past France’s Luca Van Assche 6-3, 7-5, and fifth-seeded Sebastian Baez won an all-Argentine matchup against Pedro Cachin, 6-4, 7-6 (2).

In an all-Italian showdown, Marco Cecchinato rallied past Fabio Fognini 4-6, 6-3, 6-3.

Grand Prix Hassan II

Seventh-seeded Benjamin Bonzi of France eliminated Russian lucky loser Alexey Vatutin 6-3, 6-3 in first-round action at Marrakech, Morocco. That was the only match of the day, as the rest of the slate was rained out.

Bonzi had a 5-0 advantage in aces and won 74 percent of his first-serve points compared to Vatutin’s 46 percent.

The event’s top four seeds — No. 1 Lorenzo Musetti of Italy, No. 2 Daniel Evans of Great Britain, No. 3 Botic van de Zandschulp of the Netherlands and No. 4 Tallon Griekspoor — are scheduled to play second-round matches on Thursday.

U.S. Men’s Clay Court Championship

The entire day’s slate at Houston was rained out. No. 1 seed Frances Tiafoe, No. 2 Tommy Paul and No. 4 John Isner, all of the United States, are scheduled for to play in the second round on Thursday.

–Field Level Media

Meta Platforms Upgraded at Argus, Profits Should Boost on Cost Cuts

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Argus analysts upgraded Meta Platforms Inc. (NASDAQ:META) to Buy from Hold with a price target of $270.00. The analysts expressed confidence that the significant cost reductions made by the social media giant would enhance profitability, even amid economic uncertainty. Furthermore, the intensifying competition in the social media industry, particularly from TikTok, appears to be subsiding.
Argus raised its GAAP EPS estimates to $8.21 from $7.53 for 2023 and to $9.43 from $8.06 for 2024. According to the analyst, Meta is implementing some of the most substantial cost reductions in the technology industry. Meta’s revenue challenges are linked to macroeconomic uncertainty, the decline in digital advertising, and Apple’s ad tracking policy, and thus, the cost reductions will not do much for the company’s revenues issues, but the analysts believe that it displays management’s prudence and are anticipated to enhance profitability, which should satisfy market demands.

Texas Tech F Daniel Batcho reportedly enters transfer portal


Texas Tech big man Daniel Batcho entered his name in the transfer portal Wednesday, The Athletic reported.

A Texas Tech official reportedly confirmed the report.

The 6-foot-11 Batcho played in 56 games (16 starts) for the Red Raiders over the past two seasons. He shot 61.2 percent from the field while averaging 4.5 points and 4.0 rebounds.

This past season, Batcho averaged 7.9 points and 5.9 rebounds and blocked 35 shots. He made 60.5 percent of his shots in 23 games (16 starts) and missed time due to finger and foot injuries.

The Frenchman began his college career at Arizona but missed the entire 2020-21 season after undergoing knee surgery. He transferred to Texas Tech following the campaign.

The Red Raiders are rebuilding under new coach Grant McCasland, who was hired away from North Texas after the resignation of Mark Adams, who was initially suspended for making an “inappropriate, unacceptable and racially insensitive” comment.

–Field Level Media

Oklahoma’s Grant Sherfield, Jalen Hill enter NBA draft


Oklahoma’s Grant Sherfield and Jalen Hill entered their names into the NBA draft on Wednesday.

Hill, a forward, said he will maintain his college eligibility and also entered his name into the transfer portal.

Sherfield, a guard, averaged 15.9 points, 3.3 assists and 2.5 rebounds in 32 games (all starts) for the Sooners this season. He previously played one season at Wichita State and two at Nevada (where he averaged 18.8 points in 54 games) before transferring to Oklahoma following the 2021-22 campaign.

“We didn’t fulfill our season goals, but we played hard and left everything on the court,” Sherfield said in his announcement on Twitter. “There is growth and love in our shared journey. After discussions with my family and coaches, I have decided to declare for the 2023 NBA Draft.”

Hill has played four seasons for the Sooners with career averages of 6.5 points and 4.3 rebounds in 122 games (73 starts). He averaged 9.7 points and 5.8 rebounds in 32 games this season.

“After speaking with my family, I have decided that I will be entering my name into the 2023 NBA Draft, while maintaining my college eligibility,” Hill said. “I have forever dreamed of playing in the NBA and I am pursuing that goal with everything I can.”

Sherfield rates as a possible late second-round selection, while Hill is a long shot to hear his name called.

–Field Level Media

Miami G Jordan Miller declares for NBA draft


Miami guard Jordan Miller said Wednesday that he is entering the NBA draft.

Miller helped the Hurricanes reach the Final Four with an epic performance in an 88-81 victory over Texas. He scored a season-best 27 points while making all seven of his field-goal attempts and each of his 13 free-throw attempts.

Overall, Miller averaged 15.4 points and 6.2 rebounds in 37 games this season while making 57.4 percent of his shots.

“I am excited to pursue a lifelong dream of mine of being a professional athlete and enter my name in the 2023 NBA Draft,” Miller posted on social media. “I am blessed and can’t wait to see what my future holds.”

Miller played two seasons at Miami after beginning his career at George Mason. His top scoring average of 15.8 came when he played for the Patriots in 2020-21.

Miller is projected as a second-round draft pick.

–Field Level Media

Vanderbilt transfer Jordan Wright commits to LSU


Vanderbilt transfer guard Jordan Wright committed to LSU on Wednesday, returning home to play for his hometown team next season.

The Baton Rouge, La., native has one year of eligibility remaining. He made the announcement on social media.

Wright was the Commodores’ third-leading scorer this past season, averaging 10.6 points per game. He led the team in rebounds (5.1) and steals (1.1).

Wright has scored 1,182 points in four seasons at Vandy, starting 74 of 124 games. He’s averaging 9.5 points and 4.8 rebounds for his career.

–Field Level Media

Kansas All-American F Jalen Wilson declares for NBA draft


First-team All-American forward Jalen Wilson of Kansas declared for the NBA Draft on Wednesday.

Wilson made his announcement via a video posted to Twitter, saying at the end, “I am declaring for the 2023 NBA Draft.”

Wilson, the Big 12 Player of the Year, averaged a conference-best 20.1 points this season. He also averaged 8.3 rebounds and posted 12 double-doubles.

“This magical place has changed my life forever and I will always be appreciative of playing with Kansas across my chest,” Wilson said. “No matter where life takes me next, I will always have a home in Lawrence.

“I want to thank coach (Bill) Self for believing in me to represent this school proudly on and off the court and for teaching me the tools to become the greatest player I could be.”

Wilson won the Julius Erving Award as the nation’s top small forward among the many honors he has received.

Wilson ranks 27th in Kansas history with 1,475 career points and 14th with 802 rebounds. He is ninth with 28 doubles-doubles.

Self said earlier Wednesday that he has been recruiting with the belief Wilson would join guard Gradey Dick in declaring for the draft.

Wilson is expected to be selected in the second half of the first round.

–Field Level Media

Reports: NJIT hiring Grant Billmeier as next head coach


New Jersey Institute of Technology is hiring Maryland assistant Grant Billmeier as its next head coach, multiple outlets reported Wednesday.

Billmeier, a New Jersey native, has been an assistant to Kevin Willard, first at Seton Hall, for 12 total years. Billmeier also played at Seton Hall (2003-07).

Billmeier would replace Brian Kennedy, who was hired in 2016 and departed early last month after seven seasons.

It’s the second assistant coach Maryland head coach Kevin Willard has lost this cycle. Tony Skinn was named head coach at George Mason last week.

–Field Level Media