Cornerstone OnDemand (CSOD): Checks Indicate 4Q Could Be Best Ever - Needham & Company
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Needham & Company analyst, Scott Berg, reiterated his Strong Buy rating on shares of Cornerstone OnDemand (NASDAQ: CSOD), after conducting HCM industry checks before and at the annual HR Technology Conference held last week in Chicago. Checks suggest positive deal traction in 3Q, which should drive upside to the company's billings guidance, but 4Q pipeline commentary suggests 4Q16 could be the company's best-ever quarter with a significant number of large deals in its pipeline. One component of the company's recent sales success has been a change in compensation plans that is driving one full additional module per sale in new deals during 1H16 versus 1H15 levels, driving ASPs higher.
No change to the price target of $52.
Shares of Cornerstone OnDemand closed at $43.60 yesterday.
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