Nomura Securities Maintains a 'Buy' on Cornerstone OnDemand (CSOD); Strong Billings Quarter

May 15, 2012 8:52 AM EDT
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Price: $40.87 --0%

Rating Summary:
    14 Buy, 8 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 7 | Down: 10 | New: 7
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Nomura Securities maintains a 'Buy' on Cornerstone OnDemand (NASDAQ: CSOD) price target of $23.00.

Analyst, Rick Sherlund, said, "Cornerstone reported 1Q’12 billings of $24.0mn, 21% above our estimate. EPS of ($0.10) was in-line with our and Street estimates. Management raised 2012 revenue guidance to 52%-54% growth, 2% ahead of the consensus midpoint. EPS guide of ($0.26) to ($0.30) was in-line with the Street. The company has seen no drop-off in enterprise demand and we believe it is actually benefiting from shifting buying habits away from on-premise software and towards the cloud. 2012E/2013E EPS goes from ($0.25)/$0.02 to ($0.27)/$0.00. The company trades at 50.6x CY’13E EV/uFCF and 5.6x EV/Revenues."

For an analyst ratings summary and ratings history on Cornerstone OnDemand click here. For more ratings news on Cornerstone OnDemand click here.

Shares of Cornerstone OnDemand closed at $18.31 yesterday.

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