Nomura Securities Maintains a 'Buy' on Cornerstone OnDemand (CSOD); Acquires Sonar6

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Nomura Securities maintains a 'Buy' on Cornerstone OnDemand (NASDAQ: CSOD) price target of $23.00.

Analyst, Rick Sherlund, said, "Cornerstone announced the acquisition of privately held, cloud performance management vendor Sonar6 for $14mn ($13mn in cash and $1mn in equity). This marks Cornerstone’s first acquisition. While small, the rebranded operation will expand Cornerstone’s TAM into the SMB talent management space, which has been left underserved as SuccessFactors (Nasdaq: SFSF) and Taleo (Nasdaq: TLEO) focus their energies on the enterprise market. While we expect Cornerstone to be able to leverage its strategic relationships (like its Sage partnership) to accelerate Sonar6 growth, the acquisition is not expected to have a material impact on Cornerstone’s non-GAAP financial metrics in 2012."

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 $22.12 yesterday, with a 52 week range of $11.50-$23.50.

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