Needham & Company Reiterates Buy on Cornerstone OnDemand (CSOD)

August 10, 2012 8:59 AM EDT Send to a Friend
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Price: $37.73 -5.75%

Rating Summary:
    14 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 10 | New: 20
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Needham & Company reiterated a Buy rating on Cornerstone OnDemand (NASDAQ: CSOD) and raised their price target to $30.00 (from $25.00).

Cornerstone OnDemand is a global provider of a comprehensive learning and talent management SaaS solutions.

“While there might be some who are overly concerned by the Q3 guide that was a touch below the Street (revs of $29.5-30 million vs. Street of $30.4 million), we’re not stressed given the strength of billings growth and given that our F12 estimates are actually heading up,” said Michael Huang.

“Q3 appears more ‘light’ on the surface due to the timing of revenue recognition around some enterprise deal deployments signed earlier this year (revenue recognition tied to deployment milestones) that hit the model more notably in Q4 (estimate Q4 q/q growth of 17%). Also, we’re encouraged that at least one enterprise deal has already been closed early in q3,” he added.

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 $25.30 yesterday.




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