Needham & Company Downgrades Cornerstone OnDemand (CSOD) to Buy
Get Alerts CSOD Hot Sheet
Rating Summary:
12 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
Needham & Company downgraded Cornerstone OnDemand (NASDAQ: CSOD) from Strong Buy to Buy with a price target of $43.00 (from $52.00).
Analyst Scott Berg commented, "Cornerstone reported a strong 3Q revenue and EPS beat with inline billings, but lowered 4Q estimates on f(x) concerns that are elongating sales and another restructuring of the high end of its mid-market sales team that is expected to disrupt some sales. We are downgrading from our top pick and Strong Buy Rating to a Buy rating to reflect near term stock volatility expected around a less certain deal environment and optically lower revenue growth year in 2017. We believe long term fundamentals of a favorable competitive environment, well positioned product, strong end market demand, and rapidly improving profitability are well intact which likely drives the stock higher once these abnormal short term sales pressures subside."
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 $39.35 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Canaccord Genuity Downgrades Antofagasta Plc. (ANTO:LN) (ANFGF) to Hold
- Acerinox SA (ACX:SM) (ANIOY) PT Lowered to EUR8.20 at JPMorgan
- JPMorgan Upgrades STO Express Co Ltd (002468:CH) to Neutral
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, DowngradesRelated Entities
Needham & CompanySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!