Needham & Company Views Cornerstone OnDemand (CSOD) CFO Departure 'Negatively'

Needham & Company analyst Scott Berg reiterated a Buy rating and $45.00 price target on Cornerstone OnDemand (NASDAQ: CSOD), saying they view the CFO departure "negatively".

The analyst commented, "In a press release this morning, Cornerstone announced CFO Brian Swartz has accepted another opportunity and will leave the company on August 14th. Chief Accounting Officer Trish Coughlin has been named interim CFO while the company conducts a search for Mr. Swartz's replacement. Although it may be early to judge this change without knowing who is ultimately named to the CFO position, we view this change negatively due to how instrumental he has been in driving the company's operational efficiencies during his four years with the company. However, we view the change as an opportunity to hire a CFO with specific experience implementing an LBO-like acquisition like Cornerstone's recent acquisition of Saba."

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 $37.04 yesterday.

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