Barclays Reiterates an 'Overweight' on Cornerstone OnDemand (CSOD); Bookings Increase 90%
Tweet
Share
E-mailGet Alerts CSOD Hot Sheet
Price: $57.48 --0%
Rating Summary:
12 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
12 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Barclays reiterates an 'Overweight' on Cornerstone OnDemand (NASDAQ: CSOD) price target of $22.00.
Barclays analyst says, "Pullback Presenting Buying Opportunity: We maintain our rating and $22 price target following last week's strong 2Q11 results which were highlighted by 90% year/year bookings growth. While multiples for the SAAS group are under pressure due to macro uncertainties, we believe investors are likely to gravitate back towards secular growth winners once the market reaches stabilization with Cornerstone likely to be a beneficiary."
"For 2011, we are raising our revenue forecast to $72.8 million (+50.5% y/y) from $71.4 million while our non-GAAP EPS estimate remains unchanged at $(0.30) reflecting the company's ongoing investment cycle. We also forecast bookings growth of 54.2%, up from our prior estimate of 50.5%."
For more ratings news on Cornerstone OnDemand click here and for the rating history of Cornerstone OnDemand click here.
Shares of Cornerstone OnDemand closed at $14.63 yesterday.
Barclays analyst says, "Pullback Presenting Buying Opportunity: We maintain our rating and $22 price target following last week's strong 2Q11 results which were highlighted by 90% year/year bookings growth. While multiples for the SAAS group are under pressure due to macro uncertainties, we believe investors are likely to gravitate back towards secular growth winners once the market reaches stabilization with Cornerstone likely to be a beneficiary."
"For 2011, we are raising our revenue forecast to $72.8 million (+50.5% y/y) from $71.4 million while our non-GAAP EPS estimate remains unchanged at $(0.30) reflecting the company's ongoing investment cycle. We also forecast bookings growth of 54.2%, up from our prior estimate of 50.5%."
For more ratings news on Cornerstone OnDemand click here and for the rating history of Cornerstone OnDemand click here.
Shares of Cornerstone OnDemand closed at $14.63 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Viking Holdings (VIK) PT Raised to $82 at Mizuho
- Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
- Benchmark Reiterates Buy Rating on NVIDIA (NVDA), Updates Estimates
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
BarclaysSign 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!
