Goldman Sachs Boosts Target On Cornerstone OnDemand (CSOD) Following Q4 Results, Highlights 58% Billings Growth

Goldman Sachs boosted its price target on Buy-rated Cornerstone OnDemand (NASDAQ: CSOD) from $20 to $22 following Q4 results that beat on the top-line but missed on the bottom-line.

The firm highlighted Cornerstone's 58% billings growth in the quarter and its "significantly amplified investment posture." This highlights "strengthening end-market demand and a tactical shift to exploit potential market shifts as a result of the pending acquisitions of SuccessFactors and Taleo by SAP and Oracle respectively," according to the analyst.

The firm raised FY12 revenue estimates from $110M to $113.5M and EPS from ($0.23) to ($0.40). FY13 revenue estimates go from $155.4M to $162.5M and EPS from ($0.08) to ($0.16). FY14 revenue estimates go from $211.5M to $223.8M and EPS from $0.07 to ($0.01).

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 $18.35 yesterday.

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