UPDATE: Goldman Sachs Raises Cornerstone OnDemand's PT

According to a research report published this morning, Goldman Sachs has increased Cornerstone OnDemand's

PT from $22 to $24. In the report, Goldman Sachs said, "Cornerstone OnDemand reported 1Q12 revenues of $24 mn and nonGAAP EPS of ($0.10) versus our estimates of $24 mn and ($0.11). Billings of $24 mn were up 67% yoy, accelerating from 58% yoy growth in 4Q and well ahead of our $20 mn estimate. Operating cash flow of $3.0 mn also beat our $1.5 mn forecast. We maintain our ($0.26) pro forma EPS estimate and are raising our FY13/FY14 estimates to $0.11/$0.34 from $0.04/$0.26 based on our revised revenue outlook." Goldman Sachs maintains its Neutral rating on Cornerstone OnDemand, which closed yesterday at $18.31.