UPDATE: Nomura Raises PT to $32 on Cornerstone OnDemand on Strong Quarter

Nomura reiterated its Buy rating on Cornerstone OnDemand

and increased its price target from $30 to $32. Nomura commented, "We continue to be buyers of Cornerstone on the back of a strong quarter. Cornerstone reported 3Q'12 billings of $43.2mn, 26% above our estimate of $34.2mn and up 80% yoy. EPS of negative $0.07 was roughly in line with our and Street estimates. Cornerstone continues to benefit from a shift in buying patterns away from on-premise software and towards the cloud, and notes that it has not seen any slowing in business due to economies in Europe or consolidation by the larger ERP vendors." Cornerstone OnDemand closed at $26.33 on Monday.