Cornerstone OnDemand Down As Much As 13% After JMP PT Cut

Shares of Cornerstone OnDemand

are down 7.1 percent to $41.03 after JMP Securities lowered the price target from $70 to $63 Tuesday morning. The stock was down as much as 13 percent early in Tuesday's trading. Analyst Patrick Walravens maintained a Market Outperform rating, but is concerned about negative data points from checks. Cornerstone “may have seen softness in the enterprise business in Americas in Q1…probably specific to the seasonally weak first quarter.” The softness caused Walravens to reduce the first quarter billings growth estimate from 45 percent to 30 percent and non-GAAP loss per share from $0.23 to $0.25 for fully year 2014.