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

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Jefferies: In Software, 'All Growth Is Not Created Equal'
Needham Upgrades Cornerstone OnDemand To Strong Buy

Shares of Cornerstone OnDemand (NASDAQ: CSOD) 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 full year 2014.

Latest Ratings for CSOD

DateFirmActionFromTo
May 2015NeedhamUpgradesBuyStrong Buy
Feb 2015Pacific CrestDowngradesOutperformSector Perform
Feb 2015BarclaysMaintainsOverweight

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Posted-In: JMP Securities Patrick WalravensAnalyst Color Analyst Ratings

 

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