UPDATE: D.A. Davidson Reiterates Neutral Rating, Lowers PT on Cornerstone OnDemand on Evolv Acquisition Agreement

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In a report published Wednesday, D.A. Davidson analyst Jack Andrews reiterated a Neutral rating on
Cornerstone OnDemandCSOD
, but lowered the price target from $41.50 to $37.00. In the report, D.A.. Davidson noted, “Cornerstone OnDemand has signed a definitive agreement to acquire Evolv Inc., a privately-held big data/analytics company offering a machine learning and data science platform. Under the terms of the proposed acquisition, CSOD will acquire Evolv for approximately $42.5 million in cash, while assuming up to $2.0 million in debt and issuing up to 200,000 restricted stock units. The acquisition has been approved by the Board of Directors of Cornerstone and Evolv and is expected to close within 30 days. Cornerstone does not believe the acquisition will have a material impact on 2014 financial metrics. We will learn more details about the acquisition when the company releases its 3Q14 results, which we expect to be in early November.” Cornerstone OnDemand closed on Tuesday at $32.91.
Posted In: Analyst ColorPrice TargetAnalyst RatingsD.A. DavidsonJack Andrews
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