Piper Jaffray Reiterates Overweight on Cornerstone OnDemand

Piper Jaffray is out with its report today on Cornerstone OnDemand

, reiterating Overweight. In its report, Piper Jaffray writes, "In the past we have noted a very healthy premium multiple on CSOD shares, which discounted a high level of future growth. However, the severe market sell-off has created a more compelling entry point into CSOD shares, especially relative to best-in-class 90% billings growth, in our view. Reiterate Overweight." Shares of CSOD closed Thursday at $13.99, down 6.04% from Wednesday's close.