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UPDATE: D.A. Davidson Reiterates On Cornerstone OnDemand, Inc. 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 OnDemand, Inc. (NASDAQ: CSOD), 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, Inc. closed on Tuesday at $32.91.

Latest Ratings for CSOD

DateFirmActionFromTo
Sep 2019ReiteratesBuy
Aug 2019Initiates Coverage OnBuy
Aug 2019MaintainsMarket Outperform

View More Analyst Ratings for CSOD
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Posted-In: D.A. Davidson Jack AndrewsAnalyst Color Price Target Analyst Ratings

 

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