Why Cornerstone OnDemand Popped
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What: Shares of Cornerstone OnDemand (NAS: CSOD) have popped by north of 11% after the company reported record quarterly results.
So what: Revenue jumped 52% to a record $24 million, which resulted in an adjusted loss of $4.9 million, or $0.10 per share. Both of those figures were just about what investors were expecting. Gross profit rose 54% to reach a record $17.2 million.
Now what: First-quarter bookings also increased by 67%, representing a healthy sales pipeline for the company. That strength in bookings growth is helping to trigger some bullish analyst comments. Nomura Securities is maintaining its "buy" rating, saying the bookings came in above its estimates. Needham & Company is doing likewise, also citing the "impressive and accelerated bookings growth" as contributing to its own "buy" recommendation.
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