In a report published Wednesday, D.A. Davidson & Co. analyst Jack Andrews initiated coverage on Cornerstone OnDemand (NASDAQ: CSOD) with a Neutral rating and $41.50 price target.
In the report, D.A. Davidson & Co. noted, “Next generation enterprise application cloud computing leader. CSOD is a pure-play software-as-a-service (SaaS) human capital management (HCM) vendor that has built a comprehensive suite of talent management products centered around learning management, performance management, recruiting, succession planning, and compensation management. One of the fastest growing publicly traded SaaS firms. Revenue has grown at a CAGR of 58% from 2010 to 2013. Similarly, the number of customers and users has grown at CAGRs of 50% and 42%, respectively, over the same time period. CSOD estimates its total addressable market (TAM) at 400 million seats for talent management. With a customer user count of approximately 15.5 million at the end of 2Q14, market penetration appears to be low.”
Cornerstone OnDemand closed on Tuesday at $38.45.
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