JMP Securities analyst Patrick Walravens raised his Q3 billings estimate for Cornerstone OnDemand by $2M to $121M after his sources suggested the company closed a multi-year deal with a total value "north of $8M" with the federal government and filings showed the company signed a one-year contract with the SEC for $1.1M on September 15. The analyst, who noted the recent Bloomberg article about the company hiring advisors, believes Cornerstone's "Plan A" is to reaccelerate growth and that its "Plan B" is to consider strategic options, he tells investors. Walravens keeps an Outperform rating and $48 price target on Cornerstone shares.