DA Davidson analyst Rishi Jaluria lowered his price target on Cornerstone OnDemand to $64 after its "rough" Q4 results, with annual recurring revenue and Q1 guidance coming in below consensus. The analyst says the ARR shortfall was driven by the softness in content sales, heightened churn, and competition, even though the company's acquisition of Sabra should expand its reach with accretive cash flows. Despite the mixed quarter, Jaluria keeps his Buy rating on Cornerstone OnDemand with a positive view of its leadership position in talent management software and emerging opportunities in content.