Shares of the cloud computing firm Cornerstone OnDemand (CSOD) were surging over 12% in Thursday afternoon trading after Bloomberg reported that the company has hired bankers from Centerview Partners LLC and Goldman Sachs Group to review strategic options.

Both Centerview Partners and Goldman Sachs are looking to engage possible buyers while providing advice to Cornerstone on how to defend itself from activist investor Praesidium Investment Management, which has previously pushed for a sale of the company.

Shares of Cornerstone OnDemand are lower over 7.5% year-to-date.

More of What's Trending on TheStreet:

More from Stocks

This Market is Treacherous: Cramer's 'Mad Money' Recap (Thursday 12/11/18)

This Market is Treacherous: Cramer's 'Mad Money' Recap (Thursday 12/11/18)

Real Money Video Wrap: Volatility Reigns

Real Money Video Wrap: Volatility Reigns

Nvidia Shares Fall as SoftBank Reportedly Plans to Sell Its Stake

Nvidia Shares Fall as SoftBank Reportedly Plans to Sell Its Stake

Chart of the Day: McDonald's Management Maneuvers Amid Taxes, Tariffs

Chart of the Day: McDonald's Management Maneuvers Amid Taxes, Tariffs

Stocks End Mixed as China Trade Progress Offsets D.C. Dysfunction

Stocks End Mixed as China Trade Progress Offsets D.C. Dysfunction