Cornerstone OnDemand, Inc. (CSOD) Shares Gap Down on Analyst Downgrade
Cornerstone OnDemand, Inc. (NASDAQ:CSOD)’s share price gapped down before the market opened on Friday after B. Riley lowered their price target on the stock from $47.00 to $46.00. The stock had previously closed at $34.48, but opened at $34.83. B. Riley currently has a buy rating on the stock. Cornerstone OnDemand shares last traded at $35.08, with a volume of 312648 shares changing hands.
Several other brokerages have also weighed in on CSOD. Zacks Investment Research upgraded shares of Cornerstone OnDemand from a “sell” rating to a “hold” rating in a report on Monday, October 9th. Piper Jaffray Companies reiterated an “overweight” rating and set a $46.00 price objective (down previously from $50.00) on shares of Cornerstone OnDemand in a report on Friday, August 4th. BidaskClub upgraded shares of Cornerstone OnDemand from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Credit Suisse Group upgraded shares of Cornerstone OnDemand from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $43.00 to $49.00 in a report on Wednesday, July 19th. Finally, KeyCorp restated a “hold” rating on shares of Cornerstone OnDemand in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $43.56.
In other Cornerstone OnDemand news, Director R C. Mark Baker sold 1,000 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $34.12, for a total value of $34,120.00. Following the completion of the sale, the director now directly owns 23,850 shares of the company’s stock, valued at approximately $813,762. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R C. Mark Baker sold 2,000 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $39.88, for a total transaction of $79,760.00. Following the completion of the sale, the director now directly owns 25,850 shares of the company’s stock, valued at $1,030,898. The disclosure for this sale can be found here. Insiders sold a total of 35,000 shares of company stock valued at $1,429,460 over the last ninety days. 12.60% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. Quantbot Technologies LP grew its position in Cornerstone OnDemand by 153.2% in the 2nd quarter. Quantbot Technologies LP now owns 2,874 shares of the software maker’s stock worth $102,000 after purchasing an additional 1,739 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in Cornerstone OnDemand by 5.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,572 shares of the software maker’s stock worth $163,000 after purchasing an additional 223 shares in the last quarter. Gradient Investments LLC bought a new stake in Cornerstone OnDemand in the 2nd quarter worth about $177,000. Trexquant Investment LP bought a new stake in Cornerstone OnDemand in the 3rd quarter worth about $230,000. Finally, BNP Paribas Arbitrage SA grew its position in Cornerstone OnDemand by 530.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 6,475 shares of the software maker’s stock worth $231,000 after purchasing an additional 5,448 shares in the last quarter. 91.34% of the stock is owned by institutional investors and hedge funds.
Cornerstone OnDemand (NASDAQ:CSOD) last issued its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.02. Cornerstone OnDemand had a negative net margin of 15.45% and a negative return on equity of 173.27%. The business had revenue of $121.80 million during the quarter, compared to the consensus estimate of $118.95 million. During the same period in the prior year, the firm posted $0.11 EPS. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. equities analysts anticipate that Cornerstone OnDemand, Inc. will post -0.7 EPS for the current fiscal year.
Cornerstone OnDemand declared that its board has authorized a share buyback plan on Wednesday, November 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Cornerstone OnDemand Company Profile
Cornerstone OnDemand, Inc is a cloud computing company. The Company provides learning and human capital management software, delivered as Software-as-a-Service (SaaS). Its human capital management platform combines the talent management solutions with analytics and human resources (HR) administration solutions to enable organizations to manage the employee lifecycle.
Receive News & Stock Ratings for Cornerstone OnDemand Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cornerstone OnDemand Inc. and related stocks with our FREE daily email newsletter.