Piper Jaffray Companies Lowers Cornerstone OnDemand, Inc. (CSOD) to Neutral
Piper Jaffray Companies downgraded shares of Cornerstone OnDemand, Inc. (NASDAQ:CSOD) from an overweight rating to a neutral rating in a report published on Thursday, Marketbeat reports. Piper Jaffray Companies currently has $40.00 price target on the software maker’s stock.
Several other equities research analysts have also commented on CSOD. B. Riley restated a buy rating and issued a $47.00 price target on shares of Cornerstone OnDemand in a research note on Friday, August 4th. Mitsubishi UFJ Financial Group restated a neutral rating on shares of Cornerstone OnDemand in a research note on Thursday, August 3rd. J P Morgan Chase & Co upgraded shares of Cornerstone OnDemand from an underweight rating to a neutral rating in a research note on Wednesday, November 8th. Zacks Investment Research cut shares of Cornerstone OnDemand from a hold rating to a sell rating in a report on Wednesday, November 8th. Finally, BidaskClub upgraded shares of Cornerstone OnDemand from a sell rating to a hold rating in a report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $43.56.
Shares of Cornerstone OnDemand (NASDAQ:CSOD) opened at $34.76 on Thursday. Cornerstone OnDemand has a 12 month low of $32.88 and a 12 month high of $44.25.
Cornerstone OnDemand (NASDAQ:CSOD) last announced its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.12 EPS for the quarter, beating the 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 company had revenue of $121.80 million for the quarter, compared to analyst estimates of $118.95 million. During the same quarter last year, the business earned $0.11 earnings per share. Cornerstone OnDemand’s revenue was up 13.0% compared to the same quarter last year. sell-side analysts expect that Cornerstone OnDemand will post -0.69 earnings per share for the current fiscal year.
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Cornerstone OnDemand announced that its Board of Directors has authorized a share buyback program on Wednesday, November 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the software maker to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, Director Harold W. Burlingame sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the completion of the sale, the director now directly owns 48,150 shares in the company, valued at $1,926,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director R C. Mark Baker sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $34.12, for a total transaction of $34,120.00. Following the sale, the director now owns 23,850 shares of the company’s stock, valued at $813,762. The disclosure for this sale can be found here. Insiders have sold 35,000 shares of company stock valued at $1,429,460 over the last 90 days. 12.60% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the stock. Quantbot Technologies LP boosted its stake 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 during the period. Ameritas Investment Partners Inc. boosted its stake 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 during the period. Gradient Investments LLC acquired a new position in Cornerstone OnDemand in the 2nd quarter worth approximately $177,000. Oppenheimer Asset Management Inc. acquired a new position in Cornerstone OnDemand in the 1st quarter worth approximately $219,000. Finally, Trexquant Investment LP acquired a new position in Cornerstone OnDemand in the 3rd quarter worth approximately $230,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.
About Cornerstone OnDemand
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.
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