Cornerstone OnDemand, Inc. (CSOD) Sees Large Drop in Short Interest
Cornerstone OnDemand, Inc. (NASDAQ:CSOD) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 2,081,794 shares, a decline of 25.4% from the January 13th total of 2,792,115 shares. Approximately 4.1% of the shares of the stock are short sold. Based on an average daily volume of 549,817 shares, the short-interest ratio is presently 3.8 days.
In related news, Director Harold W. Burlingame sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $41.87, for a total value of $41,870.00. Following the transaction, the director now directly owns 41,930 shares of the company’s stock, valued at approximately $1,755,609.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Harold W. Burlingame sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, December 15th. The stock was sold at an average price of $41.72, for a total value of $62,580.00. Following the completion of the transaction, the director now directly owns 42,800 shares in the company, valued at $1,785,616. The disclosure for this sale can be found here. 12.60% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Cornerstone OnDemand by 2.6% in the second quarter. Vanguard Group Inc. now owns 3,596,494 shares of the company’s stock valued at $136,883,000 after buying an additional 90,627 shares during the period. Praesidium Investment Management Company LLC raised its stake in Cornerstone OnDemand by 0.6% in the third quarter. Praesidium Investment Management Company LLC now owns 2,888,285 shares of the company’s stock valued at $132,717,000 after buying an additional 17,959 shares during the period. Glenhill Advisors LLC raised its stake in Cornerstone OnDemand by 107.9% in the fourth quarter. Glenhill Advisors LLC now owns 1,802,003 shares of the company’s stock valued at $76,242,000 after buying an additional 935,122 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in Cornerstone OnDemand by 1.2% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,253,466 shares of the company’s stock valued at $57,597,000 after buying an additional 15,312 shares during the period. Finally, First Trust Advisors LP raised its stake in Cornerstone OnDemand by 10.6% in the third quarter. First Trust Advisors LP now owns 1,000,921 shares of the company’s stock valued at $45,992,000 after buying an additional 95,542 shares during the period. 86.34% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on CSOD shares. J P Morgan Chase & Co cut Cornerstone OnDemand from an “overweight” rating to a “neutral” rating and set a $40.00 price target on the stock. in a report on Wednesday, November 2nd. They noted that the move was a valuation call. Credit Suisse Group cut Cornerstone OnDemand from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $50.00 to $35.00 in a report on Friday, November 4th. Wunderlich lowered their price target on Cornerstone OnDemand from $51.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, November 4th. Needham & Company LLC cut Cornerstone OnDemand from a “strong-buy” rating to a “buy” rating and lowered their price target for the stock from $52.00 to $43.00 in a report on Friday, November 4th. Finally, B. Riley reaffirmed a “buy” rating and set a $43.00 price objective on shares of Cornerstone OnDemand in a report on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $45.27.
Cornerstone OnDemand (NASDAQ:CSOD) opened at 42.50 on Friday. Cornerstone OnDemand has a 52-week low of $24.34 and a 52-week high of $47.75. The stock’s 50 day moving average price is $41.66 and its 200 day moving average price is $41.79. The company’s market cap is $2.39 billion.
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About Cornerstone OnDemand
Cornerstone OnDemand, Inc (Cornerstone) is a provider of talent management solutions delivered as Software-as-a-Service (SaaS). Cornerstone’s Enterprise and Mid-Market solution is a cloud-based suite that addresses needs throughout the entire employee lifecycle, from recruitment, onboarding, training and collaboration, to performance management, compensation, succession planning and analytics.
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