Zacks Investment Research Downgrades Cornerstone OnDemand (CSOD) to Hold
Zacks Investment Research cut shares of Cornerstone OnDemand (NASDAQ:CSOD) from a buy rating to a hold rating in a research report released on Friday morning.
According to Zacks, “Cornerstone OnDemand, Inc. is a provider of a comprehensive learning and talent management solution delivered as software-as-a-service (SaaS). Solutions offered by the Company include five integrated platforms for learning management, enterprise social networking, performance management, succession planning and extended enterprise. Cornerstone OnDemand, Inc. is based in California. “
Other analysts have also recently issued reports about the stock. Barclays upped their price objective on shares of Cornerstone OnDemand from $32.00 to $33.00 and gave the stock an underweight rating in a research note on Thursday, November 9th. JPMorgan Chase & Co. raised shares of Cornerstone OnDemand from an underweight rating to a neutral rating in a research note on Wednesday, November 8th. BidaskClub raised shares of Cornerstone OnDemand from a sell rating to a hold rating in a research note on Saturday, January 6th. B. Riley decreased their price objective on shares of Cornerstone OnDemand from $47.00 to $46.00 and set a buy rating on the stock in a research note on Friday, November 10th. Finally, KeyCorp reaffirmed a hold rating on shares of Cornerstone OnDemand in a research note on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $42.78.
Cornerstone OnDemand (NASDAQ:CSOD) last issued its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.02. The firm had revenue of $121.80 million for the quarter, compared to analysts’ expectations of $118.95 million. Cornerstone OnDemand had a negative net margin of 15.45% and a negative return on equity of 173.27%. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 earnings per share. research analysts anticipate that Cornerstone OnDemand will post -0.66 earnings per share for the current fiscal year.
Cornerstone OnDemand declared that its Board of Directors has initiated a share buyback program on Wednesday, November 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.
In related news, Director Joseph P. Payne bought 3,000 shares of Cornerstone OnDemand stock in a transaction dated Monday, November 13th. The shares were bought at an average cost of $34.32 per share, for a total transaction of $102,960.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director R C. Mark Baker sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $39.88, for a total transaction of $79,760.00. Following the transaction, the director now owns 25,850 shares in the company, valued at $1,030,898. The disclosure for this sale can be found here. Insiders have sold 8,000 shares of company stock worth $295,040 over the last quarter. 12.60% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. lifted its holdings in Cornerstone OnDemand by 7.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 221,011 shares of the software maker’s stock valued at $7,902,000 after buying an additional 14,642 shares during the period. Northern Trust Corp lifted its holdings in Cornerstone OnDemand by 4.6% in the second quarter. Northern Trust Corp now owns 672,594 shares of the software maker’s stock valued at $24,045,000 after buying an additional 29,676 shares during the period. First Trust Advisors LP lifted its holdings in Cornerstone OnDemand by 0.6% in the third quarter. First Trust Advisors LP now owns 1,548,109 shares of the software maker’s stock valued at $62,869,000 after buying an additional 9,874 shares during the period. AHL Partners LLP acquired a new position in Cornerstone OnDemand in the second quarter valued at approximately $255,000. Finally, Sei Investments Co. lifted its holdings in Cornerstone OnDemand by 10.2% in the third quarter. Sei Investments Co. now owns 155,935 shares of the software maker’s stock valued at $6,332,000 after buying an additional 14,384 shares during the period. Institutional investors and hedge funds own 95.76% of the company’s stock.
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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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