Zacks Investment Research Downgrades Cornerstone OnDemand (CSOD) to Hold
Cornerstone OnDemand (NASDAQ:CSOD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
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. “
Several other research firms have also recently weighed in on CSOD. KeyCorp reaffirmed a “hold” rating on shares of Cornerstone OnDemand in a research report on Thursday, November 9th. Piper Jaffray Companies cut Cornerstone OnDemand from an “overweight” rating to a “neutral” rating and set a $40.00 price objective on the stock. in a research report on Thursday, November 9th. BidaskClub raised Cornerstone OnDemand from a “sell” rating to a “hold” rating in a research report on Saturday, January 6th. JPMorgan Chase & Co. upgraded shares of Cornerstone OnDemand from an “underweight” rating to a “neutral” rating in a report on Wednesday, November 8th. Finally, Barclays lifted their target price on shares of Cornerstone OnDemand from $32.00 to $33.00 and gave the company an “underweight” rating in a report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Cornerstone OnDemand presently has a consensus rating of “Hold” and a consensus price target of $42.78.
Cornerstone OnDemand (NASDAQ:CSOD) last posted its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.02. The business had revenue of $121.80 million for the quarter, compared to analysts’ expectations of $118.95 million. Cornerstone OnDemand had a negative return on equity of 173.27% and a negative net margin of 15.45%. The business’s revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 EPS. research analysts forecast that Cornerstone OnDemand will post -0.66 earnings per share for the current fiscal year.
Cornerstone OnDemand declared that its board has initiated a stock buyback plan 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 plans are typically a sign that the company’s board believes its shares are undervalued.
In other Cornerstone OnDemand news, Director Joseph P. Payne bought 3,000 shares of the stock in a transaction dated Monday, November 13th. The stock was purchased at an average cost of $34.32 per share, for a total transaction of $102,960.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director R C. Mark Baker sold 2,000 shares of Cornerstone OnDemand stock in a transaction that occurred on Friday, October 20th. The shares were 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 of the company’s stock, valued at $1,030,898. The disclosure for this sale can be found here. Insiders have sold 8,000 shares of company stock valued at $295,040 over the last quarter. Company insiders own 12.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CSOD. Schwab Charles Investment Management Inc. raised its holdings in Cornerstone OnDemand by 7.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 221,011 shares of the software maker’s stock worth $7,902,000 after acquiring an additional 14,642 shares during the last quarter. Legal & General Group Plc raised its holdings in Cornerstone OnDemand by 15.8% in the 2nd quarter. Legal & General Group Plc now owns 18,702 shares of the software maker’s stock worth $669,000 after acquiring an additional 2,554 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings 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 acquiring an additional 5,448 shares during the last quarter. Prudential Financial Inc. raised its holdings in Cornerstone OnDemand by 2.5% in the 2nd quarter. Prudential Financial Inc. now owns 10,678 shares of the software maker’s stock worth $382,000 after acquiring an additional 260 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Cornerstone OnDemand by 1.3% in the 2nd quarter. Principal Financial Group Inc. now owns 7,306 shares of the software maker’s stock worth $261,000 after acquiring an additional 95 shares during the last quarter. Institutional investors 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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