Workday shares jump after Leon Cooperman says he bought the stock

Investing

Leon Cooperman at the 2019 Delivering Alpa conference in New York on Sept. 19. 2019.

Adam Jeffery | CNBC

Shares of Workday climbed Tuesday when billionaire investor Leon Cooperman said he had taken a stake in the company.

Cooperman, founder of Omega Advisors, spoke Tuesday with CNBC’s Scott Wapner on “Fast Money Halftime Report.” He said his company bought into Workday when it was at about $140 per share. The stock opened at just under $197 per share Tuesday, spiking to more than $199 per share after Cooperman announced his position.

“They’re picking up market share. They have a very well-regarded product. All the check-ins we have done are very favorable,” Cooperman said.

The human resources-focused software company has seen its stock rise by about 20% so far in 2020. Shares closed up 1.2% on Tuesday. 

Cooperman said one of the analysts at Omega Advisors who recommended the stock previously told him to get into names like Amazon and Microsoft.

“They’re growing very rapidly with very strong management,” Cooperman said. “Is it my favorite idea? No, but it’s new to the portfolio.”

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