Workday shares jump after Leon Cooperman says he bought the stock

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

Adam Jeffery | CNBC

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

Cooperman, the founder of Omega Advisors, spoke Tuesday with CNBC’s Scott Wapner on the “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 on 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. It was up about 0.75% on Tuesday.

Cooperman said one of the analysts at Omega Advisors that recommended the stock previously told him to get into stocks 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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