CDK Global, Inc. (NASDAQ:CDK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

According to Zacks, “CDK Global, Inc. provides integrated information technology and digital marketing solutions to the automotive retail industry. The Company operates in three segments: Automotive Retail Solutions North America, Automotive Retail Solutions International, and Digital Marketing Solutions. It integrates workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, repair and maintenance of vehicles. CDK Global, Inc. is based in Hoffman Estates, Illinois. “

A number of other research analysts have also weighed in on the stock. BidaskClub lowered shares of CDK Global from a “buy” rating to a “hold” rating in a research note on Thursday. Barrington Research set a $75.00 price target on shares of CDK Global and gave the company a “buy” rating in a research note on Tuesday. TheStreet raised shares of CDK Global from a “c+” rating to a “b-” rating in a research report on Thursday, October 19th. Finally, Evercore ISI raised shares of CDK Global from an “in-line” rating to an “outperform” rating and set a $72.00 price objective on the stock in a research report on Monday, July 10th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $72.60.

CDK Global (CDK) traded up $1.75 during trading on Friday, reaching $64.74. 829,034 shares of the company traded hands, compared to its average volume of 937,281. The firm has a market capitalization of $8.72 billion, a P/E ratio of 25.16 and a beta of 0.72.

CDK Global (NASDAQ:CDK) last announced its quarterly earnings results on Tuesday, October 31st. The software maker reported $0.68 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.68. CDK Global had a net margin of 13.42% and a return on equity of 515.77%. The firm had revenue of $565.70 million for the quarter, compared to analyst estimates of $569.28 million. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. equities research analysts predict that CDK Global will post 2.96 EPS for the current fiscal year.

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Several hedge funds have recently made changes to their positions in CDK. OppenheimerFunds Inc. lifted its position in shares of CDK Global by 7.2% in the first quarter. OppenheimerFunds Inc. now owns 8,164 shares of the software maker’s stock worth $531,000 after purchasing an additional 546 shares in the last quarter. Teachers Advisors LLC lifted its position in shares of CDK Global by 1.4% in the first quarter. Teachers Advisors LLC now owns 405,608 shares of the software maker’s stock worth $26,369,000 after purchasing an additional 5,709 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in CDK Global by 10.3% during the first quarter. Dimensional Fund Advisors LP now owns 403,504 shares of the software maker’s stock worth $26,231,000 after buying an additional 37,620 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in CDK Global by 2.1% during the first quarter. Nomura Asset Management Co. Ltd. now owns 16,170 shares of the software maker’s stock worth $1,052,000 after buying an additional 330 shares during the last quarter. Finally, DnB Asset Management AS increased its holdings in CDK Global by 50.0% during the second quarter. DnB Asset Management AS now owns 17,400 shares of the software maker’s stock worth $1,080,000 after buying an additional 5,800 shares during the last quarter. 84.92% of the stock is currently owned by institutional investors and hedge funds.

About CDK Global

CDK Global, Inc provides integrated information technology and digital marketing solutions. The Company’s segments include Retail Solutions North America, Advertising North America and CDK International. Through its Retail Solutions North America segment, the Company provides technology-based solutions, including automotive Website platforms, that help automotive retailers, original equipment manufacturers (OEMs) and other industry participants manage the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles.

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