Virginia Retirement Systems ET AL trimmed its stake in CDK Global Inc (NASDAQ:CDK) by 47.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 110,000 shares of the software maker’s stock after selling 100,700 shares during the period. Virginia Retirement Systems ET AL owned 0.09% of CDK Global worth $6,882,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of CDK. Boston Partners bought a new position in shares of CDK Global in the 2nd quarter valued at approximately $156,134,000. Senator Investment Group LP raised its stake in shares of CDK Global by 43.1% in the 2nd quarter. Senator Investment Group LP now owns 3,005,000 shares of the software maker’s stock valued at $195,475,000 after acquiring an additional 905,000 shares in the last quarter. FMR LLC raised its stake in shares of CDK Global by 35.1% in the 2nd quarter. FMR LLC now owns 2,846,088 shares of the software maker’s stock valued at $185,138,000 after acquiring an additional 739,661 shares in the last quarter. Clarkston Capital Partners LLC bought a new position in shares of CDK Global in the 3rd quarter valued at approximately $43,048,000. Finally, KBC Group NV increased its position in CDK Global by 302.3% in the 2nd quarter. KBC Group NV now owns 753,339 shares of the software maker’s stock worth $49,005,000 after buying an additional 566,066 shares during the period. 82.16% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Jennifer A. Williams sold 4,114 shares of CDK Global stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $61.65, for a total transaction of $253,628.10. Following the sale, the vice president now owns 5,012 shares of the company’s stock, valued at approximately $308,989.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by company insiders.
Several brokerages have commented on CDK. Morgan Stanley dropped their price target on CDK Global from $75.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 15th. ValuEngine raised CDK Global from a “sell” rating to a “hold” rating in a research report on Thursday, September 13th. Barrington Research reaffirmed a “buy” rating and issued a $80.00 price target on shares of CDK Global in a research report on Monday, November 5th. Oppenheimer set a $67.00 price target on CDK Global and gave the stock a “buy” rating in a research report on Wednesday. Finally, BidaskClub raised CDK Global from a “sell” rating to a “hold” rating in a research report on Wednesday, October 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. CDK Global has an average rating of “Hold” and a consensus target price of $72.20.
Shares of NASDAQ CDK opened at $50.77 on Friday. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of 16.70, a price-to-earnings-growth ratio of 1.43 and a beta of 0.76. CDK Global Inc has a 12 month low of $50.50 and a 12 month high of $76.04.
CDK Global (NASDAQ:CDK) last issued its quarterly earnings results on Wednesday, November 7th. The software maker reported $0.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.06. The company had revenue of $554.50 million for the quarter, compared to the consensus estimate of $560.52 million. CDK Global had a negative return on equity of 182.32% and a net margin of 17.23%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 EPS. On average, equities analysts anticipate that CDK Global Inc will post 3.71 earnings per share for the current year.
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About CDK Global
CDK Global, Inc provides software and technology solutions for automotive retailers in the United States and internationally. The company operates through Retail Solutions North America, Advertising North America, and CDK International segments. The company offers Dealer Management System (DMS), a portfolio of layered software applications and services for automotive retailers, original equipment manufacturers (OEMs), consumers, and other industry participants manage the acquisition, sale, financing, insuring, parts supply, and repair and maintenance of vehicles.
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