Verition Fund Management LLC cut its holdings in CDK Global Inc (NASDAQ:CDK) by 57.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,267 shares of the software maker’s stock after selling 9,800 shares during the quarter. Verition Fund Management LLC’s holdings in CDK Global were worth $518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Frontier Capital Management Co. LLC grew its stake in shares of CDK Global by 11.9% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,579,837 shares of the software maker’s stock worth $112,611,000 after purchasing an additional 167,520 shares during the last quarter. Prudential Financial Inc. boosted its position in CDK Global by 1.8% during the 3rd quarter. Prudential Financial Inc. now owns 1,005,135 shares of the software maker’s stock valued at $63,414,000 after acquiring an additional 17,596 shares in the last quarter. Two Sigma Advisers LP boosted its position in CDK Global by 50.5% during the 4th quarter. Two Sigma Advisers LP now owns 862,600 shares of the software maker’s stock valued at $61,486,000 after acquiring an additional 289,400 shares in the last quarter. Legal & General Group Plc boosted its position in CDK Global by 0.4% during the 3rd quarter. Legal & General Group Plc now owns 705,717 shares of the software maker’s stock valued at $44,524,000 after acquiring an additional 2,501 shares in the last quarter. Finally, Two Sigma Investments LP boosted its position in CDK Global by 7.2% during the 4th quarter. Two Sigma Investments LP now owns 610,688 shares of the software maker’s stock valued at $43,530,000 after acquiring an additional 41,261 shares in the last quarter. 85.62% of the stock is currently owned by institutional investors.
In other news, insider Rajiv K. Amar sold 1,968 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $69.85, for a total value of $137,464.80. Following the sale, the insider now directly owns 11,072 shares of the company’s stock, valued at approximately $773,379.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott L. Mathews sold 5,514 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $68.91, for a total value of $379,969.74. Following the completion of the sale, the executive vice president now directly owns 48,520 shares in the company, valued at $3,343,513.20. The disclosure for this sale can be found here. Insiders own 0.39% of the company’s stock.
CDK has been the topic of several research reports. BidaskClub cut CDK Global from a “hold” rating to a “sell” rating in a research report on Tuesday, January 23rd. Barrington Research cut CDK Global from an “outperform” rating to a “market perform” rating and set a $75.00 price objective on the stock. in a research report on Wednesday, January 17th. They noted that the move was a valuation call. Wells Fargo reaffirmed an “outperform” rating and set a $80.00 price objective (up from $75.00) on shares of CDK Global in a research report on Wednesday, January 31st. Morgan Stanley lifted their price objective on CDK Global from $76.00 to $77.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Finally, Zacks Investment Research raised CDK Global from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $76.80.
Shares of CDK Global Inc (NASDAQ:CDK) opened at $65.27 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of -11.19. The firm has a market capitalization of $9,000.62, a P/E ratio of 28.88, a price-to-earnings-growth ratio of 1.37 and a beta of 0.70. CDK Global Inc has a 12-month low of $59.33 and a 12-month high of $76.04.
CDK Global (NASDAQ:CDK) last issued its quarterly earnings results on Tuesday, January 30th. The software maker reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.17. CDK Global had a negative return on equity of 5,261.95% and a net margin of 14.29%. The firm had revenue of $561.70 million for the quarter, compared to analysts’ expectations of $564.94 million. During the same period in the previous year, the firm posted $0.55 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. equities research analysts anticipate that CDK Global Inc will post 3.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 1st will be given a $0.15 dividend. The ex-dividend date is Wednesday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.92%. CDK Global’s dividend payout ratio is currently 26.55%.
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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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