Monarch Capital Management Inc. cut its stake in shares of CDK Global Inc (NASDAQ:CDK) by 16.9% during the first quarter, Holdings Channel reports. The firm owned 6,888 shares of the software maker’s stock after selling 1,399 shares during the period. Monarch Capital Management Inc.’s holdings in CDK Global were worth $448,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. Credit Suisse AG raised its stake in shares of CDK Global by 0.9% in the third quarter. Credit Suisse AG now owns 4,054,786 shares of the software maker’s stock valued at $232,582,000 after buying an additional 38,055 shares during the period. Iridian Asset Management LLC CT raised its stake in shares of CDK Global by 19.5% in the fourth quarter. Iridian Asset Management LLC CT now owns 3,625,090 shares of the software maker’s stock valued at $216,382,000 after buying an additional 592,390 shares during the period. Southpoint Capital Advisors LP raised its stake in shares of CDK Global by 17.4% in the fourth quarter. Southpoint Capital Advisors LP now owns 2,400,000 shares of the software maker’s stock valued at $143,256,000 after buying an additional 355,398 shares during the period. Principal Financial Group Inc. raised its stake in shares of CDK Global by 4.1% in the third quarter. Principal Financial Group Inc. now owns 2,365,159 shares of the software maker’s stock valued at $135,666,000 after buying an additional 93,333 shares during the period. Finally, FMR LLC raised its stake in shares of CDK Global by 32.7% in the fourth quarter. FMR LLC now owns 1,956,615 shares of the software maker’s stock valued at $116,790,000 after buying an additional 481,839 shares during the period. 82.92% of the stock is currently owned by hedge funds and other institutional investors.
CDK Global Inc (NASDAQ:CDK) traded down 0.26% during midday trading on Friday, hitting $64.58. 710,779 shares of the stock traded hands. The stock has a market capitalization of $9.36 billion, a PE ratio of 36.63 and a beta of 0.72. CDK Global Inc has a 12-month low of $45.21 and a 12-month high of $67.49. The firm’s 50 day moving average is $65.34 and its 200-day moving average is $60.95.
CDK Global (NASDAQ:CDK) last released its quarterly earnings results on Thursday, February 2nd. The software maker reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.08. The company had revenue of $547.80 million for the quarter, compared to analysts’ expectations of $545.74 million. CDK Global had a return on equity of 83.46% and a net margin of 12.47%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.43 earnings per share. On average, analysts anticipate that CDK Global Inc will post $2.37 EPS for the current fiscal year.
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Several equities research analysts have issued reports on CDK shares. Morgan Stanley raised shares of CDK Global from an “underweight” rating to an “equal weight” rating and set a $70.00 price target on the stock in a report on Friday, February 3rd. TheStreet lowered shares of CDK Global from a “b-” rating to a “d+” rating in a report on Thursday, February 2nd. Finally, Zacks Investment Research lowered shares of CDK Global from a “buy” rating to a “hold” rating in a report on Monday, February 27th.
In other news, Director Stephen A. Miles sold 9,197 shares of the business’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $66.47, for a total transaction of $611,324.59. Following the sale, the director now directly owns 30,707 shares in the company, valued at $2,041,094.29. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.
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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