BlackRock Inc. Acquires 1,313,730 Shares of CDK Global Inc (NASDAQ:CDK)
BlackRock Inc. increased its holdings in CDK Global Inc (NASDAQ:CDK) by 9.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 14,995,613 shares of the software maker’s stock after purchasing an additional 1,313,730 shares during the quarter. BlackRock Inc. owned 0.12% of CDK Global worth $741,383,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Berman Capital Advisors LLC raised its stake in CDK Global by 76.0% in the second quarter. Berman Capital Advisors LLC now owns 623 shares of the software maker’s stock worth $30,000 after buying an additional 269 shares in the last quarter. Cordasco Financial Network bought a new position in CDK Global in the second quarter worth approximately $33,000. Wealthcare Advisory Partners LLC raised its stake in CDK Global by 224.9% in the second quarter. Wealthcare Advisory Partners LLC now owns 692 shares of the software maker’s stock worth $34,000 after buying an additional 479 shares in the last quarter. Point72 Asset Management L.P. bought a new position in CDK Global in the second quarter worth approximately $44,000. Finally, Alpha Windward LLC raised its stake in CDK Global by 41.1% in the second quarter. Alpha Windward LLC now owns 965 shares of the software maker’s stock worth $51,000 after buying an additional 281 shares in the last quarter. 80.80% of the stock is owned by institutional investors.
CDK has been the topic of a number of recent analyst reports. ValuEngine downgraded CDK Global from a “hold” rating to a “sell” rating in a research report on Friday. BidaskClub raised CDK Global from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Zacks Investment Research downgraded CDK Global from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Barrington Research reaffirmed a “buy” rating and set a $65.00 price target on shares of CDK Global in a research report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $64.67.
CDK Global (NASDAQ:CDK) last issued its quarterly earnings results on Tuesday, November 5th. The software maker reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.10. The business had revenue of $494.60 million for the quarter, compared to the consensus estimate of $485.00 million. CDK Global had a negative return on equity of 75.74% and a net margin of 5.32%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.89 earnings per share. As a group, sell-side analysts forecast that CDK Global Inc will post 3.2 earnings per share for the current year.
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.
Further Reading: Dividend Aristocrat Index
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