Alberta Investment Management Corp acquired a new position in CDK Global Inc (NASDAQ:CDK) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 84,800 shares of the software maker’s stock, valued at approximately $2,786,000.
Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. raised its position in shares of CDK Global by 3.1% in the first quarter. BlackRock Inc. now owns 16,447,280 shares of the software maker’s stock worth $540,291,000 after buying an additional 489,417 shares in the last quarter. State Street Corp raised its position in shares of CDK Global by 2.4% in the fourth quarter. State Street Corp now owns 6,330,080 shares of the software maker’s stock worth $346,129,000 after buying an additional 149,202 shares in the last quarter. Capital International Investors purchased a new stake in shares of CDK Global in the fourth quarter worth $240,921,000. Clarkston Capital Partners LLC raised its position in shares of CDK Global by 2.1% in the fourth quarter. Clarkston Capital Partners LLC now owns 2,609,706 shares of the software maker’s stock worth $142,699,000 after buying an additional 54,200 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in CDK Global by 2.7% in the fourth quarter. Bank of America Corp DE now owns 1,928,871 shares of the software maker’s stock valued at $105,470,000 after acquiring an additional 50,243 shares during the last quarter. Institutional investors own 82.86% of the company’s stock.
Shares of NASDAQ:CDK opened at $38.99 on Friday. The stock’s 50-day moving average price is $36.08 and its 200-day moving average price is $46.75. CDK Global Inc has a 12-month low of $29.12 and a 12-month high of $57.00. The stock has a market capitalization of $4.68 billion, a P/E ratio of 779.96, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33.
CDK has been the topic of a number of research analyst reports. ValuEngine raised CDK Global from a “sell” rating to a “hold” rating in a research note on Friday, May 1st. Zacks Investment Research cut CDK Global from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Co reduced their target price on CDK Global from $65.00 to $45.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 8th. BidaskClub cut CDK Global from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Morgan Stanley increased their target price on CDK Global from $35.00 to $38.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $52.40.
In other news, CAO Jennifer A. Williams sold 3,407 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $40.40, for a total transaction of $137,642.80. Following the transaction, the chief accounting officer now directly owns 8,657 shares of the company’s stock, valued at $349,742.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.36% of the stock is currently owned by company insiders.
CDK Global Company Profile
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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