CDK Global (CDK) Given a $62.00 Price Target at Morgan Stanley

Morgan Stanley set a $62.00 price objective on CDK Global (NASDAQ:CDK) in a report issued on Thursday morning. The firm currently has a hold rating on the software maker’s stock.

A number of other equities analysts also recently weighed in on the company. BidaskClub upgraded CDK Global from a strong sell rating to a sell rating in a research note on Wednesday, October 24th. Zacks Investment Research downgraded CDK Global from a hold rating to a sell rating in a research note on Monday, August 20th. ValuEngine downgraded CDK Global from a hold rating to a sell rating in a research note on Wednesday, October 3rd. Oppenheimer set a $67.00 target price on CDK Global and gave the stock a buy rating in a research note on Wednesday. Finally, Wells Fargo & Co downgraded CDK Global from an outperform rating to a market perform rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $72.20.

CDK stock traded down $0.29 during mid-day trading on Thursday, reaching $50.74. 182,537 shares of the company traded hands, compared to its average volume of 1,091,568. The company has a market capitalization of $7.39 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 1.54 and a beta of 0.76. CDK Global has a fifty-two week low of $50.83 and a fifty-two week high of $76.04.

CDK Global (NASDAQ:CDK) last released its quarterly earnings results on Wednesday, November 7th. The software maker reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. The business had revenue of $554.50 million during the quarter, compared to the consensus estimate of $560.52 million. CDK Global had a negative return on equity of 235.59% and a net margin of 16.75%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 EPS. Equities research analysts expect that CDK Global will post 3.72 earnings per share for the current year.

In other news, VP Jennifer A. Williams sold 4,114 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $61.65, for a total value of $253,628.10. Following the transaction, the vice president now owns 5,012 shares in the company, valued at approximately $308,989.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the stock. Clarkston Capital Partners LLC bought a new stake in CDK Global during the 3rd quarter valued at $43,048,000. Baird Financial Group Inc. raised its holdings in CDK Global by 50.1% during the 2nd quarter. Baird Financial Group Inc. now owns 16,698 shares of the software maker’s stock valued at $1,086,000 after acquiring an additional 5,573 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in CDK Global by 9.9% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 10,487 shares of the software maker’s stock valued at $682,000 after acquiring an additional 949 shares during the period. HPM Partners LLC bought a new stake in CDK Global during the 2nd quarter valued at $303,000. Finally, Tealwood Asset Management Inc. bought a new stake in CDK Global during the 3rd quarter valued at $3,008,000. Institutional investors and hedge funds own 82.16% of the company’s stock.

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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