Redwood Investment Management LLC Grows Holdings in CDK Global Inc (CDK)

Redwood Investment Management LLC grew its position in shares of CDK Global Inc (NASDAQ:CDK) by 6.3% during the third quarter, HoldingsChannel reports. The firm owned 79,741 shares of the software maker’s stock after acquiring an additional 4,721 shares during the quarter. CDK Global makes up approximately 1.8% of Redwood Investment Management LLC’s portfolio, making the stock its 24th biggest holding. Redwood Investment Management LLC’s holdings in CDK Global were worth $4,989,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. WealthTrust Fairport LLC purchased a new stake in shares of CDK Global during the third quarter worth $104,000. Qube Research & Technologies Ltd purchased a new stake in shares of CDK Global during the second quarter worth $109,000. Fort L.P. purchased a new stake in shares of CDK Global during the second quarter worth $121,000. Itau Unibanco Holding S.A. purchased a new stake in shares of CDK Global during the second quarter worth $170,000. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of CDK Global during the third quarter worth $179,000. Institutional investors own 84.07% of the company’s stock.

A number of analysts have recently weighed in on the company. TheStreet lowered CDK Global from a “b-” rating to a “c+” rating in a research report on Wednesday, November 14th. Barrington Research set a $80.00 price objective on CDK Global and gave the stock a “buy” rating in a research report on Tuesday, November 13th. Zacks Investment Research lowered CDK Global from a “hold” rating to a “sell” rating in a research report on Monday, November 12th. Morgan Stanley set a $62.00 price objective on CDK Global and gave the stock a “hold” rating in a research report on Thursday, November 8th. Finally, Wells Fargo & Co lowered CDK Global from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $72.20.

In other CDK Global news, VP Jennifer A. Williams sold 4,114 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $61.65, for a total transaction of $253,628.10. Following the transaction, the vice president now owns 5,012 shares of the company’s stock, valued at $308,989.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Joseph A. Tautges acquired 7,900 shares of the company’s stock in a transaction on Friday, November 9th. The shares were purchased at an average cost of $50.68 per share, for a total transaction of $400,372.00. Following the acquisition, the chief financial officer now owns 25,594 shares of the company’s stock, valued at approximately $1,297,103.92. The disclosure for this purchase can be found here. Company insiders own 0.50% of the company’s stock.

NASDAQ:CDK opened at $49.92 on Friday. The firm has a market capitalization of $6.40 billion, a P/E ratio of 16.42, a price-to-earnings-growth ratio of 1.38 and a beta of 0.76. CDK Global Inc has a 12 month low of $49.05 and a 12 month high of $76.04.

CDK Global (NASDAQ:CDK) last posted its earnings results on Wednesday, November 7th. The software maker reported $0.89 EPS for the quarter, beating the consensus estimate of $0.83 by $0.06. The firm had revenue of $554.50 million for the quarter, compared to analyst estimates of $560.52 million. CDK Global had a negative return on equity of 173.86% and a net margin of 17.23%. CDK Global’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 earnings per share. As a group, equities analysts expect that CDK Global Inc will post 3.59 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Friday, November 30th. CDK Global’s payout ratio is 19.74%.

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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.

Further Reading: How can you know how many shares are floating?

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Institutional Ownership by Quarter for CDK Global (NASDAQ:CDK)

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