Oppenheimer Trims CDK Global (NASDAQ:CDK) Target Price to $55.00

CDK Global (NASDAQ:CDK) had its price objective reduced by Oppenheimer from $67.00 to $55.00 in a report published on Wednesday morning, The Fly reports. They currently have an outperform rating on the software maker’s stock.

Several other research analysts have also commented on the stock. Zacks Investment Research raised shares of CDK Global from a hold rating to a buy rating and set a $59.00 price target for the company in a report on Friday, February 14th. ValuEngine raised shares of CDK Global from a sell rating to a hold rating in a research note on Thursday, February 6th. Wells Fargo & Co raised shares of CDK Global from an equal weight rating to an overweight rating and set a $65.00 target price for the company in a research note on Thursday, January 9th. Morgan Stanley dropped their price target on shares of CDK Global from $60.00 to $35.00 and set an equal weight rating on the stock in a research report on Wednesday, March 25th. Finally, BidaskClub upgraded shares of CDK Global from a sell rating to a hold rating in a research report on Tuesday, March 10th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $55.80.

Shares of NASDAQ CDK traded down $0.03 during midday trading on Wednesday, hitting $30.03. The company’s stock had a trading volume of 1,300,853 shares, compared to its average volume of 1,379,913. CDK Global has a 1-year low of $29.12 and a 1-year high of $63.90. The firm’s fifty day moving average price is $41.80 and its 200-day moving average price is $49.43. The firm has a market cap of $3.65 billion, a P/E ratio of 79.03, a P/E/G ratio of 0.84 and a beta of 1.29.

CDK Global (NASDAQ:CDK) last posted its quarterly earnings results on Tuesday, February 4th. The software maker reported $0.80 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.80. CDK Global had a net margin of 2.36% and a negative return on equity of 63.55%. The business had revenue of $499.60 million during the quarter, compared to analyst estimates of $493.00 million. During the same period in the previous year, the business posted $0.83 EPS. The company’s quarterly revenue was up 4.4% on a year-over-year basis. On average, equities research analysts forecast that CDK Global will post 3.24 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, March 30th. Investors of record on Monday, March 2nd were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.00%. CDK Global’s payout ratio is currently 19.11%.

In related news, General Counsel Lee J. Brunz sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $52.53, for a total value of $52,530.00. Following the sale, the general counsel now directly owns 39,569 shares in the company, valued at approximately $2,078,559.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.36% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. TFG Advisers LLC acquired a new stake in shares of CDK Global during the fourth quarter valued at approximately $164,000. Norges Bank acquired a new stake in shares of CDK Global in the fourth quarter worth $79,895,000. Osborn Williams & Donohoe LLC acquired a new position in CDK Global during the 4th quarter valued at $359,000. Sunbelt Securities Inc. acquired a new position in CDK Global during the 4th quarter valued at $5,468,000. Finally, Procyon Private Wealth Partners LLC acquired a new position in CDK Global during the 4th quarter valued at $84,000. Institutional investors and hedge funds own 84.51% of the company’s stock.

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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