CDK Global, Inc. (NASDAQ:CDK) Sees Large Growth in Short Interest

CDK Global, Inc. (NASDAQ:CDKGet Rating) saw a large growth in short interest in April. As of April 30th, there was short interest totalling 6,320,000 shares, a growth of 91.5% from the April 15th total of 3,300,000 shares. Based on an average daily volume of 1,930,000 shares, the short-interest ratio is currently 3.3 days. Approximately 5.5% of the company’s shares are short sold.

A number of equities research analysts have recently issued reports on the stock. TheStreet raised shares of CDK Global from a “c” rating to a “b-” rating in a research note on Thursday, March 3rd. Zacks Investment Research raised shares of CDK Global from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Wednesday, April 13th. StockNews.com assumed coverage on shares of CDK Global in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Barrington Research cut shares of CDK Global from an “outperform” rating to an “underperform” rating in a research note on Thursday, April 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $54.50.

CDK traded up $0.09 during trading on Friday, hitting $53.66. 3,348,431 shares of the stock traded hands, compared to its average volume of 2,988,492. The firm has a market capitalization of $6.26 billion, a P/E ratio of 25.67 and a beta of 1.02. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.25 and a quick ratio of 1.38. The firm has a 50-day moving average of $51.38 and a 200 day moving average of $45.47. CDK Global has a 12-month low of $38.53 and a 12-month high of $54.70.

CDK Global (NASDAQ:CDKGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The software maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.03. The business had revenue of $459.70 million during the quarter, compared to analysts’ expectations of $457.88 million. CDK Global had a net margin of 14.28% and a return on equity of 67.84%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.69 EPS. As a group, equities analysts predict that CDK Global will post 2.52 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in CDK. BlackRock Inc. boosted its position in CDK Global by 14.1% during the 4th quarter. BlackRock Inc. now owns 21,272,636 shares of the software maker’s stock valued at $887,921,000 after buying an additional 2,635,597 shares during the period. Barclays PLC lifted its position in shares of CDK Global by 46.9% in the 4th quarter. Barclays PLC now owns 6,404,925 shares of the software maker’s stock worth $267,342,000 after purchasing an additional 2,045,912 shares during the period. Norges Bank purchased a new stake in shares of CDK Global in the 4th quarter worth about $51,459,000. Paradice Investment Management LLC purchased a new stake in shares of CDK Global in the 4th quarter worth about $41,653,000. Finally, Wellington Management Group LLP lifted its position in shares of CDK Global by 264.2% in the 3rd quarter. Wellington Management Group LLP now owns 1,315,277 shares of the software maker’s stock worth $55,965,000 after purchasing an additional 954,088 shares during the period. 92.85% of the stock is owned by institutional investors and hedge funds.

CDK Global Company Profile (Get Rating)

CDK Global, Inc, together with its subsidiaries, provides integrated data and technology solutions to the automotive, heavy truck, recreation, and heavy equipment industries in the United States and internationally. It offers subscription-based software and technology solutions to automotive retailers, as well as to retailers and manufacturers of heavy trucks, construction and agricultural equipment, motorcycles, boats, and other marine and recreational vehicles.

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