CDK Global (NASDAQ:CDK) Upgraded to Buy at Zacks Investment Research

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CDK Global (NASDAQ:CDK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $60.00 price objective on the software maker’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.63% from the stock’s previous close.

According to Zacks, “CDK Global, Inc. provides integrated information technology and digital marketing solutions to the automotive retail industry. The Company operates in three segments: Automotive Retail Solutions North America, Automotive Retail Solutions International, and Digital Marketing Solutions. It integrates workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, repair and maintenance of vehicles. CDK Global, Inc. is based in Hoffman Estates, Illinois. “

Other equities research analysts have also issued reports about the stock. BidaskClub raised shares of CDK Global from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 7th. Barrington Research reissued a “buy” rating and issued a $65.00 target price on shares of CDK Global in a report on Monday, August 19th. Finally, ValuEngine lowered shares of CDK Global from a “hold” rating to a “sell” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $64.00.

Shares of NASDAQ CDK traded up $0.21 during midday trading on Wednesday, hitting $53.75. 1,414,201 shares of the company’s stock traded hands, compared to its average volume of 904,694. CDK Global has a 1 year low of $41.50 and a 1 year high of $63.90. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of 17.12, a price-to-earnings-growth ratio of 1.59 and a beta of 0.91. The firm has a fifty day moving average of $51.24 and a 200 day moving average of $48.90.

CDK Global (NASDAQ:CDK) last released its quarterly earnings results on Tuesday, November 5th. The software maker reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.10. CDK Global had a net margin of 5.32% and a negative return on equity of 72.27%. The firm had revenue of $494.60 million during the quarter, compared to analyst estimates of $485.00 million. During the same quarter in the prior year, the firm earned $0.89 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, analysts predict that CDK Global will post 3.22 EPS for the current year.

In other CDK Global news, General Counsel Lee J. Brunz sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $51.79, for a total value of $51,790.00. Following the completion of the transaction, the general counsel now directly owns 42,569 shares in the company, valued at approximately $2,204,648.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 2,000 shares of company stock valued at $98,045 over the last three months. 0.36% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. Berman Capital Advisors LLC boosted its position in shares of CDK Global by 76.0% during the 2nd quarter. Berman Capital Advisors LLC now owns 623 shares of the software maker’s stock valued at $30,000 after acquiring an additional 269 shares during the last quarter. River & Mercantile Asset Management LLP bought a new position in shares of CDK Global during the 2nd quarter valued at approximately $31,000. AdvisorNet Financial Inc boosted its position in shares of CDK Global by 73.9% during the 3rd quarter. AdvisorNet Financial Inc now owns 654 shares of the software maker’s stock valued at $31,000 after acquiring an additional 278 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its position in shares of CDK Global by 224.9% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 692 shares of the software maker’s stock valued at $34,000 after acquiring an additional 479 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of CDK Global during the 3rd quarter valued at approximately $37,000. Institutional investors and hedge funds own 80.14% 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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