SEC Exclusive: Cdk Global INC (CDK) Shareholder Fir Tree INC Has Lowered Stake by $98.93 Million

Jeffrey Tannenbaum decreased its stake in Cdk Global Inc (CDK) by 23.99% based on its latest 2016Q2 regulatory filing with the SEC. Fir Tree Inc sold 1.80 million shares as the company’s stock rose 19.41% with the market. The hedge fund run by Jeffrey Tannenbaum held 5.70M shares of the miscellaneous company at the end of 2016Q2, valued at $316.27 million, down from 7.50M at the end of the previous reported quarter. Fir Tree Inc who had been investing in Cdk Global Inc for a number of months, seems to be less bullish one the $8.31B market cap company. The stock is up 1.21% or $0.66 hitting $55.29, despite the negative news. About 102,587 shares traded hands. CDK Global Inc (NASDAQ:CDK) has risen 21.64% since March 15, 2016 and is uptrending. It has outperformed by 16.16% the S&P500.