Meritage Portfolio Management Acquires 344 Shares of GoDaddy Inc. (NYSE:GDDY)

Meritage Portfolio Management raised its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 5.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,504 shares of the technology company’s stock after acquiring an additional 344 shares during the quarter. Meritage Portfolio Management’s holdings in GoDaddy were worth $690,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in GDDY. Massmutual Trust Co. FSB ADV grew its stake in shares of GoDaddy by 140.4% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 351 shares of the technology company’s stock valued at $37,000 after buying an additional 205 shares in the last quarter. Fifth Third Bancorp bought a new position in shares of GoDaddy in the third quarter valued at $43,000. Cary Street Partners Investment Advisory LLC bought a new position in shares of GoDaddy in the third quarter valued at $44,000. UMB Bank n.a. bought a new position in shares of GoDaddy in the fourth quarter valued at $50,000. Finally, Tobam bought a new position in shares of GoDaddy in the fourth quarter valued at $60,000. 90.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

GDDY has been the subject of several analyst reports. Evercore ISI cut shares of GoDaddy from an “outperform” rating to an “in-line” rating and raised their target price for the company from $100.00 to $110.00 in a research note on Wednesday, February 14th. Piper Sandler lifted their price objective on shares of GoDaddy from $130.00 to $145.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $124.00 price objective on shares of GoDaddy in a research report on Thursday, March 7th. Raymond James assumed coverage on shares of GoDaddy in a research report on Wednesday, March 27th. They set a “strong-buy” rating and a $150.00 price objective for the company. Finally, StockNews.com raised shares of GoDaddy from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 14th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.18.

Insider Activity at GoDaddy

In other GoDaddy news, CAO Nick Daddario sold 1,823 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $110.54, for a total transaction of $201,514.42. Following the completion of the sale, the chief accounting officer now owns 25,263 shares of the company’s stock, valued at approximately $2,792,572.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other GoDaddy news, CAO Nick Daddario sold 1,823 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $110.54, for a total transaction of $201,514.42. Following the completion of the sale, the chief accounting officer now owns 25,263 shares of the company’s stock, valued at approximately $2,792,572.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Mccaffrey sold 624 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $120.83, for a total transaction of $75,397.92. Following the sale, the chief financial officer now directly owns 116,328 shares of the company’s stock, valued at approximately $14,055,912.24. The disclosure for this sale can be found here. Insiders sold a total of 121,234 shares of company stock worth $13,534,946 in the last quarter. 0.54% of the stock is owned by insiders.

GoDaddy Price Performance

GDDY stock traded up $1.74 during midday trading on Friday, reaching $125.88. The company had a trading volume of 478,246 shares, compared to its average volume of 1,444,519. The company has a debt-to-equity ratio of 61.07, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market capitalization of $17.94 billion, a price-to-earnings ratio of 12.96 and a beta of 1.12. GoDaddy Inc. has a 1-year low of $67.43 and a 1-year high of $127.15. The stock has a 50 day moving average price of $118.46 and a 200-day moving average price of $104.43.

GoDaddy (NYSE:GDDY) last issued its earnings results on Tuesday, February 13th. The technology company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.03 by $0.05. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.10 billion. GoDaddy had a negative return on equity of 89.25% and a net margin of 32.74%. Equities research analysts expect that GoDaddy Inc. will post 4.76 earnings per share for the current year.

GoDaddy Company Profile

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.