Utah Retirement Systems Decreases Stake in GoDaddy Inc. (NYSE:GDDY)

Utah Retirement Systems cut its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,245 shares of the technology company’s stock after selling 100 shares during the quarter. Utah Retirement Systems’ holdings in GoDaddy were worth $4,588,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. WCM Investment Management LLC increased its holdings in shares of GoDaddy by 7,083.4% in the fourth quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company’s stock valued at $678,941,000 after purchasing an additional 3,356,678 shares during the period. Norges Bank acquired a new position in GoDaddy in the 4th quarter worth approximately $356,038,000. Canada Pension Plan Investment Board raised its position in GoDaddy by 107.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company’s stock worth $273,582,000 after buying an additional 719,000 shares during the last quarter. Congress Asset Management Co. acquired a new stake in GoDaddy during the 4th quarter valued at approximately $111,923,000. Finally, Amundi boosted its holdings in shares of GoDaddy by 84.4% in the 4th quarter. Amundi now owns 931,874 shares of the technology company’s stock valued at $183,710,000 after acquiring an additional 426,501 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GDDY. Raymond James raised their target price on shares of GoDaddy from $185.00 to $230.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 21st. Citigroup decreased their price objective on GoDaddy from $260.00 to $234.00 and set a “buy” rating for the company in a report on Friday, April 25th. Morgan Stanley dropped their target price on GoDaddy from $228.00 to $206.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Piper Sandler boosted their price target on GoDaddy from $176.00 to $177.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, Benchmark restated a “buy” rating on shares of GoDaddy in a research report on Monday. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $209.60.

GoDaddy Stock Up 2.5 %

GDDY opened at $193.02 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.72 and a debt-to-equity ratio of 5.46. GoDaddy Inc. has a twelve month low of $120.59 and a twelve month high of $216.00. The company has a market cap of $27.28 billion, a PE ratio of 29.93 and a beta of 1.19. The company has a 50-day moving average price of $176.43 and a 200 day moving average price of $187.10.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.16. GoDaddy had a return on equity of 176.06% and a net margin of 20.49%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the company posted $2.76 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. Sell-side analysts expect that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Brian Sharples sold 500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $207.70, for a total value of $103,850.00. Following the transaction, the director now directly owns 22,621 shares of the company’s stock, valued at approximately $4,698,381.70. This trade represents a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $207.70, for a total transaction of $623,100.00. Following the sale, the chief executive officer now directly owns 330,153 shares of the company’s stock, valued at approximately $68,572,778.10. This represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,000 shares of company stock valued at $3,518,150 in the last 90 days. 0.61% of the stock is owned by insiders.

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.