Bank of America Corp DE Trims Stock Holdings in GoDaddy Inc. (NYSE:GDDY)

Bank of America Corp DE lowered its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 13.3% during the 4th quarter, HoldingsChannel reports. The fund owned 1,182,197 shares of the technology company’s stock after selling 181,591 shares during the period. Bank of America Corp DE’s holdings in GoDaddy were worth $233,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Rakuten Securities Inc. grew its holdings in GoDaddy by 311.3% during the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after buying an additional 165 shares in the last quarter. Friedenthal Financial purchased a new position in GoDaddy during the fourth quarter valued at approximately $49,000. OFI Invest Asset Management bought a new stake in GoDaddy during the 4th quarter worth approximately $52,000. Summit Securities Group LLC bought a new position in GoDaddy in the 4th quarter valued at $58,000. Finally, Physician Wealth Advisors Inc. purchased a new position in shares of GoDaddy during the 4th quarter valued at $67,000. 90.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on GDDY. JPMorgan Chase & Co. raised their price target on GoDaddy from $231.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday. Benchmark reissued a “buy” rating on shares of GoDaddy in a report on Monday, April 28th. Wells Fargo & Company initiated coverage on shares of GoDaddy in a research report on Monday, February 3rd. They issued an “equal weight” rating and a $198.00 target price for the company. Barclays reduced their target price on GoDaddy from $243.00 to $235.00 and set an “overweight” rating on the stock in a research note on Friday, May 2nd. Finally, Raymond James increased their price objective on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 21st. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $214.86.

GoDaddy Price Performance

GDDY opened at $183.20 on Friday. The stock’s 50 day moving average price is $176.88 and its 200-day moving average price is $187.70. GoDaddy Inc. has a 52-week low of $131.27 and a 52-week high of $216.00. The stock has a market capitalization of $25.90 billion, a PE ratio of 28.40 and a beta of 1.13. The company has a debt-to-equity ratio of 5.46, a quick ratio of 0.56 and a current ratio of 0.72.

GoDaddy (NYSE:GDDY) last posted its earnings results on Thursday, May 1st. The technology company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.08). GoDaddy had a return on equity of 176.06% and a net margin of 20.49%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the business posted $2.76 earnings per share. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities research analysts predict that GoDaddy Inc. will post 6.63 EPS for the current year.

Insider Transactions at GoDaddy

In related news, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $171.75, for a total value of $171,750.00. Following the sale, the chief operating officer now owns 256,949 shares in the company, valued at $44,130,990.75. This represents a 0.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $180.66, for a total value of $541,980.00. Following the transaction, the chief executive officer now owns 505,649 shares of the company’s stock, valued at $91,350,548.34. The trade was a 0.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,500 shares of company stock valued at $10,244,835. Corporate insiders own 0.61% of the company’s stock.

GoDaddy 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.