GoDaddy Inc. (NYSE:GDDY) Shares Sold by Spyglass Capital Management LLC

Spyglass Capital Management LLC trimmed its stake in GoDaddy Inc. (NYSE:GDDY) by 24.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 267,614 shares of the technology company’s stock after selling 86,609 shares during the quarter. GoDaddy makes up about 3.0% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 21st largest holding. Spyglass Capital Management LLC’s holdings in GoDaddy were worth $52,819,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Rakuten Securities Inc. raised its holdings in shares of GoDaddy by 311.3% during the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after buying an additional 165 shares during the last quarter. OFI Invest Asset Management bought a new stake in GoDaddy during the 4th quarter valued at $52,000. Summit Securities Group LLC acquired a new position in GoDaddy during the 4th quarter worth $58,000. Physician Wealth Advisors Inc. bought a new position in shares of GoDaddy in the fourth quarter worth $67,000. Finally, Global Retirement Partners LLC grew its stake in shares of GoDaddy by 31.1% in the fourth quarter. Global Retirement Partners LLC now owns 392 shares of the technology company’s stock worth $77,000 after purchasing an additional 93 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

Insider Activity at GoDaddy

In related news, Director Brian Sharples sold 500 shares of the business’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $190.86, for a total value of $95,430.00. Following the completion of the sale, the director now directly owns 21,121 shares in the company, valued at $4,031,154.06. The trade was a 2.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $174.21, for a total transaction of $174,210.00. Following the transaction, the chief operating officer now directly owns 257,949 shares in the company, valued at approximately $44,937,295.29. This represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,500 shares of company stock valued at $10,050,555. 0.61% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on GDDY shares. Wells Fargo & Company initiated coverage on shares of GoDaddy in a report on Monday, February 3rd. They issued an “equal weight” rating and a $198.00 price objective for the company. JPMorgan Chase & Co. upped their price target on shares of GoDaddy from $231.00 to $240.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Morgan Stanley decreased their price objective on shares of GoDaddy from $228.00 to $206.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada cut their target price on GoDaddy from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Finally, Piper Sandler lifted their price target on GoDaddy from $177.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, GoDaddy presently has a consensus rating of “Moderate Buy” and an average target price of $214.86.

GoDaddy Trading Up 0.2%

NYSE GDDY opened at $190.27 on Monday. GoDaddy Inc. has a 12 month low of $135.03 and a 12 month high of $216.00. The stock has a 50-day simple moving average of $178.47 and a 200 day simple moving average of $189.13. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 5.46. The company has a market capitalization of $27.11 billion, a PE ratio of 29.50 and a beta of 1.13.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.08). The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.19 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. GoDaddy’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.76 earnings per share. Research analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current year.

About GoDaddy

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.