Congress Asset Management Co. Cuts Position in GoDaddy Inc. (NYSE:GDDY)

Congress Asset Management Co. cut its stake in GoDaddy Inc. (NYSE:GDDY) by 18.9% in the 1st quarter, Holdings Channel reports. The fund owned 459,848 shares of the technology company’s stock after selling 107,222 shares during the quarter. Congress Asset Management Co.’s holdings in GoDaddy were worth $82,837,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GDDY. Union Bancaire Privee UBP SA purchased a new position in GoDaddy in the fourth quarter worth $7,916,000. Spire Wealth Management boosted its position in GoDaddy by 1,724.0% during the fourth quarter. Spire Wealth Management now owns 1,751 shares of the technology company’s stock valued at $346,000 after buying an additional 1,655 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in GoDaddy by 10.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,156 shares of the technology company’s stock valued at $8,256,000 after buying an additional 3,917 shares during the period. Choreo LLC boosted its position in GoDaddy by 106.1% during the fourth quarter. Choreo LLC now owns 4,283 shares of the technology company’s stock valued at $854,000 after buying an additional 2,205 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in GoDaddy by 2.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,547 shares of the technology company’s stock valued at $3,661,000 after buying an additional 450 shares during the period. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Amanpal Singh Bhutani sold 6,932 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $179.81, for a total value of $1,246,442.92. Following the completion of the transaction, the chief executive officer now directly owns 431,015 shares of the company’s stock, valued at $77,500,807.15. This represents a 1.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Mccaffrey sold 3,317 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total transaction of $596,429.77. Following the completion of the transaction, the chief financial officer now directly owns 74,084 shares of the company’s stock, valued at approximately $13,321,044.04. The trade was a 4.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,459 shares of company stock valued at $12,214,374 over the last three months. Corporate insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

GDDY has been the subject of several analyst reports. Royal Bank of Canada cut their price target on shares of GoDaddy from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Wall Street Zen lowered shares of GoDaddy from a “buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Benchmark restated a “buy” rating on shares of GoDaddy in a research report on Monday, April 28th. Jefferies Financial Group cut their price target on shares of GoDaddy from $200.00 to $185.00 and set a “hold” rating for the company in a research report on Monday, April 7th. Finally, Barclays cut their price target on shares of GoDaddy from $243.00 to $235.00 and set an “overweight” rating for the company in a research report on Friday, May 2nd. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $214.86.

GoDaddy Stock Performance

GoDaddy stock opened at $182.93 on Friday. 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 firm has a 50-day moving average of $179.39 and a 200-day moving average of $189.38. The firm has a market cap of $26.07 billion, a P/E ratio of 28.36 and a beta of 1.07. GoDaddy Inc. has a 1-year low of $135.73 and a 1-year high of $216.00.

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