Sumitomo Mitsui DS Asset Management Company Ltd Has $3.40 Million Stake in GoDaddy Inc. (NYSE:GDDY)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of GoDaddy Inc. (NYSE:GDDY) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,869 shares of the technology company’s stock after acquiring an additional 322 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in GoDaddy were worth $3,399,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GDDY. Rakuten Securities Inc. boosted its holdings in shares of 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 acquiring an additional 165 shares in the last quarter. City Holding Co. boosted its holdings in shares of GoDaddy by 30.0% during the 1st quarter. City Holding Co. now owns 260 shares of the technology company’s stock valued at $47,000 after acquiring an additional 60 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of GoDaddy during the 4th quarter valued at $52,000. Crewe Advisors LLC acquired a new stake in shares of GoDaddy during the 1st quarter valued at $53,000. Finally, Summit Securities Group LLC acquired a new stake in shares of GoDaddy during the 4th quarter valued at $58,000. Institutional investors and hedge funds own 90.28% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Amanpal Singh Bhutani sold 6,932 shares of the business’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total value of $1,246,442.92. Following the completion of the sale, the chief executive officer directly owned 431,015 shares of the company’s stock, valued at $77,500,807.15. The trade was a 1.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Phontip Palitwanon sold 2,173 shares of the business’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $177.87, for a total value of $386,511.51. Following the completion of the sale, the chief accounting officer directly owned 21,198 shares of the company’s stock, valued at $3,770,488.26. The trade was a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,757 shares of company stock valued at $12,246,080 over the last 90 days. 0.61% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Barclays lowered their target price on GoDaddy from $243.00 to $235.00 and set an “overweight” rating for the company in a research report on Friday, May 2nd. Jefferies Financial Group cut their target price on GoDaddy from $200.00 to $185.00 and set a “hold” rating on the stock in a report on Monday, April 7th. Piper Sandler lifted their target price on GoDaddy from $177.00 to $180.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Citigroup cut their target price on GoDaddy from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Finally, Benchmark reaffirmed a “buy” rating on shares of GoDaddy in a report on Monday, April 28th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $214.86.

GoDaddy Stock Up 1.1%

Shares of NYSE:GDDY opened at $177.37 on Friday. The company has a market capitalization of $25.27 billion, a price-to-earnings ratio of 34.11 and a beta of 1.05. The company has a debt-to-equity ratio of 18.91, a current ratio of 0.56 and a quick ratio of 0.56. The business’s 50-day moving average is $181.74 and its 200-day moving average is $186.23. GoDaddy Inc. has a 1 year low of $140.11 and a 1 year high of $216.00.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 16.20% and a return on equity of 211.09%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.76 earnings per share. Equities research analysts predict that GoDaddy Inc. will post 6.63 earnings per share 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.