Envestnet Asset Management Inc. Sells 85,737 Shares of GoDaddy Inc. $GDDY

Envestnet Asset Management Inc. cut its stake in GoDaddy Inc. (NYSE:GDDY) by 18.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 373,675 shares of the technology company’s stock after selling 85,737 shares during the quarter. Envestnet Asset Management Inc. owned 0.27% of GoDaddy worth $51,130,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in GoDaddy by 3.5% in the second quarter. Vanguard Group Inc. now owns 18,762,137 shares of the technology company’s stock valued at $3,378,310,000 after purchasing an additional 627,923 shares in the last quarter. Geode Capital Management LLC raised its holdings in GoDaddy by 2.2% in the second quarter. Geode Capital Management LLC now owns 3,779,220 shares of the technology company’s stock worth $677,726,000 after purchasing an additional 81,623 shares during the period. WCM Investment Management LLC boosted its position in shares of GoDaddy by 1.8% during the third quarter. WCM Investment Management LLC now owns 3,736,821 shares of the technology company’s stock worth $529,395,000 after purchasing an additional 66,144 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of GoDaddy by 16.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,843,056 shares of the technology company’s stock valued at $511,921,000 after buying an additional 403,151 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of GoDaddy by 2.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,403,902 shares of the technology company’s stock valued at $432,847,000 after buying an additional 54,438 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Phontip Palitwanon sold 2,397 shares of GoDaddy stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $128.44, for a total value of $307,870.68. Following the sale, the chief accounting officer owned 17,055 shares of the company’s stock, valued at approximately $2,190,544.20. The trade was a 12.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amanpal Singh Bhutani sold 6,932 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $127.94, for a total value of $886,880.08. Following the sale, the chief executive officer owned 399,133 shares in the company, valued at $51,065,076.02. The trade was a 1.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 13,615 shares of company stock worth $1,743,102. 0.70% of the stock is owned by insiders.

GoDaddy Stock Up 1.0%

Shares of GoDaddy stock opened at $98.16 on Tuesday. The firm has a market cap of $13.27 billion, a PE ratio of 16.95, a P/E/G ratio of 0.88 and a beta of 0.94. The business’s 50 day simple moving average is $115.46 and its 200 day simple moving average is $131.01. The company has a debt-to-equity ratio of 41.06, a quick ratio of 0.57 and a current ratio of 0.57. GoDaddy Inc. has a 52-week low of $92.22 and a 52-week high of $213.87.

Wall Street Analysts Forecast Growth

GDDY has been the topic of several recent analyst reports. Citigroup reduced their target price on GoDaddy from $214.00 to $195.00 and set a “buy” rating on the stock in a report on Friday, October 31st. Raymond James Financial reaffirmed a “strong-buy” rating on shares of GoDaddy in a research report on Friday, October 31st. Jefferies Financial Group decreased their price objective on GoDaddy from $150.00 to $140.00 and set a “hold” rating for the company in a research report on Monday, January 5th. B. Riley Financial lowered their target price on GoDaddy from $225.00 to $215.00 and set a “buy” rating for the company in a research note on Friday, October 31st. Finally, UBS Group cut their price target on shares of GoDaddy from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, GoDaddy currently has a consensus rating of “Moderate Buy” and a consensus target price of $166.21.

GoDaddy Profile

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.