GoDaddy Inc. (NYSE:GDDY) Stake Decreased by Summit Global Investments

Summit Global Investments trimmed its holdings in GoDaddy Inc. (NYSE:GDDY) by 33.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,960 shares of the technology company’s stock after selling 23,620 shares during the quarter. Summit Global Investments’ holdings in GoDaddy were worth $7,519,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of GoDaddy by 0.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,097 shares of the technology company’s stock worth $2,837,000 after purchasing an additional 67 shares in the last quarter. Whittier Trust Co. lifted its position in shares of GoDaddy by 4.3% during the 2nd quarter. Whittier Trust Co. now owns 1,781 shares of the technology company’s stock valued at $249,000 after acquiring an additional 74 shares during the last quarter. Optas LLC boosted its stake in shares of GoDaddy by 5.8% during the 3rd quarter. Optas LLC now owns 2,091 shares of the technology company’s stock worth $328,000 after acquiring an additional 114 shares in the last quarter. Atomi Financial Group Inc. grew its holdings in shares of GoDaddy by 7.6% in the 3rd quarter. Atomi Financial Group Inc. now owns 1,861 shares of the technology company’s stock worth $292,000 after acquiring an additional 131 shares during the last quarter. Finally, Signaturefd LLC raised its position in shares of GoDaddy by 6.3% during the second quarter. Signaturefd LLC now owns 2,480 shares of the technology company’s stock worth $346,000 after purchasing an additional 148 shares during the period. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Robert W. Baird increased their price target on GoDaddy from $190.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Raymond James raised their target price on shares of GoDaddy from $150.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Friday, August 2nd. Cantor Fitzgerald restated a “neutral” rating and set a $170.00 price target on shares of GoDaddy in a report on Monday, October 7th. Royal Bank of Canada raised their price objective on shares of GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, StockNews.com cut shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $171.38.

GoDaddy Stock Performance

NYSE GDDY opened at $177.25 on Friday. GoDaddy Inc. has a 52-week low of $86.11 and a 52-week high of $177.77. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 13.70 and a beta of 1.11. The company’s fifty day moving average is $159.75 and its two-hundred day moving average is $148.49. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company earned $0.89 EPS. Equities research analysts forecast that GoDaddy Inc. will post 4.95 EPS for the current year.

Insider Activity at GoDaddy

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $167.79, for a total transaction of $503,370.00. Following the sale, the chief executive officer now directly owns 345,956 shares of the company’s stock, valued at approximately $58,047,957.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other GoDaddy news, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $152.17, for a total value of $152,170.00. Following the transaction, the chief operating officer now directly owns 187,632 shares in the company, valued at $28,551,961.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $167.79, for a total transaction of $503,370.00. Following the sale, the chief executive officer now directly owns 345,956 shares in the company, valued at $58,047,957.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,344 shares of company stock valued at $4,529,897 over the last quarter. 0.61% of the stock is owned by company insiders.

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.