Canada Pension Plan Investment Board Boosts Stake in GoDaddy Inc. (NYSE:GDDY)

Canada Pension Plan Investment Board lifted its position in GoDaddy Inc. (NYSE:GDDY) by 542.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 305,031 shares of the technology company’s stock after purchasing an additional 257,531 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.20% of GoDaddy worth $22,917,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in GoDaddy by 0.7% in the first quarter. Vanguard Group Inc. now owns 16,202,298 shares of the technology company’s stock valued at $1,356,131,000 after purchasing an additional 107,949 shares during the period. Starboard Value LP raised its stake in GoDaddy by 23.9% during the 4th quarter. Starboard Value LP now owns 10,233,055 shares of the technology company’s stock valued at $765,637,000 after acquiring an additional 1,973,118 shares during the last quarter. BlackRock Inc. lifted its position in GoDaddy by 2.0% during the 1st quarter. BlackRock Inc. now owns 8,512,278 shares of the technology company’s stock worth $661,574,000 after acquiring an additional 163,174 shares during the period. Morgan Stanley grew its stake in shares of GoDaddy by 517.4% in the 4th quarter. Morgan Stanley now owns 6,125,512 shares of the technology company’s stock valued at $458,311,000 after purchasing an additional 5,133,332 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of GoDaddy by 1.8% in the first quarter. Ameriprise Financial Inc. now owns 4,934,195 shares of the technology company’s stock valued at $383,486,000 after purchasing an additional 85,212 shares during the period. Hedge funds and other institutional investors own 95.03% of the company’s stock.

GoDaddy Stock Up 2.7 %

NYSE:GDDY opened at $90.63 on Wednesday. GoDaddy Inc. has a 52-week low of $67.43 and a 52-week high of $91.09. The stock has a fifty day simple moving average of $76.02 and a 200-day simple moving average of $74.19. The company has a market capitalization of $12.79 billion, a PE ratio of 38.90 and a beta of 0.90.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GDDY shares. StockNews.com upgraded shares of GoDaddy from a “hold” rating to a “buy” rating in a research report on Friday, November 3rd. Benchmark reissued a “buy” rating and set a $95.00 price target on shares of GoDaddy in a report on Wednesday, September 13th. B. Riley lifted their price objective on GoDaddy from $102.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, September 13th. Barclays cut their target price on GoDaddy from $98.00 to $95.00 and set an “overweight” rating for the company in a research note on Friday, August 4th. Finally, Oppenheimer began coverage on GoDaddy in a research note on Tuesday, October 17th. They issued a “market perform” rating on the stock. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $93.09.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, Director Leah Sweet sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $87.00, for a total value of $87,000.00. Following the sale, the director now owns 10,372 shares of the company’s stock, valued at $902,364. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Nick Daddario sold 342 shares of GoDaddy stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $73.57, for a total transaction of $25,160.94. Following the completion of the sale, the chief accounting officer now owns 19,689 shares in the company, valued at approximately $1,448,519.73. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Leah Sweet sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $87.00, for a total transaction of $87,000.00. Following the completion of the transaction, the director now owns 10,372 shares in the company, valued at $902,364. The disclosure for this sale can be found here. In the last three months, insiders sold 73,249 shares of company stock worth $5,717,114. 0.54% of the stock is owned by corporate insiders.

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 hosting platform that allows customers to build and manage a faster and more secure WordPress site and offered with WooCommerce to sell online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business listings, and email and social media marketing designed to help businesses acquire and engage customers and create content.