State of Michigan Retirement System Trims Position in GoDaddy Inc. (NYSE:GDDY)

State of Michigan Retirement System cut its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 3.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,800 shares of the technology company’s stock after selling 1,300 shares during the period. State of Michigan Retirement System’s holdings in GoDaddy were worth $3,588,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV boosted its position in shares of GoDaddy by 140.4% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 351 shares of the technology company’s stock valued at $37,000 after purchasing an additional 205 shares in the last quarter. Achmea Investment Management B.V. bought a new stake in shares of GoDaddy during the first quarter valued at approximately $31,000. Quent Capital LLC boosted its position in shares of GoDaddy by 2,113.6% during the third quarter. Quent Capital LLC now owns 487 shares of the technology company’s stock valued at $36,000 after purchasing an additional 465 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of GoDaddy during the third quarter valued at approximately $43,000. Finally, Cary Street Partners Investment Advisory LLC bought a new stake in shares of GoDaddy during the third quarter valued at approximately $44,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GDDY has been the topic of several research reports. Royal Bank of Canada restated an “outperform” rating and set a $124.00 price target on shares of GoDaddy in a research report on Thursday, March 7th. Raymond James began coverage on GoDaddy in a report on Wednesday, March 27th. They issued a “strong-buy” rating and a $150.00 target price on the stock. UBS Group boosted their target price on GoDaddy from $110.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Barclays boosted their target price on GoDaddy from $125.00 to $130.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Finally, Robert W. Baird boosted their target price on GoDaddy from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $135.18.

GoDaddy Stock Performance

Shares of NYSE:GDDY opened at $123.91 on Friday. The company has a market cap of $17.65 billion, a P/E ratio of 12.93 and a beta of 1.12. The company has a debt-to-equity ratio of 61.07, a current ratio of 0.47 and a quick ratio of 0.47. GoDaddy Inc. has a 1 year low of $67.43 and a 1 year high of $125.55. The stock’s fifty day moving average price is $114.42 and its 200-day moving average price is $99.23.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. GoDaddy had a negative return on equity of 89.25% and a net margin of 32.74%. Sell-side analysts expect that GoDaddy Inc. will post 4.74 earnings per share for the current year.

Insider Activity

In related news, COO Roger Chen sold 4,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $114.11, for a total transaction of $456,440.00. Following the completion of the sale, the chief operating officer now owns 208,632 shares in the company, valued at $23,806,997.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Roger Chen sold 4,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $114.11, for a total transaction of $456,440.00. Following the completion of the sale, the chief operating officer now owns 208,632 shares in the company, valued at $23,806,997.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Nick Daddario sold 1,823 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $110.54, for a total value of $201,514.42. Following the sale, the chief accounting officer now owns 25,263 shares of the company’s stock, valued at approximately $2,792,572.02. The disclosure for this sale can be found here. Insiders have sold a total of 121,234 shares of company stock valued at $13,534,946 over the last ninety days. 0.54% of the stock is currently owned by corporate 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.