GoDaddy Inc. (NYSE:GDDY) Short Interest Down 5.1% in March

GoDaddy Inc. (NYSE:GDDY) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 2,430,000 shares, a drop of 5.1% from the March 15th total of 2,560,000 shares. Based on an average daily trading volume, of 1,540,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.7% of the company’s shares are sold short.

Insider Activity

In other news, CAO Nick Daddario sold 1,823 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $110.54, for a total transaction of $201,514.42. Following the transaction, the chief accounting officer now directly owns 25,263 shares of the company’s stock, valued at $2,792,572.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Nick Daddario sold 1,823 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $110.54, for a total transaction of $201,514.42. Following the transaction, the chief accounting officer now directly owns 25,263 shares of the company’s stock, valued at $2,792,572.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Roger Chen sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $456,440.00. Following the completion of the sale, the chief operating officer now directly owns 208,632 shares in the company, valued at $23,806,997.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 121,234 shares of company stock valued at $13,534,946. 0.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GoDaddy

A number of hedge funds have recently added to or reduced their stakes in GDDY. Rice Hall James & Associates LLC raised its holdings in GoDaddy by 49.4% in the 1st quarter. Rice Hall James & Associates LLC now owns 211,463 shares of the technology company’s stock worth $17,699,000 after acquiring an additional 69,944 shares during the last quarter. HighTower Advisors LLC raised its stake in GoDaddy by 7.9% during the 1st quarter. HighTower Advisors LLC now owns 16,959 shares of the technology company’s stock valued at $1,422,000 after buying an additional 1,246 shares during the last quarter. MetLife Investment Management LLC purchased a new stake in GoDaddy during the 1st quarter valued at $345,000. Rhumbline Advisers raised its stake in GoDaddy by 3.2% during the 1st quarter. Rhumbline Advisers now owns 138,312 shares of the technology company’s stock valued at $11,577,000 after buying an additional 4,315 shares during the last quarter. Finally, Raymond James Trust N.A. raised its stake in GoDaddy by 30.8% during the 1st quarter. Raymond James Trust N.A. now owns 3,212 shares of the technology company’s stock valued at $269,000 after buying an additional 757 shares during the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

GoDaddy Price Performance

GDDY stock opened at $123.20 on Wednesday. The firm has a 50 day moving average price of $116.78 and a 200-day moving average price of $102.12. GoDaddy has a 52-week low of $67.43 and a 52-week high of $127.15. The firm has a market capitalization of $17.55 billion, a price-to-earnings ratio of 12.86 and a beta of 1.12. The company has a debt-to-equity ratio of 61.07, a quick ratio of 0.47 and a current ratio of 0.47.

GoDaddy (NYSE:GDDY) last released its earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.05. GoDaddy had a net margin of 32.74% and a negative return on equity of 89.25%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.10 billion. Equities research analysts forecast that GoDaddy will post 4.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GDDY shares. StockNews.com raised GoDaddy from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 14th. UBS Group lifted their price objective on GoDaddy from $110.00 to $118.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. Raymond James initiated coverage on GoDaddy in a research report on Wednesday, March 27th. They set a “strong-buy” rating and a $150.00 price objective on the stock. Morgan Stanley lifted their price objective on GoDaddy from $120.00 to $132.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Finally, B. Riley lifted their price objective on GoDaddy from $124.00 to $142.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, GoDaddy currently has an average rating of “Moderate Buy” and a consensus price target of $135.18.

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 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.