GoDaddy Inc. (NYSE:GDDY) Shares Sold by Summit Global Investments

Summit Global Investments lowered its position in GoDaddy Inc. (NYSE:GDDY) by 27.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,499 shares of the technology company’s stock after selling 950 shares during the period. Summit Global Investments’ holdings in GoDaddy were worth $265,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Louisiana State Employees Retirement System purchased a new position in GoDaddy in the 4th quarter valued at about $4,204,000. SG Americas Securities LLC raised its stake in GoDaddy by 644.6% in the 4th quarter. SG Americas Securities LLC now owns 149,643 shares of the technology company’s stock valued at $15,886,000 after purchasing an additional 129,547 shares during the last quarter. Horrell Capital Management Inc. lifted its holdings in GoDaddy by 41.7% in the 4th quarter. Horrell Capital Management Inc. now owns 68,000 shares of the technology company’s stock valued at $7,219,000 after purchasing an additional 20,000 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in GoDaddy during the 4th quarter worth $773,000. Finally, Lecap Asset Management Ltd. purchased a new stake in shares of GoDaddy during the fourth quarter worth $2,328,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on GDDY shares. UBS Group boosted their price target on shares of GoDaddy from $118.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday. Barclays upped their price target on GoDaddy from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday. Morgan Stanley lifted their price objective on GoDaddy from $132.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Friday. Piper Sandler raised their target price on GoDaddy from $130.00 to $145.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Finally, Evercore ISI upped their price objective on shares of GoDaddy from $110.00 to $135.00 and gave the company an “in-line” rating in a report on Friday. Four 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. According to MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and an average price target of $142.73.

Insider Activity

In other GoDaddy news, CAO Nick Daddario sold 1,823 shares of the stock in a transaction that occurred 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 directly owns 25,263 shares of the company’s stock, valued at approximately $2,792,572.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Amanpal Singh Bhutani sold 8,687 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $114.11, for a total transaction of $991,273.57. Following the completion of the sale, the chief executive officer now owns 454,031 shares in the company, valued at approximately $51,809,477.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Nick Daddario sold 1,823 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $110.54, for a total transaction of $201,514.42. Following the completion of the transaction, the chief accounting officer now directly owns 25,263 shares in the company, valued at $2,792,572.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,234 shares of company stock worth $14,025,346. 0.54% of the stock is currently owned by company insiders.

GoDaddy Price Performance

GoDaddy stock opened at $128.34 on Tuesday. The company has a debt-to-equity ratio of 9.15, a quick ratio of 0.47 and a current ratio of 0.55. The company has a market capitalization of $18.29 billion, a price-to-earnings ratio of 10.66 and a beta of 1.09. The company’s 50 day simple moving average is $120.27 and its 200-day simple moving average is $107.24. GoDaddy Inc. has a 1 year low of $68.98 and a 1 year high of $128.60.

GoDaddy (NYSE:GDDY) last released its earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.05. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.10 billion. GoDaddy had a negative return on equity of 186.09% and a net margin of 40.38%. As a group, equities research analysts expect that GoDaddy Inc. will post 4.93 earnings per share for the current year.

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.