Partner Fund Management L.P. Cuts Holdings in Godaddy Inc (GDDY)
Partner Fund Management L.P. lowered its holdings in shares of Godaddy Inc (NYSE:GDDY) by 24.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 975,419 shares of the technology company’s stock after selling 323,641 shares during the period. Partner Fund Management L.P.’s holdings in Godaddy were worth $68,865,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in GDDY. Winslow Capital Management LLC acquired a new position in Godaddy during the first quarter worth about $257,700,000. BlackRock Inc. raised its position in Godaddy by 61.1% during the second quarter. BlackRock Inc. now owns 8,629,570 shares of the technology company’s stock worth $609,247,000 after acquiring an additional 3,271,953 shares during the last quarter. Voya Investment Management LLC raised its position in Godaddy by 599.6% during the second quarter. Voya Investment Management LLC now owns 1,833,104 shares of the technology company’s stock worth $129,417,000 after acquiring an additional 1,571,091 shares during the last quarter. Bank of America Corp DE raised its position in Godaddy by 154.4% during the second quarter. Bank of America Corp DE now owns 1,696,012 shares of the technology company’s stock worth $119,738,000 after acquiring an additional 1,029,426 shares during the last quarter. Finally, Millennium Management LLC raised its position in Godaddy by 157.6% during the first quarter. Millennium Management LLC now owns 1,072,631 shares of the technology company’s stock worth $65,881,000 after acquiring an additional 656,261 shares during the last quarter. Institutional investors own 93.62% of the company’s stock.
GDDY stock traded up $1.07 on Thursday, hitting $84.02. 144,059 shares of the company were exchanged, compared to its average volume of 2,050,485. Godaddy Inc has a twelve month low of $42.54 and a twelve month high of $83.13. The company has a debt-to-equity ratio of 3.56, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market capitalization of $14.28 billion, a price-to-earnings ratio of 200.05, a price-to-earnings-growth ratio of 8.88 and a beta of 0.63.
In other Godaddy news, EVP Arne Josefsberg sold 45,000 shares of the business’s stock in a transaction that occurred on Monday, June 25th. The shares were sold at an average price of $70.93, for a total transaction of $3,191,850.00. Following the completion of the sale, the executive vice president now directly owns 28,348 shares in the company, valued at $2,010,723.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert R. Parsons sold 3,890,942 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $75.61, for a total transaction of $294,194,124.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,785,557 shares of company stock valued at $588,964,102. 7.63% of the stock is owned by insiders.
GDDY has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Godaddy from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. TheStreet raised shares of Godaddy from a “c+” rating to a “b-” rating in a research report on Friday, August 24th. SunTrust Banks reissued a “buy” rating and issued a $87.00 price objective on shares of Godaddy in a research report on Monday, August 6th. JPMorgan Chase & Co. boosted their price objective on shares of Godaddy to $80.00 and gave the company a “neutral” rating in a research report on Friday, August 3rd. Finally, JMP Securities reissued an “outperform” rating and issued a $84.00 price objective on shares of Godaddy in a research report on Wednesday, May 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $74.80.
Godaddy Company Profile
GoDaddy Inc designs and develops cloud-based technology products for small businesses, Web design professionals, and individuals in the United States and internationally. It provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity; hosting products, such as shared Website hosting, Website hosting on virtual private servers and virtual dedicated servers, managed hosting, and security.
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