Legal & General Group Plc Reduces Position in GoDaddy Inc. $GDDY

Legal & General Group Plc reduced its stake in GoDaddy Inc. (NYSE:GDDY) by 7.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 765,071 shares of the technology company’s stock after selling 58,129 shares during the quarter. Legal & General Group Plc’s holdings in GoDaddy were worth $94,930,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. New Age Alpha Advisors LLC grew its stake in shares of GoDaddy by 5,448.1% in the 4th quarter. New Age Alpha Advisors LLC now owns 21,804 shares of the technology company’s stock valued at $2,705,000 after purchasing an additional 21,411 shares during the last quarter. Swedbank AB grew its stake in shares of GoDaddy by 433.9% in the 4th quarter. Swedbank AB now owns 645,754 shares of the technology company’s stock valued at $80,125,000 after purchasing an additional 524,811 shares during the last quarter. Catalyst Funds Management Pty Ltd purchased a new position in shares of GoDaddy in the 4th quarter valued at approximately $223,000. MQS Management LLC grew its stake in shares of GoDaddy by 15.2% in the 4th quarter. MQS Management LLC now owns 1,760 shares of the technology company’s stock valued at $218,000 after purchasing an additional 232 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of GoDaddy by 208.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,214 shares of the technology company’s stock valued at $275,000 after purchasing an additional 1,497 shares during the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GDDY. Benchmark lowered their target price on GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, April 28th. UBS Group began coverage on GoDaddy in a research note on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 target price on the stock. Piper Sandler began coverage on GoDaddy in a research note on Thursday, March 12th. They issued a “neutral” rating and a $93.00 target price on the stock. Barclays lowered their target price on GoDaddy from $200.00 to $118.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Finally, JPMorgan Chase & Co. lowered their target price on GoDaddy from $167.00 to $154.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.57.

Insiders Place Their Bets

In other news, CEO Amanpal Singh Bhutani sold 34,148 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total value of $3,038,830.52. Following the completion of the sale, the chief executive officer directly owned 530,120 shares of the company’s stock, valued at $47,175,378.80. This trade represents a 6.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Mccaffrey sold 17,406 shares of GoDaddy stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total value of $1,548,959.94. Following the transaction, the chief financial officer directly owned 113,003 shares of the company’s stock, valued at approximately $10,056,136.97. This represents a 13.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 61,946 shares of company stock valued at $5,502,965 over the last 90 days. 0.93% of the stock is owned by corporate insiders.

GoDaddy Stock Down 1.8%

GDDY opened at $85.82 on Friday. The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67. The business has a 50 day simple moving average of $85.24 and a 200-day simple moving average of $101.25. The stock has a market capitalization of $11.36 billion, a P/E ratio of 13.58, a P/E/G ratio of 0.79 and a beta of 0.92. GoDaddy Inc. has a 12 month low of $73.06 and a 12 month high of $183.34.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.53 by $0.07. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.26 billion. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the firm earned $1.51 EPS. On average, equities analysts anticipate that GoDaddy Inc. will post 7.17 earnings per share for the current fiscal year.

GoDaddy Profile

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.