Acadian Asset Management LLC Buys 302,352 Shares of GoDaddy Inc. (NYSE:GDDY)

Acadian Asset Management LLC lifted its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 676.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 347,074 shares of the technology company’s stock after acquiring an additional 302,352 shares during the period. Acadian Asset Management LLC owned approximately 0.24% of GoDaddy worth $41,181,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank bought a new stake in GoDaddy in the 4th quarter valued at approximately $181,687,000. Federated Hermes Inc. lifted its position in shares of GoDaddy by 3,402.0% in the fourth quarter. Federated Hermes Inc. now owns 955,559 shares of the technology company’s stock worth $101,442,000 after purchasing an additional 928,273 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of GoDaddy by 7,379.1% in the fourth quarter. Los Angeles Capital Management LLC now owns 723,752 shares of the technology company’s stock worth $76,834,000 after purchasing an additional 714,075 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in GoDaddy by 1,309.7% during the first quarter. Assenagon Asset Management S.A. now owns 509,002 shares of the technology company’s stock worth $60,408,000 after purchasing an additional 472,894 shares during the last quarter. Finally, Bank of Nova Scotia grew its position in GoDaddy by 3,411.0% in the fourth quarter. Bank of Nova Scotia now owns 438,002 shares of the technology company’s stock valued at $46,497,000 after purchasing an additional 425,527 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at GoDaddy

In related news, COO Roger Chen sold 4,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $122.60, for a total value of $490,400.00. Following the transaction, the chief operating officer now directly owns 200,632 shares in the company, valued at $24,597,483.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Roger Chen sold 4,000 shares of GoDaddy stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $122.60, for a total value of $490,400.00. Following the completion of the sale, the chief operating officer now directly owns 200,632 shares in the company, valued at $24,597,483.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Mark Mccaffrey sold 4,058 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $133.69, for a total value of $542,514.02. Following the sale, the chief financial officer now directly owns 112,473 shares in the company, valued at approximately $15,036,515.37. The disclosure for this sale can be found here. Insiders sold 50,071 shares of company stock worth $6,875,606 in the last ninety days. 0.61% of the stock is owned by company insiders.

GoDaddy Stock Performance

Shares of GDDY stock traded up $2.13 during midday trading on Monday, hitting $147.32. 395,821 shares of the company were exchanged, compared to its average volume of 1,638,161. GoDaddy Inc. has a 52 week low of $69.18 and a 52 week high of $148.71. The firm has a market capitalization of $21.02 billion, a P/E ratio of 12.06 and a beta of 1.14. The firm’s 50 day moving average price is $140.12 and its two-hundred day moving average price is $124.40. The company has a debt-to-equity ratio of 9.15, a quick ratio of 0.55 and a current ratio of 0.55.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Thursday, May 2nd. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.08. GoDaddy had a negative return on equity of 186.09% and a net margin of 40.38%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. As a group, equities research analysts anticipate that GoDaddy Inc. will post 4.81 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GDDY. William Blair restated an “outperform” rating on shares of GoDaddy in a research note on Friday, May 3rd. Robert W. Baird increased their price target on GoDaddy from $150.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, May 24th. UBS Group boosted their price target on GoDaddy from $118.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Evercore ISI upped their price objective on GoDaddy from $110.00 to $135.00 and gave the stock an “in-line” rating in a research note on Friday, May 3rd. Finally, Raymond James assumed coverage on shares of GoDaddy in a research note on Wednesday, March 27th. They issued a “strong-buy” rating and a $150.00 price target for the company. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $152.25.

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.