Summit Global Investments Sells 23,620 Shares of GoDaddy Inc. (NYSE:GDDY)

Summit Global Investments lessened its stake in GoDaddy Inc. (NYSE:GDDY) by 33.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 47,960 shares of the technology company’s stock after selling 23,620 shares during the period. Summit Global Investments’ holdings in GoDaddy were worth $7,519,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of GDDY. Western Pacific Wealth Management LP bought a new position in shares of GoDaddy in the 3rd quarter valued at about $98,000. Principal Financial Group Inc. lifted its holdings in GoDaddy by 3.4% in the third quarter. Principal Financial Group Inc. now owns 198,058 shares of the technology company’s stock valued at $31,052,000 after buying an additional 6,424 shares during the period. Hanseatic Management Services Inc. lifted its holdings in GoDaddy by 4.9% in the third quarter. Hanseatic Management Services Inc. now owns 4,793 shares of the technology company’s stock valued at $751,000 after buying an additional 224 shares during the period. Amalgamated Bank boosted its stake in GoDaddy by 0.5% in the third quarter. Amalgamated Bank now owns 30,595 shares of the technology company’s stock valued at $4,797,000 after acquiring an additional 163 shares during the last quarter. Finally, QRG Capital Management Inc. grew its holdings in GoDaddy by 237.6% during the 3rd quarter. QRG Capital Management Inc. now owns 82,340 shares of the technology company’s stock worth $12,909,000 after acquiring an additional 57,951 shares during the period. Institutional investors and hedge funds own 90.28% of the company’s stock.

Wall Street Analyst Weigh In

GDDY has been the topic of a number of analyst reports. StockNews.com downgraded GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Friday. Piper Sandler raised their target price on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Raymond James boosted their target price on GoDaddy from $150.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 2nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $170.00 price target on shares of GoDaddy in a research report on Monday, October 7th. Finally, B. Riley boosted their price objective on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, GoDaddy has a consensus rating of “Moderate Buy” and an average target price of $171.38.

Insiders Place Their Bets

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction on Friday, November 1st. The shares were sold at an average price of $167.79, for a total value of $503,370.00. Following the sale, the chief executive officer now directly owns 345,956 shares in the company, valued at approximately $58,047,957.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, COO Roger Chen sold 1,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $152.17, for a total transaction of $152,170.00. Following the completion of the transaction, the chief operating officer now directly owns 187,632 shares of the company’s stock, valued at approximately $28,551,961.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $167.79, for a total value of $503,370.00. Following the transaction, the chief executive officer now directly owns 345,956 shares in the company, valued at $58,047,957.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,344 shares of company stock valued at $4,529,897 in the last quarter. 0.61% of the stock is currently owned by insiders.

GoDaddy Trading Up 0.8 %

GDDY opened at $177.25 on Friday. The firm’s fifty day simple moving average is $159.75 and its 200 day simple moving average is $148.49. The stock has a market capitalization of $24.99 billion, a P/E ratio of 13.70 and a beta of 1.11. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61. GoDaddy Inc. has a 12 month low of $86.11 and a 12 month high of $177.77.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 earnings per share. As a group, research analysts anticipate that GoDaddy Inc. will post 4.95 EPS for the current fiscal 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.