Daiwa Securities Group Inc. Trims Stock Position in GoDaddy Inc. (NYSE:GDDY)

Daiwa Securities Group Inc. decreased its stake in GoDaddy Inc. (NYSE:GDDY) by 9.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,104 shares of the technology company’s stock after selling 3,199 shares during the period. Daiwa Securities Group Inc.’s holdings in GoDaddy were worth $5,033,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GDDY. LBP AM SA acquired a new stake in shares of GoDaddy during the first quarter worth about $3,021,000. iA Global Asset Management Inc. lifted its stake in GoDaddy by 7.6% in the first quarter. iA Global Asset Management Inc. now owns 2,653 shares of the technology company’s stock valued at $315,000 after buying an additional 187 shares during the last quarter. Plato Investment Management Ltd boosted its holdings in shares of GoDaddy by 2,471.0% in the first quarter. Plato Investment Management Ltd now owns 6,479 shares of the technology company’s stock valued at $769,000 after acquiring an additional 6,227 shares during the period. New Covenant Trust Company N.A. purchased a new position in shares of GoDaddy during the first quarter worth approximately $45,000. Finally, Virtu Financial LLC acquired a new position in shares of GoDaddy in the 1st quarter valued at $743,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

GoDaddy Stock Up 1.2 %

Shares of NYSE GDDY opened at $199.73 on Wednesday. The stock has a market capitalization of $28.04 billion, a price-to-earnings ratio of 15.44 and a beta of 1.11. GoDaddy Inc. has a 52 week low of $94.50 and a 52 week high of $202.56. The firm has a 50-day moving average price of $168.48 and a 200 day moving average price of $154.54. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.25 by $0.07. The business 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.89 EPS. Equities research analysts anticipate that GoDaddy Inc. will post 4.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GDDY shares. B. Riley upped their target price on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Benchmark upped their price objective on GoDaddy from $186.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Raymond James lifted their target price on GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Friday, August 2nd. Robert W. Baird boosted their target price on GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada increased their price target on GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $173.31.

Insider Buying and Selling at GoDaddy

In related news, CAO Nick Daddario sold 684 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $157.23, for a total transaction of $107,545.32. Following the sale, the chief accounting officer now owns 17,704 shares of the company’s stock, valued at $2,783,599.92. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $183.80, for a total transaction of $183,800.00. Following the completion of the transaction, the chief operating officer now directly owns 185,632 shares of the company’s stock, valued at $34,119,161.60. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,345 shares of company stock valued at $3,897,255. Insiders own 0.61% of the company’s stock.

About GoDaddy

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.