Convergence Financial LLC Makes New $275,000 Investment in GoDaddy Inc. (NYSE:GDDY)

Convergence Financial LLC acquired a new stake in GoDaddy Inc. (NYSE:GDDY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,394 shares of the technology company’s stock, valued at approximately $275,000.

Several other large investors also recently modified their holdings of the stock. State Street Corp raised its position in shares of GoDaddy by 2.2% in the third quarter. State Street Corp now owns 6,892,134 shares of the technology company’s stock valued at $1,080,549,000 after purchasing an additional 147,105 shares during the period. Geode Capital Management LLC raised its position in shares of GoDaddy by 2.5% in the third quarter. Geode Capital Management LLC now owns 3,423,622 shares of the technology company’s stock valued at $535,153,000 after purchasing an additional 84,550 shares during the period. WCM Investment Management LLC raised its position in shares of GoDaddy by 7,083.4% in the fourth quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company’s stock valued at $678,941,000 after purchasing an additional 3,356,678 shares during the period. FMR LLC raised its position in shares of GoDaddy by 19.8% in the third quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock valued at $260,299,000 after purchasing an additional 274,014 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of GoDaddy by 17.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,368,693 shares of the technology company’s stock valued at $214,584,000 after purchasing an additional 203,909 shares during the period. 90.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GDDY. Royal Bank of Canada reaffirmed an “outperform” rating and set a $230.00 price target (up from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Morgan Stanley raised their price target on shares of GoDaddy from $227.00 to $228.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. Jefferies Financial Group raised their price target on shares of GoDaddy from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Barclays raised their price target on shares of GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Finally, Piper Sandler raised their price target on shares of GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $213.20.

GoDaddy Trading Up 0.2 %

GDDY opened at $176.99 on Thursday. The company’s 50 day moving average is $200.04 and its 200-day moving average is $181.59. GoDaddy Inc. has a 1-year low of $108.38 and a 1-year high of $216.00. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 5.46. The company has a market cap of $24.85 billion, a P/E ratio of 27.44 and a beta of 1.15.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.01). GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.18 billion. Equities research analysts predict that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction on Monday, December 16th. The shares were sold at an average price of $207.35, for a total value of $207,350.00. Following the completion of the sale, the chief operating officer now owns 184,632 shares in the company, valued at $38,283,445.20. The trade was a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Mccaffrey sold 5,500 shares of GoDaddy stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total transaction of $1,094,555.00. Following the completion of the sale, the chief financial officer now owns 84,300 shares of the company’s stock, valued at $16,776,543. This represents a 6.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,482 shares of company stock worth $4,903,930. Corporate 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.