State of Michigan Retirement System Sells 300 Shares of GoDaddy Inc. (NYSE:GDDY)

State of Michigan Retirement System decreased its holdings in GoDaddy Inc. (NYSE:GDDY) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,100 shares of the technology company’s stock after selling 300 shares during the period. State of Michigan Retirement System’s holdings in GoDaddy were worth $7,520,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. WCM Investment Management LLC grew its holdings 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 worth $678,941,000 after purchasing an additional 3,356,678 shares during the last quarter. Congress Asset Management Co. purchased a new stake in GoDaddy in the 4th quarter valued at about $111,923,000. Mizuho Securities USA LLC grew its stake in GoDaddy by 3,227.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock worth $56,709,000 after acquiring an additional 350,839 shares in the last quarter. AustralianSuper Pty Ltd increased its position in shares of GoDaddy by 3,836.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 358,465 shares of the technology company’s stock worth $70,750,000 after acquiring an additional 349,358 shares during the period. Finally, FMR LLC raised its stake in shares of GoDaddy by 19.8% during the third quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock valued at $260,299,000 after acquiring an additional 274,014 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors.

GoDaddy Stock Performance

Shares of GDDY stock opened at $176.29 on Thursday. GoDaddy Inc. has a 12-month low of $109.16 and a 12-month high of $216.00. The business’s fifty day simple moving average is $196.74 and its 200-day simple moving average is $182.11. 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 $24.92 billion, a PE ratio of 27.33 and a beta of 1.15.

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GDDY. Barclays increased their price objective on GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Jefferies Financial Group raised their price target on GoDaddy from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. StockNews.com downgraded GoDaddy from a “buy” rating to a “hold” rating in a report on Monday, February 17th. B. Riley increased their target price on shares of GoDaddy from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Robert W. Baird boosted their price target on shares of GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus price target of $213.20.

Insider Activity

In other GoDaddy news, Director Brian Sharples sold 500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total transaction of $99,505.00. Following the sale, the director now owns 23,121 shares of the company’s stock, valued at approximately $4,601,310.21. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $199.01, for a total transaction of $597,030.00. Following the completion of the transaction, the chief executive officer now directly owns 333,153 shares of the company’s stock, valued at approximately $66,300,778.53. This represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,034 shares of company stock worth $4,166,030 over the last 90 days. 0.61% of the stock is currently owned by corporate insiders.

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.