Pitcairn Co. Sells 1,368 Shares of GoDaddy Inc. (NYSE:GDDY)

Pitcairn Co. cut its holdings in GoDaddy Inc. (NYSE:GDDY) by 8.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,689 shares of the technology company’s stock after selling 1,368 shares during the period. Pitcairn Co.’s holdings in GoDaddy were worth $2,303,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in GoDaddy by 0.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,097 shares of the technology company’s stock worth $2,837,000 after purchasing an additional 67 shares during the last quarter. Prime Capital Investment Advisors LLC raised its stake in shares of GoDaddy by 4.0% during the third quarter. Prime Capital Investment Advisors LLC now owns 1,885 shares of the technology company’s stock valued at $296,000 after acquiring an additional 73 shares during the last quarter. Whittier Trust Co. raised its stake in shares of GoDaddy by 4.3% during the second quarter. Whittier Trust Co. now owns 1,781 shares of the technology company’s stock valued at $249,000 after acquiring an additional 74 shares during the last quarter. Lindbrook Capital LLC raised its stake in shares of GoDaddy by 11.3% during the third quarter. Lindbrook Capital LLC now owns 974 shares of the technology company’s stock valued at $153,000 after acquiring an additional 99 shares during the last quarter. Finally, Equitable Trust Co. raised its stake in shares of GoDaddy by 1.3% during the third quarter. Equitable Trust Co. now owns 8,435 shares of the technology company’s stock valued at $1,322,000 after acquiring an additional 107 shares during the last quarter. 90.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GDDY. B. Riley upped their price objective on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird upped their price objective on shares of GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. StockNews.com cut shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Benchmark boosted their price target on shares of GoDaddy from $186.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Piper Sandler boosted their price target on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Five investment 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 company. According to data from MarketBeat, GoDaddy currently has an average rating of “Moderate Buy” and an average price target of $173.31.

Insider Activity

In other news, Director Brian Sharples sold 500 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $179.00, for a total transaction of $89,500.00. Following the sale, the director now owns 24,121 shares in the company, valued at $4,317,659. This represents a 2.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Roger Chen sold 1,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $152.17, for a total transaction of $152,170.00. Following the sale, the chief operating officer now owns 187,632 shares in the company, valued at approximately $28,551,961.44. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,845 shares of company stock worth $4,803,380 over the last 90 days. 0.61% of the stock is currently owned by insiders.

GoDaddy Price Performance

Shares of GDDY opened at $196.35 on Friday. The stock has a market cap of $27.57 billion, a PE ratio of 15.17 and a beta of 1.11. The company has a debt-to-equity ratio of 10.61, a quick ratio of 0.56 and a current ratio of 0.56. GoDaddy Inc. has a fifty-two week low of $94.50 and a fifty-two week high of $196.71. The firm’s 50-day simple moving average is $166.62 and its two-hundred day simple moving average is $153.30.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.89 earnings per share. Analysts anticipate that GoDaddy Inc. will post 4.95 earnings per share for the current fiscal year.

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.