1,803,913 Shares in GoDaddy Inc. (NYSE:GDDY) Bought by Norges Bank

Norges Bank purchased a new stake in GoDaddy Inc. (NYSE:GDDY) in the 4th quarter, HoldingsChannel reports. The fund purchased 1,803,913 shares of the technology company’s stock, valued at approximately $356,038,000.

Other institutional investors have also recently made changes to their positions in the company. Cerity Partners LLC increased its holdings in shares of GoDaddy by 18.9% during the third quarter. Cerity Partners LLC now owns 17,672 shares of the technology company’s stock valued at $2,771,000 after acquiring an additional 2,803 shares in the last quarter. Kingsview Wealth Management LLC bought a new stake in GoDaddy during the 3rd quarter valued at $233,000. The Manufacturers Life Insurance Company raised its holdings in GoDaddy by 20.5% during the third quarter. The Manufacturers Life Insurance Company now owns 90,810 shares of the technology company’s stock worth $14,237,000 after buying an additional 15,452 shares during the last quarter. FMR LLC grew its holdings 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 buying an additional 274,014 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its position in shares of GoDaddy by 41.3% during the third quarter. Glenmede Trust Co. NA now owns 3,086 shares of the technology company’s stock worth $484,000 after acquiring an additional 902 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

GoDaddy Stock Performance

NYSE:GDDY opened at $178.89 on Friday. GoDaddy Inc. has a 1 year low of $118.39 and a 1 year high of $216.00. The company has a debt-to-equity ratio of 5.46, a current ratio of 0.72 and a quick ratio of 0.56. The business has a fifty day simple moving average of $189.80 and a two-hundred day simple moving average of $184.18. The company has a market capitalization of $25.29 billion, a P/E ratio of 27.73 and a beta of 1.25.

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

Insider Activity at GoDaddy

In other news, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $174.21, for a total transaction of $174,210.00. Following the sale, the chief operating officer now directly owns 257,949 shares in the company, valued at $44,937,295.29. This represents a 0.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’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 $597,030.00. Following the completion of the transaction, the chief executive officer now owns 333,153 shares of the company’s stock, valued at $66,300,778.53. This trade represents a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,480 shares of company stock worth $3,816,029. 0.61% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. StockNews.com cut shares of GoDaddy from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. B. Riley lifted their target price on GoDaddy from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Piper Sandler increased their price target on GoDaddy from $176.00 to $177.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Citigroup lifted their price objective on shares of GoDaddy from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Friday, January 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $230.00 target price (up previously from $190.00) on shares of GoDaddy in a report on Wednesday, December 4th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $213.20.

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.