California Public Employees Retirement System Lowers Stake in GoDaddy Inc. (NYSE:GDDY)

California Public Employees Retirement System lessened its holdings in GoDaddy Inc. (NYSE:GDDY) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 664,983 shares of the technology company’s stock after selling 15,447 shares during the quarter. California Public Employees Retirement System’s holdings in GoDaddy were worth $131,248,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Anchor Investment Management LLC purchased a new stake in shares of GoDaddy in the 3rd quarter worth approximately $31,000. Versant Capital Management Inc bought a new stake in GoDaddy in the fourth quarter worth $43,000. Rakuten Securities Inc. grew its stake in shares of GoDaddy by 311.3% in the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock worth $43,000 after acquiring an additional 165 shares during the last quarter. Friedenthal Financial bought a new position in shares of GoDaddy during the fourth quarter valued at $49,000. Finally, OFI Invest Asset Management purchased a new position in shares of GoDaddy in the 4th quarter worth about $52,000. Institutional investors own 90.28% of the company’s stock.

GoDaddy Price Performance

Shares of GoDaddy stock opened at $178.89 on Monday. The stock’s fifty day moving average is $189.80 and its 200 day moving average is $184.41. GoDaddy Inc. has a one year low of $118.39 and a one year high of $216.00. The company has a debt-to-equity ratio of 5.46, a quick ratio of 0.56 and a current ratio of 0.72. The stock has a market cap of $25.29 billion, a P/E ratio of 27.73 and a beta of 1.25.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings data 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). The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.18 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. Sell-side analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

GDDY has been the topic of several recent analyst reports. Citigroup increased their price objective on shares of GoDaddy from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $230.00 price target (up previously from $190.00) on shares of GoDaddy in a report on Wednesday, December 4th. Piper Sandler boosted their price objective on shares of GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Raymond James increased their target price on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 21st. Finally, Wells Fargo & Company began coverage on GoDaddy in a research note on Monday, February 3rd. They issued an “equal weight” rating and a $198.00 price target for the company. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $213.20.

Insider Transactions at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $200.57, for a total value of $200,570.00. Following the completion of the transaction, the chief operating officer now directly owns 183,632 shares in the company, valued at $36,831,070.24. This represents a 0.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark Mccaffrey sold 480 shares of GoDaddy stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $201.29, for a total transaction of $96,619.20. Following the sale, the chief financial officer now owns 83,254 shares in the company, valued at approximately $16,758,197.66. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,480 shares of company stock valued at $3,816,029 over the last three months. Corporate insiders own 0.61% of the company’s stock.

GoDaddy 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.