Investment Management Corp of Ontario Increases Holdings in GoDaddy Inc. (NYSE:GDDY)

Investment Management Corp of Ontario raised its stake in GoDaddy Inc. (NYSE:GDDY) by 177.5% during the third quarter, HoldingsChannel reports. The fund owned 35,627 shares of the technology company’s stock after buying an additional 22,790 shares during the period. Investment Management Corp of Ontario’s holdings in GoDaddy were worth $5,586,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Cetera Investment Advisers raised its holdings in GoDaddy by 365.9% in the 1st quarter. Cetera Investment Advisers now owns 16,198 shares of the technology company’s stock worth $1,922,000 after acquiring an additional 12,721 shares during the last quarter. Cetera Advisors LLC raised its stake in shares of GoDaddy by 16.0% in the first quarter. Cetera Advisors LLC now owns 7,755 shares of the technology company’s stock worth $920,000 after purchasing an additional 1,068 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of GoDaddy by 315.6% during the second quarter. GAMMA Investing LLC now owns 1,093 shares of the technology company’s stock valued at $153,000 after purchasing an additional 830 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of GoDaddy by 28.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 681 shares of the technology company’s stock valued at $95,000 after buying an additional 152 shares during the last quarter. Finally, DNB Asset Management AS increased its holdings in GoDaddy by 7.5% in the 2nd quarter. DNB Asset Management AS now owns 22,037 shares of the technology company’s stock worth $3,079,000 after buying an additional 1,533 shares in the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

GoDaddy Stock Up 0.4 %

NYSE GDDY opened at $198.35 on Wednesday. The stock’s 50-day moving average price is $172.44 and its 200-day moving average price is $156.76. The company has a market capitalization of $27.85 billion, a P/E ratio of 15.33 and a beta of 1.15. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. GoDaddy Inc. has a 52 week low of $99.90 and a 52 week high of $202.56.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 earnings per share. On average, equities research analysts predict that GoDaddy Inc. will post 4.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GDDY shares. Robert W. Baird upped their target price 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 downgraded shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Barclays boosted their target price on shares of GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. B. Riley raised their price target on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Piper Sandler upped their price objective on GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Five 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, GoDaddy presently has an average rating of “Moderate Buy” and a consensus target price of $173.31.

Insider Buying and Selling

In related news, CAO Nick Daddario sold 2,976 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $151.61, for a total transaction of $451,191.36. Following the completion of the transaction, the chief accounting officer now owns 14,728 shares in the company, valued at approximately $2,232,912.08. This represents a 16.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $155.60, for a total transaction of $466,800.00. Following the completion of the sale, the chief executive officer now owns 348,956 shares in the company, valued at approximately $54,297,553.60. This represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,977 shares of company stock valued at $2,866,974. Company 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.