Bank of America Corp DE Sells 181,591 Shares of GoDaddy Inc. (NYSE:GDDY)

Bank of America Corp DE trimmed its position in GoDaddy Inc. (NYSE:GDDY) by 13.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,182,197 shares of the technology company’s stock after selling 181,591 shares during the period. Bank of America Corp DE owned 0.84% of GoDaddy worth $233,330,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of GDDY. Rakuten Securities Inc. increased its position in GoDaddy by 311.3% in the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after acquiring an additional 165 shares during the period. Friedenthal Financial bought a new stake in shares of GoDaddy in the fourth quarter worth $49,000. OFI Invest Asset Management acquired a new stake in GoDaddy in the fourth quarter valued at $52,000. Summit Securities Group LLC bought a new position in GoDaddy during the 4th quarter worth $58,000. Finally, Physician Wealth Advisors Inc. acquired a new position in GoDaddy during the 4th quarter worth about $67,000. Institutional investors and hedge funds own 90.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GDDY shares. Morgan Stanley lowered their price objective on GoDaddy from $228.00 to $206.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. StockNews.com upgraded shares of GoDaddy from a “hold” rating to a “buy” rating in a report on Monday. Piper Sandler increased their price objective on shares of GoDaddy from $177.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Citigroup dropped their target price on shares of GoDaddy from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their price target on GoDaddy from $231.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $214.86.

GoDaddy Price Performance

Shares of NYSE:GDDY opened at $183.20 on Friday. The stock’s 50 day moving average is $176.88 and its 200-day moving average is $187.70. GoDaddy Inc. has a twelve month low of $131.27 and a twelve month high of $216.00. The company has a quick ratio of 0.56, a current ratio of 0.72 and a debt-to-equity ratio of 5.46. The firm has a market capitalization of $25.90 billion, a price-to-earnings ratio of 28.40 and a beta of 1.13.

GoDaddy (NYSE:GDDY) last posted its earnings results on Thursday, May 1st. The technology company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.08). The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.19 billion. GoDaddy had a return on equity of 176.06% and a net margin of 20.49%. The company’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.76 earnings per share. Sell-side analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current fiscal year.

Insider Activity

In other news, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $194.28, for a total transaction of $194,280.00. Following the completion of the sale, the chief operating officer now directly owns 182,632 shares of the company’s stock, valued at $35,481,744.96. This trade represents a 0.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark Mccaffrey sold 37,500 shares of the business’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $180.95, for a total transaction of $6,785,625.00. Following the completion of the transaction, the chief financial officer now directly owns 77,250 shares in the company, valued at $13,978,387.50. This trade represents a 32.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,500 shares of company stock worth $10,244,835 over the last 90 days. 0.61% of the stock is currently owned by corporate insiders.

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.