Public Sector Pension Investment Board Reduces Stock Position in GoDaddy Inc. (NYSE:GDDY)

Public Sector Pension Investment Board lessened its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 48.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 247,839 shares of the technology company’s stock after selling 232,828 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.17% of GoDaddy worth $44,646,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisors Capital Management LLC grew its holdings in GoDaddy by 0.9% in the 4th quarter. Advisors Capital Management LLC now owns 6,197 shares of the technology company’s stock valued at $1,223,000 after buying an additional 55 shares during the period. BNP Paribas grew its holdings in GoDaddy by 2.9% in the 4th quarter. BNP Paribas now owns 2,111 shares of the technology company’s stock valued at $417,000 after buying an additional 59 shares during the period. City Holding Co. grew its holdings in GoDaddy by 30.0% in the 1st quarter. City Holding Co. now owns 260 shares of the technology company’s stock valued at $47,000 after buying an additional 60 shares during the period. Equitable Trust Co. grew its holdings in GoDaddy by 1.0% in the 1st quarter. Equitable Trust Co. now owns 6,657 shares of the technology company’s stock valued at $1,199,000 after buying an additional 64 shares during the period. Finally, NorthCrest Asset Manangement LLC grew its holdings in GoDaddy by 0.8% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 7,967 shares of the technology company’s stock valued at $1,435,000 after buying an additional 67 shares during the period. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Insiders Place Their Bets

In other GoDaddy news, CAO Phontip Palitwanon sold 2,173 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $177.87, for a total value of $386,511.51. Following the transaction, the chief accounting officer directly owned 21,198 shares of the company’s stock, valued at $3,770,488.26. This represents a 9.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Amanpal Singh Bhutani sold 6,932 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $179.81, for a total value of $1,246,442.92. Following the completion of the transaction, the chief executive officer directly owned 431,015 shares in the company, valued at approximately $77,500,807.15. The trade was a 1.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,257 shares of company stock valued at $5,827,280. Company insiders own 0.70% of the company’s stock.

GoDaddy Stock Performance

Shares of GDDY opened at $133.38 on Monday. The business’s 50 day moving average is $171.43 and its two-hundred day moving average is $179.48. GoDaddy Inc. has a 52-week low of $132.73 and a 52-week high of $216.00. The firm has a market cap of $19.01 billion, a price-to-earnings ratio of 23.82 and a beta of 1.08. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 9.33.

GoDaddy (NYSE:GDDY) last announced its earnings results on Thursday, August 7th. The technology company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.07. GoDaddy had a return on equity of 189.42% and a net margin of 17.01%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the company posted $1.01 EPS. GoDaddy’s quarterly revenue was up 8.3% on a year-over-year basis. Analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wells Fargo & Company reduced their price objective on GoDaddy from $198.00 to $157.00 and set an “equal weight” rating on the stock in a research note on Friday. Royal Bank Of Canada reduced their price target on GoDaddy from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday. Barclays reduced their price target on GoDaddy from $235.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday. Piper Sandler set a $182.00 price target on GoDaddy and gave the stock an “overweight” rating in a research report on Friday. Finally, Raymond James Financial reduced their price target on GoDaddy from $225.00 to $175.00 and set a “strong-buy” rating on the stock in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $202.43.

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.