Spyglass Capital Management LLC Reduces Holdings in GoDaddy Inc. (NYSE:GDDY)

Spyglass Capital Management LLC decreased its position in shares of GoDaddy Inc. (NYSE:GDDY) by 1.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 354,223 shares of the technology company’s stock after selling 5,452 shares during the quarter. GoDaddy makes up approximately 3.6% of Spyglass Capital Management LLC’s portfolio, making the stock its 14th largest holding. Spyglass Capital Management LLC’s holdings in GoDaddy were worth $55,535,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Vinva Investment Management Ltd grew its holdings in shares of GoDaddy by 22.7% during the third quarter. Vinva Investment Management Ltd now owns 123,734 shares of the technology company’s stock worth $19,303,000 after purchasing an additional 22,929 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of GoDaddy by 17.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,368,693 shares of the technology company’s stock worth $214,584,000 after purchasing an additional 203,909 shares during the last quarter. Glenmede Trust Co. NA grew its holdings 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 purchasing an additional 902 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of GoDaddy by 68.0% during the third quarter. BNP Paribas Financial Markets now owns 355,260 shares of the technology company’s stock worth $55,698,000 after purchasing an additional 143,809 shares during the last quarter. Finally, Avestar Capital LLC grew its holdings in shares of GoDaddy by 13.4% during the third quarter. Avestar Capital LLC now owns 2,110 shares of the technology company’s stock worth $331,000 after purchasing an additional 249 shares during the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

GoDaddy Price Performance

Shares of NYSE:GDDY opened at $197.85 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. The company has a market cap of $27.78 billion, a P/E ratio of 15.29 and a beta of 1.11. GoDaddy Inc. has a 52 week low of $96.42 and a 52 week high of $202.56. The company has a 50-day moving average price of $170.11 and a 200 day moving average price of $155.14.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $1.15 billion during 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 firm’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.89 earnings per share. Research analysts predict that GoDaddy Inc. will post 4.95 earnings per share for the current year.

Insider Activity

In other news, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $152.17, for a total transaction of $152,170.00. Following the completion of the transaction, the chief operating officer now directly owns 187,632 shares of the company’s stock, valued at $28,551,961.44. This trade represents a 0.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Nick Daddario sold 684 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $157.23, for a total transaction of $107,545.32. Following the transaction, the chief accounting officer now directly owns 17,704 shares of the company’s stock, valued at approximately $2,783,599.92. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,345 shares of company stock worth $3,897,255. Company insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Royal Bank of Canada raised their price objective on GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Barclays increased their target price on shares of GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. StockNews.com downgraded shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 8th. B. Riley increased their target price on shares of GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Raymond James increased their target price on shares of GoDaddy from $150.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $173.31.

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.