IFP Advisors Inc Cuts Stock Position in GoDaddy Inc. (NYSE:GDDY)

IFP Advisors Inc lowered its stake in GoDaddy Inc. (NYSE:GDDY) by 20.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,983 shares of the technology company’s stock after selling 768 shares during the period. IFP Advisors Inc’s holdings in GoDaddy were worth $590,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in GDDY. WCM Investment Management LLC lifted its position in GoDaddy by 7,083.4% in the 4th quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company’s stock valued at $678,941,000 after acquiring an additional 3,356,678 shares in the last quarter. Congress Asset Management Co. bought a new position in GoDaddy in the 4th quarter valued at approximately $111,923,000. Mizuho Securities USA LLC lifted its position in GoDaddy by 3,227.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock valued at $56,709,000 after acquiring an additional 350,839 shares in the last quarter. AustralianSuper Pty Ltd lifted its position in GoDaddy by 3,836.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 358,465 shares of the technology company’s stock valued at $70,750,000 after acquiring an additional 349,358 shares in the last quarter. Finally, FMR LLC lifted its position in GoDaddy by 19.8% in the 3rd quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock valued at $260,299,000 after acquiring an additional 274,014 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Analysts Set New Price Targets

GDDY has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price objective on GoDaddy from $224.00 to $231.00 and gave the company an “overweight” rating in a research report on Thursday, February 6th. Raymond James upped their price objective on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 21st. Morgan Stanley increased their price target on GoDaddy from $227.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Wells Fargo & Company started coverage on GoDaddy in a report on Monday, February 3rd. They set an “equal weight” rating and a $198.00 price target on the stock. Finally, Robert W. Baird increased their price target on GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $213.20.

GoDaddy Price Performance

Shares of GoDaddy stock opened at $179.77 on Friday. GoDaddy Inc. has a one year low of $108.38 and a one year high of $216.00. The stock’s fifty day moving average is $199.02 and its 200 day moving average is $181.51. The stock has a market cap of $25.24 billion, a P/E ratio of 27.87 and a beta of 1.15. The company has a debt-to-equity ratio of 5.46, a quick ratio of 0.56 and a current ratio of 0.72.

GoDaddy (NYSE:GDDY) last announced its earnings results on Thursday, February 13th. The technology company reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.01). GoDaddy had a return on equity of 176.06% and a net margin of 20.49%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.18 billion. Sell-side analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current year.

Insiders Place Their Bets

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $197.77, for a total value of $593,310.00. Following the completion of the sale, the chief executive officer now owns 342,956 shares in the company, valued at approximately $67,826,408.12. This represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Roger Chen sold 1,000 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $194.28, for a total value of $194,280.00. Following the completion of the sale, the chief operating officer now owns 182,632 shares of the company’s stock, valued at $35,481,744.96. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,482 shares of company stock worth $4,903,930. Corporate insiders own 0.61% of the company’s stock.

About GoDaddy

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.