Summit Global Investments Boosts Stake in GoDaddy Inc. (NYSE:GDDY)

Summit Global Investments lifted its position in shares of GoDaddy Inc. (NYSE:GDDY) by 3.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,844 shares of the technology company’s stock after acquiring an additional 1,884 shares during the quarter. Summit Global Investments’ holdings in GoDaddy were worth $9,838,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of GDDY. Anchor Investment Management LLC purchased a new stake in shares of GoDaddy during the 3rd quarter worth about $31,000. Versant Capital Management Inc acquired a new position in shares of GoDaddy during the 4th quarter worth about $43,000. Rakuten Securities Inc. raised its position in shares of GoDaddy by 311.3% during the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock worth $43,000 after purchasing an additional 165 shares during the last quarter. Friedenthal Financial acquired a new position in shares of GoDaddy during the 4th quarter worth about $49,000. Finally, OFI Invest Asset Management acquired a new position in shares of GoDaddy during the 4th quarter worth about $52,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

GoDaddy Stock Down 0.1 %

Shares of NYSE GDDY opened at $180.49 on Friday. The company has a 50 day simple moving average of $191.37 and a 200-day simple moving average of $182.97. The company has a market capitalization of $25.51 billion, a P/E ratio of 27.98 and a beta of 1.25. The company has a debt-to-equity ratio of 5.46, a current ratio of 0.72 and a quick ratio of 0.56. GoDaddy Inc. has a 1 year low of $118.39 and a 1 year high of $216.00.

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

Wall Street Analysts Forecast Growth

GDDY has been the subject of several research analyst reports. Barclays upped their price target on shares of GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Benchmark upped their price target on shares of GoDaddy from $200.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Piper Sandler upped their price target on shares of GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. increased their price objective on shares of GoDaddy from $224.00 to $231.00 and gave the company an “overweight” rating in a report on Thursday, February 6th. Finally, StockNews.com downgraded shares of GoDaddy from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus price target of $213.20.

Insider Buying and Selling

In related news, CFO Mark Mccaffrey sold 5,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total transaction of $1,094,555.00. Following the completion of the transaction, the chief financial officer now owns 84,300 shares of the company’s stock, valued at approximately $16,776,543. This trade represents a 6.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brian Sharples sold 500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $199.01, for a total transaction of $99,505.00. Following the transaction, the director now directly owns 23,121 shares of the company’s stock, valued at $4,601,310.21. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,480 shares of company stock valued at $3,816,029. Company 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.