CIBC Asset Management Inc Increases Stock Position in GoDaddy Inc. (NYSE:GDDY)

CIBC Asset Management Inc boosted its stake in GoDaddy Inc. (NYSE:GDDY) by 4.1% during the fourth quarter, HoldingsChannel reports. The firm owned 21,969 shares of the technology company’s stock after buying an additional 856 shares during the period. CIBC Asset Management Inc’s holdings in GoDaddy were worth $4,336,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Creative Planning raised its stake in shares of GoDaddy by 41.6% during the third quarter. Creative Planning now owns 14,187 shares of the technology company’s stock worth $2,224,000 after acquiring an additional 4,168 shares in the last quarter. Blue Trust Inc. raised its stake in shares of GoDaddy by 40.0% during the third quarter. Blue Trust Inc. now owns 763 shares of the technology company’s stock worth $120,000 after acquiring an additional 218 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of GoDaddy by 47.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 233,099 shares of the technology company’s stock worth $36,545,000 after acquiring an additional 75,382 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of GoDaddy during the third quarter worth approximately $293,000. Finally, Signaturefd LLC raised its stake in shares of GoDaddy by 13.7% during the third quarter. Signaturefd LLC now owns 2,819 shares of the technology company’s stock worth $442,000 after acquiring an additional 339 shares in the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

GoDaddy Stock Performance

NYSE:GDDY opened at $176.45 on Thursday. The stock has a market cap of $24.77 billion, a P/E ratio of 27.36 and a beta of 1.15. The firm’s fifty day simple moving average is $202.67 and its 200 day simple moving average is $180.77. GoDaddy Inc. has a twelve month low of $108.02 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.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, February 13th. The technology company reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.01). The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.18 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. As a group, research analysts predict that GoDaddy Inc. will post 6.69 EPS for the current year.

Wall Street Analysts Forecast Growth

GDDY has been the topic of several research reports. Wells Fargo & Company initiated coverage on shares of GoDaddy in a research note on Monday, February 3rd. They set an “equal weight” rating and a $198.00 price target on the stock. UBS Group lifted their price target on shares of GoDaddy from $172.00 to $225.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Raymond James raised their target price on shares of GoDaddy from $185.00 to $230.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 21st. Jefferies Financial Group raised their target price on shares of GoDaddy from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Benchmark raised their target price on shares of GoDaddy from $200.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, GoDaddy currently has an average rating of “Moderate Buy” and an average target price of $213.20.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, CAO Phontip Palitwanon sold 770 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $196.64, for a total transaction of $151,412.80. Following the completion of the transaction, the chief accounting officer now owns 23,059 shares of the company’s stock, valued at approximately $4,534,321.76. This trade represents a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $194.28, for a total value of $194,280.00. Following the transaction, the chief operating officer now directly owns 182,632 shares of the company’s stock, valued at $35,481,744.96. This represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,482 shares of company stock valued at $4,903,930. 0.61% of the stock is currently owned by company 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.