Mackenzie Financial Corp Cuts Stock Position in GoDaddy Inc. (NYSE:GDDY)

Mackenzie Financial Corp decreased its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,490 shares of the technology company’s stock after selling 4,125 shares during the period. Mackenzie Financial Corp owned about 0.08% of GoDaddy worth $11,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in GDDY. Rice Hall James & Associates LLC grew its position in shares of GoDaddy by 49.4% in the first quarter. Rice Hall James & Associates LLC now owns 211,463 shares of the technology company’s stock valued at $17,699,000 after purchasing an additional 69,944 shares during the period. HighTower Advisors LLC increased its stake in GoDaddy by 7.9% during the 1st quarter. HighTower Advisors LLC now owns 16,959 shares of the technology company’s stock worth $1,422,000 after buying an additional 1,246 shares in the last quarter. MetLife Investment Management LLC acquired a new position in shares of GoDaddy during the first quarter valued at approximately $345,000. Rhumbline Advisers lifted its position in shares of GoDaddy by 3.2% in the first quarter. Rhumbline Advisers now owns 138,312 shares of the technology company’s stock valued at $11,577,000 after acquiring an additional 4,315 shares in the last quarter. Finally, Raymond James Trust N.A. boosted its stake in shares of GoDaddy by 30.8% in the first quarter. Raymond James Trust N.A. now owns 3,212 shares of the technology company’s stock worth $269,000 after acquiring an additional 757 shares during the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on GDDY. Robert W. Baird increased their price objective on GoDaddy from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Monday, March 25th. Royal Bank of Canada reissued an “outperform” rating and issued a $124.00 price target on shares of GoDaddy in a research note on Thursday, March 7th. Benchmark reaffirmed a “buy” rating and set a $150.00 price objective on shares of GoDaddy in a research note on Thursday, March 7th. B. Riley raised their target price on shares of GoDaddy from $124.00 to $142.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Finally, Piper Sandler upped their price target on GoDaddy from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $135.18.

Insiders Place Their Bets

In other news, CAO Nick Daddario sold 1,823 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $110.54, for a total value of $201,514.42. Following the sale, the chief accounting officer now directly owns 25,263 shares of the company’s stock, valued at approximately $2,792,572.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Nick Daddario sold 1,823 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $110.54, for a total transaction of $201,514.42. Following the completion of the transaction, the chief accounting officer now directly owns 25,263 shares in the company, valued at $2,792,572.02. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Amanpal Singh Bhutani sold 8,687 shares of GoDaddy stock in a transaction on Friday, March 1st. The shares were sold at an average price of $114.11, for a total value of $991,273.57. Following the completion of the sale, the chief executive officer now directly owns 454,031 shares of the company’s stock, valued at $51,809,477.41. The disclosure for this sale can be found here. Insiders sold a total of 121,234 shares of company stock valued at $13,534,946 over the last 90 days. 0.54% of the stock is owned by company insiders.

GoDaddy Trading Down 1.0 %

GDDY opened at $120.12 on Friday. The business’s 50 day moving average price is $117.43 and its 200 day moving average price is $102.73. The company has a debt-to-equity ratio of 61.07, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a market capitalization of $17.11 billion, a PE ratio of 12.54 and a beta of 1.12. GoDaddy Inc. has a one year low of $67.43 and a one year high of $127.15.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.03 by $0.05. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.10 billion. GoDaddy had a negative return on equity of 89.25% and a net margin of 32.74%. As a group, equities research analysts expect that GoDaddy Inc. will post 4.76 EPS for the current year.

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.