Kentucky Retirement Systems Trims Stock Position in GoDaddy Inc. (NYSE:GDDY)

Kentucky Retirement Systems lowered its holdings in GoDaddy Inc. (NYSE:GDDY) by 1.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,544 shares of the technology company’s stock after selling 144 shares during the quarter. Kentucky Retirement Systems’ holdings in GoDaddy were worth $1,719,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in GoDaddy in the fourth quarter valued at approximately $356,038,000. Assenagon Asset Management S.A. boosted its holdings in shares of GoDaddy by 1,412.1% in the first quarter. Assenagon Asset Management S.A. now owns 1,347,434 shares of the technology company’s stock valued at $242,727,000 after acquiring an additional 1,258,324 shares during the period. Canada Pension Plan Investment Board lifted its position in GoDaddy by 107.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company’s stock worth $273,582,000 after acquiring an additional 719,000 shares during the period. GAMMA Investing LLC lifted its holdings in shares of GoDaddy by 18,248.7% during the first quarter. GAMMA Investing LLC now owns 513,579 shares of the technology company’s stock worth $92,516,000 after purchasing an additional 510,780 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in GoDaddy by 88.2% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,082,381 shares of the technology company’s stock valued at $213,630,000 after purchasing an additional 507,374 shares in the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $179.85, for a total transaction of $539,550.00. Following the transaction, the chief executive officer now owns 443,947 shares of the company’s stock, valued at $79,843,867.95. This represents a 0.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Brian Sharples sold 500 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $179.85, for a total value of $89,925.00. Following the transaction, the director now owns 21,621 shares in the company, valued at $3,888,536.85. This trade represents a 2.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 69,632 shares of company stock worth $12,602,635 over the last three months. 0.61% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GDDY has been the topic of a number of analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $225.00 price objective on shares of GoDaddy in a report on Monday. JPMorgan Chase & Co. lifted their price target on GoDaddy from $231.00 to $240.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Jefferies Financial Group decreased their target price on shares of GoDaddy from $200.00 to $185.00 and set a “hold” rating on the stock in a research report on Monday, April 7th. Morgan Stanley decreased their target price on shares of GoDaddy from $228.00 to $206.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Finally, Benchmark restated a “buy” rating on shares of GoDaddy in a research report on Monday, April 28th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned 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 $214.86.

GoDaddy Price Performance

GoDaddy stock opened at $176.95 on Tuesday. GoDaddy Inc. has a 52 week low of $136.75 and a 52 week high of $216.00. The firm has a market capitalization of $25.21 billion, a PE ratio of 34.03 and a beta of 1.07. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 18.91. The firm’s 50-day simple moving average is $180.94 and its 200 day simple moving average is $187.55.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.08). GoDaddy had a net margin of 16.20% and a return on equity of 211.09%. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the company earned $2.76 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities research analysts predict that GoDaddy Inc. will post 6.63 EPS for the current fiscal 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.