Geode Capital Management LLC Reduces Stock Position in GoDaddy Inc. $GDDY

Geode Capital Management LLC lessened its holdings in GoDaddy Inc. (NYSE:GDDY) by 1.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,718,783 shares of the technology company’s stock after selling 50,110 shares during the quarter. Geode Capital Management LLC’s holdings in GoDaddy were worth $460,914,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. American Century Companies Inc. increased its holdings in GoDaddy by 130.5% in the third quarter. American Century Companies Inc. now owns 151,432 shares of the technology company’s stock valued at $20,720,000 after buying an additional 85,733 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in GoDaddy in the third quarter valued at $30,575,000. Swedbank AB increased its holdings in GoDaddy by 433.9% in the fourth quarter. Swedbank AB now owns 645,754 shares of the technology company’s stock valued at $80,125,000 after buying an additional 524,811 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in GoDaddy by 22,341.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 117,142 shares of the technology company’s stock valued at $14,535,000 after buying an additional 116,620 shares during the last quarter. Finally, Strive Asset Management LLC purchased a new position in GoDaddy in the third quarter valued at $20,493,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Insider Transactions at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 34,148 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $88.99, for a total transaction of $3,038,830.52. Following the completion of the sale, the chief executive officer owned 530,120 shares in the company, valued at approximately $47,175,378.80. This represents a 6.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Phontip Palitwanon sold 1,310 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $90.15, for a total transaction of $118,096.50. Following the sale, the chief accounting officer owned 20,349 shares of the company’s stock, valued at $1,834,462.35. This trade represents a 6.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 61,296 shares of company stock worth $5,446,506. Company insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on GDDY. JPMorgan Chase & Co. decreased their price objective on shares of GoDaddy from $167.00 to $154.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Raymond James Financial restated a “strong-buy” rating and issued a $100.00 price objective on shares of GoDaddy in a research note on Wednesday, February 25th. Wells Fargo & Company upped their price objective on shares of GoDaddy from $77.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Benchmark decreased their price objective on shares of GoDaddy from $195.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, April 28th. Finally, UBS Group began coverage on shares of GoDaddy in a research note on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.57.

GoDaddy Stock Performance

NYSE GDDY opened at $85.97 on Monday. The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67. GoDaddy Inc. has a 1 year low of $73.06 and a 1 year high of $183.34. The company has a market capitalization of $11.38 billion, a PE ratio of 13.60, a P/E/G ratio of 0.77 and a beta of 0.90. The company has a fifty day moving average of $85.28 and a two-hundred day moving average of $100.93.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the prior year, the firm posted $1.51 earnings per share. GoDaddy’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, analysts expect that GoDaddy Inc. will post 7.17 earnings per share for the current year.

About GoDaddy

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.