14,289 Shares in GoDaddy Inc. $GDDY Acquired by OP Asset Management Ltd

OP Asset Management Ltd purchased a new position in GoDaddy Inc. (NYSE:GDDY) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,289 shares of the technology company’s stock, valued at approximately $1,181,000.

A number of other hedge funds have also recently added to or reduced their stakes in GDDY. Norges Bank acquired a new position in shares of GoDaddy during the fourth quarter worth approximately $250,020,000. AQR Capital Management LLC grew its position in GoDaddy by 117.5% in the 4th quarter. AQR Capital Management LLC now owns 2,989,931 shares of the technology company’s stock valued at $370,991,000 after purchasing an additional 1,615,005 shares during the period. Ameriprise Financial Inc. grew its position in GoDaddy by 47.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock valued at $483,360,000 after purchasing an additional 1,128,646 shares during the period. Two Sigma Investments LP increased its stake in GoDaddy by 99.7% during the 3rd quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company’s stock valued at $223,183,000 after purchasing an additional 814,360 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in GoDaddy by 318.6% during the 3rd quarter. Victory Capital Management Inc. now owns 735,452 shares of the technology company’s stock valued at $100,632,000 after purchasing an additional 559,757 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research note on Thursday, June 18th. Piper Sandler started coverage on shares of GoDaddy in a report on Thursday, March 12th. They issued a “neutral” rating and a $93.00 target price on the stock. Benchmark dropped their price target on shares of GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, April 28th. Wells Fargo & Company lifted their price target on GoDaddy from $77.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Finally, UBS Group started coverage on GoDaddy in a report on Tuesday, May 5th. They set a “neutral” rating and a $100.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $118.43.

Insiders Place Their Bets

In related news, CAO Phontip Palitwanon sold 542 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $48,704.12. Following the completion of the sale, the chief accounting officer directly owned 19,995 shares of the company’s stock, valued at approximately $1,796,750.70. This trade represents a 2.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of GoDaddy stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value of $752,397.78. Following the sale, the chief executive officer owned 521,747 shares in the company, valued at $46,884,185.42. This trade represents a 1.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 16,751 shares of company stock worth $1,480,228 over the last 90 days. 0.93% of the stock is currently owned by corporate insiders.

GoDaddy Stock Performance

Shares of GDDY stock opened at $85.24 on Tuesday. The firm has a 50-day moving average of $84.84 and a 200-day moving average of $93.99. The company has a market cap of $11.29 billion, a P/E ratio of 13.49, a P/E/G ratio of 0.77 and a beta of 0.90. 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 one year low of $71.59 and a one year high of $181.49.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, topping 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 business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the previous year, the company earned $1.51 earnings per share. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts forecast that GoDaddy Inc. will post 7.13 EPS for the current fiscal year.

GoDaddy Company Profile

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.