iA Global Asset Management Inc. Boosts Stock Position in GoDaddy Inc. $GDDY

iA Global Asset Management Inc. increased its holdings in GoDaddy Inc. (NYSE:GDDY) by 200.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 26,102 shares of the technology company’s stock after purchasing an additional 17,402 shares during the period. iA Global Asset Management Inc.’s holdings in GoDaddy were worth $2,158,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of GDDY. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of GoDaddy in the 4th quarter worth about $25,000. Rachor Investment Advisory Services LLC bought a new position in shares of GoDaddy in the 4th quarter valued at about $25,000. Activest Wealth Management lifted its holdings in shares of GoDaddy by 6,600.0% in the 4th quarter. Activest Wealth Management now owns 201 shares of the technology company’s stock valued at $25,000 after acquiring an additional 198 shares during the last quarter. Harbour Investments Inc. grew its position in GoDaddy by 191.0% in the fourth quarter. Harbour Investments Inc. now owns 259 shares of the technology company’s stock worth $32,000 after acquiring an additional 170 shares in the last quarter. Finally, Entrust Financial LLC purchased a new position in GoDaddy in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Phontip Palitwanon sold 542 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were 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. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sigal Zarmi sold 350 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $87.84, for a total transaction of $30,744.00. Following the completion of the transaction, the director owned 5,708 shares in the company, valued at approximately $501,390.72. The trade was a 5.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 16,751 shares of company stock worth $1,480,228. Insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

GDDY has been the topic of a number of recent research reports. JPMorgan Chase & Co. decreased their price objective on GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Wells Fargo & Company lifted their target price on GoDaddy from $77.00 to $83.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of GoDaddy in a research report on Tuesday, June 16th. UBS Group began coverage on GoDaddy in a report on Tuesday, May 5th. They set a “neutral” rating and a $100.00 price target on the stock. Finally, Piper Sandler initiated coverage on GoDaddy in a research report on Thursday, March 12th. They issued a “neutral” rating and a $93.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $118.43.

GoDaddy Stock Up 1.7%

Shares of NYSE GDDY opened at $88.42 on Friday. The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market cap of $11.71 billion, a P/E ratio of 13.99, a PEG ratio of 0.79 and a beta of 0.89. GoDaddy Inc. has a 1 year low of $71.59 and a 1 year high of $179.61. The firm has a 50-day simple moving average of $84.81 and a two-hundred day simple moving average of $93.15.

GoDaddy (NYSE:GDDY) last released its earnings results on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.07. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the firm posted $1.51 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis. Research analysts anticipate that GoDaddy Inc. will post 7.13 earnings per share for the current year.

GoDaddy 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.