Connor Clark & Lunn Investment Management Ltd. Takes Position in GoDaddy Inc. (NYSE:GDDY)

Connor Clark & Lunn Investment Management Ltd. bought a new position in GoDaddy Inc. (NYSE:GDDY) in the third quarter, Holdings Channel reports. The firm bought 45,705 shares of the technology company’s stock, valued at approximately $7,166,000.

Several other large investors also recently bought and sold shares of GDDY. Price T Rowe Associates Inc. MD lifted its stake in shares of GoDaddy by 94.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,655,994 shares of the technology company’s stock worth $433,895,000 after buying an additional 1,775,708 shares during the period. Kodai Capital Management LP purchased a new position in GoDaddy in the 1st quarter worth $75,855,000. Federated Hermes Inc. raised its stake in GoDaddy by 35.6% in the 2nd quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock worth $209,743,000 after acquiring an additional 394,399 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in GoDaddy by 2,279.5% during the 3rd quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock worth $62,908,000 after acquiring an additional 384,386 shares during the period. Finally, Mizuho Securities USA LLC grew its stake in GoDaddy by 3,227.3% during the 3rd quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock valued at $56,709,000 after purchasing an additional 350,839 shares during the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

GoDaddy Stock Performance

Shares of GDDY stock opened at $196.41 on Friday. The company has a market capitalization of $27.57 billion, a P/E ratio of 15.18 and a beta of 1.11. GoDaddy Inc. has a 12-month low of $94.50 and a 12-month high of $196.71. The business’s 50 day moving average is $165.74 and its two-hundred day moving average is $152.83. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61.

GoDaddy (NYSE:GDDY) last announced its earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The business’s revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.89 EPS. Analysts expect that GoDaddy Inc. will post 4.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on GDDY shares. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $170.00 target price on shares of GoDaddy in a report on Monday, October 7th. B. Riley upped their price objective on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Benchmark increased their price objective on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Raymond James boosted their target price on shares of GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Friday, August 2nd. Finally, Piper Sandler increased their price target on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $173.31.

Insider Activity

In related news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $166.91, for a total value of $500,730.00. Following the completion of the transaction, the chief executive officer now directly owns 358,773 shares of the company’s stock, valued at approximately $59,882,801.43. This represents a 0.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Mccaffrey sold 5,500 shares of GoDaddy stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $164.75, for a total transaction of $906,125.00. Following the sale, the chief financial officer now directly owns 101,286 shares in the company, valued at approximately $16,686,868.50. This trade represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,845 shares of company stock worth $4,803,380 over the last 90 days. 0.61% of the stock is currently owned by company insiders.

GoDaddy Company Profile

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.