1,803,913 Shares in GoDaddy Inc. (NYSE:GDDY) Acquired by Norges Bank

Norges Bank acquired a new stake in GoDaddy Inc. (NYSE:GDDY) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,803,913 shares of the technology company’s stock, valued at approximately $356,038,000. Norges Bank owned approximately 1.28% of GoDaddy at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. NEOS Investment Management LLC grew its stake in shares of GoDaddy by 21.6% in the fourth quarter. NEOS Investment Management LLC now owns 6,946 shares of the technology company’s stock valued at $1,371,000 after acquiring an additional 1,232 shares in the last quarter. Elo Mutual Pension Insurance Co increased its holdings in shares of GoDaddy by 16.0% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 14,528 shares of the technology company’s stock worth $2,867,000 after purchasing an additional 2,009 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of GoDaddy by 10.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 220,115 shares of the technology company’s stock valued at $44,109,000 after buying an additional 21,009 shares in the last quarter. Korea Investment CORP boosted its stake in shares of GoDaddy by 3.5% in the fourth quarter. Korea Investment CORP now owns 127,806 shares of the technology company’s stock valued at $25,225,000 after buying an additional 4,281 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. grew its position in GoDaddy by 15.0% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,576 shares of the technology company’s stock worth $903,000 after buying an additional 596 shares in the last quarter. Institutional investors own 90.28% of the company’s stock.

Analyst Ratings Changes

GDDY has been the subject of several analyst reports. UBS Group lifted their price objective on GoDaddy from $172.00 to $225.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Barclays increased their price objective on shares of GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Morgan Stanley boosted their target price on shares of GoDaddy from $227.00 to $228.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. increased their price target on shares of GoDaddy from $224.00 to $231.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Finally, Wells Fargo & Company began coverage on shares of GoDaddy in a research report on Monday, February 3rd. They set an “equal weight” rating and a $198.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $213.20.

GoDaddy Stock Performance

NYSE:GDDY opened at $178.89 on Friday. The stock’s 50-day moving average is $189.80 and its 200-day moving average is $184.18. GoDaddy Inc. has a 1-year low of $118.39 and a 1-year high of $216.00. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 5.46. The stock has a market cap of $25.29 billion, a P/E ratio of 27.73 and a beta of 1.25.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.01). The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.18 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. Equities research analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $180.66, for a total transaction of $90,330.00. Following the completion of the transaction, the director now owns 22,121 shares of the company’s stock, valued at $3,996,379.86. This trade represents a 2.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $174.21, for a total transaction of $174,210.00. Following the sale, the chief operating officer now directly owns 257,949 shares in the company, valued at $44,937,295.29. This trade represents a 0.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,480 shares of company stock valued at $3,816,029. 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.