California Public Employees Retirement System Reduces Stake in GoDaddy Inc. (NYSE:GDDY)

California Public Employees Retirement System lessened its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 2.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 664,983 shares of the technology company’s stock after selling 15,447 shares during the quarter. California Public Employees Retirement System owned about 0.47% of GoDaddy worth $131,248,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GDDY. Quent Capital LLC grew its stake in GoDaddy by 4.4% during the fourth quarter. Quent Capital LLC now owns 1,259 shares of the technology company’s stock valued at $248,000 after acquiring an additional 53 shares in the last quarter. Lake Street Advisors Group LLC boosted its holdings in GoDaddy by 4.7% in the 4th quarter. Lake Street Advisors Group LLC now owns 1,433 shares of the technology company’s stock valued at $283,000 after purchasing an additional 64 shares during the period. New York Life Investment Management LLC grew its position in shares of GoDaddy by 0.4% during the 4th quarter. New York Life Investment Management LLC now owns 18,785 shares of the technology company’s stock valued at $3,708,000 after purchasing an additional 71 shares in the last quarter. Metis Global Partners LLC increased its holdings in shares of GoDaddy by 1.1% in the fourth quarter. Metis Global Partners LLC now owns 6,557 shares of the technology company’s stock worth $1,294,000 after purchasing an additional 74 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of GoDaddy by 13.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 742 shares of the technology company’s stock worth $146,000 after buying an additional 88 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $174.21, for a total value of $174,210.00. Following the completion of the sale, the chief operating officer now owns 257,949 shares of the company’s stock, valued at $44,937,295.29. This trade represents a 0.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total transaction of $597,030.00. Following the transaction, the chief executive officer now directly owns 333,153 shares in the company, valued at approximately $66,300,778.53. The trade was a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,480 shares of company stock valued at $3,816,029 over the last ninety days. 0.61% of the stock is owned by insiders.

GoDaddy Price Performance

Shares of GoDaddy stock opened at $178.89 on Monday. The stock has a market capitalization of $25.29 billion, a P/E ratio of 27.73 and a beta of 1.25. GoDaddy Inc. has a one year low of $118.39 and a one year high of $216.00. The company has a debt-to-equity ratio of 5.46, a current ratio of 0.72 and a quick ratio of 0.56. The business’s 50 day simple moving average is $189.80 and its two-hundred day simple moving average is $184.41.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. UBS Group raised their price target on GoDaddy from $172.00 to $225.00 and gave the company a “neutral” rating in a report on Friday, February 14th. JPMorgan Chase & Co. raised their target price on shares of GoDaddy from $224.00 to $231.00 and gave the company an “overweight” rating in a research note on Thursday, February 6th. Benchmark boosted their price target on shares of GoDaddy from $200.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Royal Bank of Canada restated an “outperform” rating and set a $230.00 price objective (up previously from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Finally, Piper Sandler upped their target price on shares of GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GoDaddy presently has an average rating of “Moderate Buy” and a consensus target price of $213.20.

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.