Kentucky Retirement Systems Lowers Stock Position in GoDaddy Inc. (NYSE:GDDY)

Kentucky Retirement Systems trimmed its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 7.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 9,821 shares of the technology company’s stock after selling 800 shares during the period. Kentucky Retirement Systems’ holdings in GoDaddy were worth $1,540,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in GoDaddy during the third quarter worth about $27,000. Transcendent Capital Group LLC purchased a new stake in shares of GoDaddy during the 2nd quarter worth approximately $28,000. ORG Wealth Partners LLC acquired a new stake in shares of GoDaddy in the 3rd quarter worth approximately $30,000. ORG Partners LLC acquired a new stake in shares of GoDaddy in the 2nd quarter worth approximately $32,000. Finally, International Assets Investment Management LLC acquired a new position in GoDaddy during the second quarter worth $36,000. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Trading Up 1.2 %

Shares of GDDY opened at $185.11 on Tuesday. GoDaddy Inc. has a twelve month low of $91.86 and a twelve month high of $190.21. The firm has a market capitalization of $25.99 billion, a P/E ratio of 14.31 and a beta of 1.11. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61. The stock’s fifty day simple moving average is $162.76 and its 200 day simple moving average is $151.41.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the business posted $0.89 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts forecast that GoDaddy Inc. will post 4.95 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on GDDY shares. Robert W. Baird increased their price objective on shares of GoDaddy from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Royal Bank of Canada raised their price objective on shares of GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Raymond James upped their target price on GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Friday, August 2nd. B. Riley raised their price target on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Barclays upped their price objective on GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. Five equities research 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $171.38.

Insider Buying and Selling at GoDaddy

In other news, Director Brian Sharples sold 500 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $179.00, for a total transaction of $89,500.00. Following the transaction, the director now directly owns 24,121 shares of the company’s stock, valued at approximately $4,317,659. The trade was a 2.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Mccaffrey sold 5,500 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were 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 of the company’s stock, valued at approximately $16,686,868.50. The trade was a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,844 shares of company stock valued at $4,619,397 over the last ninety days. Corporate insiders own 0.61% of the company’s stock.

About GoDaddy

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.