GoDaddy Inc. (NYSE:GDDY) Sees Significant Decline in Short Interest

GoDaddy Inc. (NYSE:GDDY) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 2,900,000 shares, a drop of 16.7% from the October 31st total of 3,480,000 shares. Currently, 2.1% of the company’s stock are sold short. Based on an average daily trading volume, of 1,180,000 shares, the short-interest ratio is currently 2.5 days.

Insider Buying and Selling at GoDaddy

In related news, CAO Nick Daddario sold 2,976 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $151.61, for a total transaction of $451,191.36. Following the completion of the sale, the chief accounting officer now owns 14,728 shares in the company, valued at approximately $2,232,912.08. This trade represents a 16.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mark Mccaffrey sold 5,500 shares of GoDaddy stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $155.60, for a total transaction of $855,800.00. Following the completion of the sale, the chief financial officer now directly owns 93,102 shares in the company, valued at approximately $14,486,671.20. This represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,345 shares of company stock worth $3,897,255. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

Several hedge funds have recently bought and sold shares of GDDY. iA Global Asset Management Inc. lifted its stake in GoDaddy by 7.6% during the first quarter. iA Global Asset Management Inc. now owns 2,653 shares of the technology company’s stock worth $315,000 after purchasing an additional 187 shares during the last quarter. Swedbank AB bought a new position in GoDaddy during the first quarter valued at approximately $17,577,000. Cetera Investment Advisers lifted its holdings in shares of GoDaddy by 365.9% in the 1st quarter. Cetera Investment Advisers now owns 16,198 shares of the technology company’s stock worth $1,922,000 after acquiring an additional 12,721 shares during the last quarter. Cetera Advisors LLC boosted its stake in shares of GoDaddy by 16.0% in the 1st quarter. Cetera Advisors LLC now owns 7,755 shares of the technology company’s stock valued at $920,000 after purchasing an additional 1,068 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of GoDaddy by 96.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 35,654 shares of the technology company’s stock valued at $4,275,000 after purchasing an additional 17,490 shares during the last quarter. 90.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GDDY has been the topic of several research analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $170.00 price objective on shares of GoDaddy in a research note on Monday, October 7th. Piper Sandler increased their price target on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. B. Riley boosted their price objective on GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird increased their target price on shares of GoDaddy from $200.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, StockNews.com lowered shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $173.31.

GoDaddy Price Performance

Shares of GoDaddy stock traded down $0.28 during trading on Friday, hitting $197.57. The stock had a trading volume of 1,047,069 shares, compared to its average volume of 1,461,375. The firm has a market cap of $27.74 billion, a price-to-earnings ratio of 15.27 and a beta of 1.11. GoDaddy has a 12 month low of $98.13 and a 12 month high of $202.56. The business’s 50-day moving average is $170.85 and its 200 day moving average is $155.58. 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 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 business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the company earned $0.89 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that GoDaddy will post 4.95 earnings per share for the current year.

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.