KBC Group NV cut its holdings in shares of GoDaddy Inc. (NYSE:GDDY – Get Rating) by 24.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,751 shares of the technology company’s stock after selling 7,838 shares during the quarter. KBC Group NV’s holdings in GoDaddy were worth $1,988,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the business. Starboard Value LP purchased a new stake in GoDaddy in the 4th quarter worth about $576,318,000. Capital International Investors increased its holdings in GoDaddy by 11.6% in the 4th quarter. Capital International Investors now owns 15,042,125 shares of the technology company’s stock worth $1,276,275,000 after acquiring an additional 1,569,106 shares during the last quarter. Atlanta Capital Management Co. L L C increased its holdings in GoDaddy by 70.3% in the 4th quarter. Atlanta Capital Management Co. L L C now owns 3,775,841 shares of the technology company’s stock worth $320,418,000 after acquiring an additional 1,558,150 shares during the last quarter. Toronto Dominion Bank increased its holdings in GoDaddy by 5,741.5% in the 4th quarter. Toronto Dominion Bank now owns 1,384,311 shares of the technology company’s stock worth $117,472,000 after acquiring an additional 1,360,613 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in GoDaddy by 3,999.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 444,126 shares of the technology company’s stock worth $37,173,000 after acquiring an additional 433,292 shares during the last quarter. 98.38% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
GDDY has been the subject of several recent research reports. Benchmark lifted their price objective on GoDaddy from $102.00 to $106.00 and gave the stock a “buy” rating in a report on Thursday, May 5th. Jefferies Financial Group reduced their target price on GoDaddy from $110.00 to $100.00 in a report on Tuesday, May 31st. Raymond James reduced their target price on GoDaddy from $108.00 to $100.00 and set a “strong-buy” rating for the company in a report on Thursday. Morgan Stanley lifted their target price on GoDaddy from $91.00 to $93.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Piper Sandler raised GoDaddy from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $94.00 to $110.00 in a report on Monday, April 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $102.14.
Insider Activity
In other news, CEO Amanpal Singh Bhutani sold 1,516 shares of GoDaddy stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $73.76, for a total transaction of $111,820.16. Following the completion of the sale, the chief executive officer now owns 222,535 shares in the company, valued at approximately $16,414,181.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Michele Lau sold 7,274 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $73.88, for a total value of $537,403.12. Following the completion of the sale, the insider now owns 63,009 shares in the company, valued at approximately $4,655,104.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amanpal Singh Bhutani sold 1,516 shares of the business’s stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $73.76, for a total value of $111,820.16. Following the completion of the sale, the chief executive officer now owns 222,535 shares of the company’s stock, valued at approximately $16,414,181.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,716 shares of company stock worth $1,482,907. 0.37% of the stock is currently owned by insiders.
GoDaddy Stock Performance
Shares of GDDY opened at $78.93 on Monday. The company has a market cap of $12.79 billion, a PE ratio of 38.13 and a beta of 0.95. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 46.37. The stock has a 50-day moving average price of $71.60 and a 200-day moving average price of $76.65. GoDaddy Inc. has a 12-month low of $64.81 and a 12-month high of $88.32.
About GoDaddy
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GoDaddy Inc engages in the design and development of cloud-based technology products in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity. It also offers shared Website hosting products that provide various applications and products, such as web analytics, Secure Sockets Layer certificates, and WordPress; Website hosting on virtual private servers and virtual dedicated servers products, which allows customers to select the server configuration suited for their applications, requirements, and growth; managed hosting products to set up, monitor, maintain, secure, and patch software and servers for customers; and security products, a suite of tools designed to help secure customers’ online presence.
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