Coronation Fund Managers Ltd. Decreases Position in GoDaddy Inc. (NYSE:GDDY)

Coronation Fund Managers Ltd. lowered its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 14.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,665 shares of the technology company’s stock after selling 2,034 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in GoDaddy were worth $1,630,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of GDDY. Vanguard Group Inc. grew its stake in shares of GoDaddy by 2.6% during the first quarter. Vanguard Group Inc. now owns 14,733,764 shares of the technology company’s stock valued at $1,748,603,000 after buying an additional 379,228 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in GoDaddy by 94.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,655,994 shares of the technology company’s stock worth $433,895,000 after purchasing an additional 1,775,708 shares during the period. Norges Bank bought a new stake in shares of GoDaddy during the fourth quarter worth $181,687,000. Federated Hermes Inc. boosted its stake in shares of GoDaddy by 3,402.0% during the fourth quarter. Federated Hermes Inc. now owns 955,559 shares of the technology company’s stock valued at $101,442,000 after purchasing an additional 928,273 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in GoDaddy by 13.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 905,858 shares of the technology company’s stock worth $96,166,000 after buying an additional 110,076 shares during the period. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on GDDY. Raymond James boosted their price objective on shares of GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Friday, August 2nd. B. Riley increased their price objective on GoDaddy from $143.00 to $170.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Royal Bank of Canada lifted their target price on GoDaddy from $145.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Morgan Stanley increased their price target on GoDaddy from $132.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Finally, UBS Group lifted their price objective on GoDaddy from $118.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, GoDaddy has an average rating of “Moderate Buy” and a consensus price target of $161.25.

GoDaddy Stock Performance

Shares of NYSE:GDDY traded up $1.15 on Friday, hitting $163.60. 1,028,082 shares of the company were exchanged, compared to its average volume of 1,602,315. The firm has a market capitalization of $23.34 billion, a P/E ratio of 13.59 and a beta of 1.14. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 9.15. GoDaddy Inc. has a 1-year low of $69.18 and a 1-year high of $164.25. The stock’s 50 day moving average price is $145.34 and its 200 day moving average price is $130.47.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.06). The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. GoDaddy had a negative return on equity of 363.95% and a net margin of 41.12%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.63 EPS. Sell-side analysts predict that GoDaddy Inc. will post 4.81 EPS for the current year.

Insiders Place Their Bets

In other news, Director Sigal Zarmi sold 400 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $157.61, for a total value of $63,044.00. Following the sale, the director now owns 4,661 shares in the company, valued at $734,620.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Sigal Zarmi sold 400 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $157.61, for a total value of $63,044.00. Following the completion of the transaction, the director now owns 4,661 shares of the company’s stock, valued at approximately $734,620.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $146.48, for a total value of $439,440.00. Following the sale, the chief executive officer now directly owns 362,398 shares in the company, valued at $53,084,059.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,413 shares of company stock valued at $6,931,096. 0.61% of the stock is owned by insiders.

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.