ClearAlpha Technologies LP Trims Holdings in GoDaddy Inc. (NYSE:GDDY)

ClearAlpha Technologies LP reduced its stake in GoDaddy Inc. (NYSE:GDDY) by 13.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,085 shares of the technology company’s stock after selling 483 shares during the period. ClearAlpha Technologies LP’s holdings in GoDaddy were worth $484,000 at the end of the most recent quarter.

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

GoDaddy Price Performance

GoDaddy stock opened at $197.57 on Monday. The firm has a market capitalization of $27.74 billion, a PE ratio of 15.27 and a beta of 1.11. GoDaddy Inc. has a 52 week low of $98.13 and a 52 week high of $202.56. The firm’s 50-day simple moving average is $170.85 and its 200 day simple moving average is $155.88. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61.

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

Insiders Place Their Bets

In other news, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $183.80, for a total transaction of $183,800.00. Following the completion of the sale, the chief operating officer now directly owns 185,632 shares in the company, valued at $34,119,161.60. This represents a 0.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Brian Sharples sold 500 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $179.00, for a total value of $89,500.00. Following the completion of the transaction, the director now directly owns 24,121 shares in the company, valued at $4,317,659. This trade represents a 2.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,345 shares of company stock valued at $3,897,255 over the last quarter. Company insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on GDDY. Royal Bank of Canada raised their target price on GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Benchmark raised their price objective on GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Piper Sandler upped their target price on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Barclays lifted their price target on shares of GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. Finally, Robert W. Baird increased their price objective 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. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GoDaddy currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.31.

GoDaddy 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.