OVERSEA CHINESE BANKING Corp Ltd Cuts Stock Holdings in GoDaddy Inc. (NYSE:GDDY)

OVERSEA CHINESE BANKING Corp Ltd trimmed its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 36.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,108 shares of the technology company’s stock after selling 632 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in GoDaddy were worth $219,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Anchor Investment Management LLC purchased a new stake in GoDaddy during the third quarter valued at about $31,000. Versant Capital Management Inc purchased a new stake in GoDaddy during the fourth quarter valued at about $43,000. Rakuten Securities Inc. boosted its position in GoDaddy by 311.3% during the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after buying an additional 165 shares during the period. Friedenthal Financial purchased a new stake in shares of GoDaddy during the fourth quarter worth about $49,000. Finally, OFI Invest Asset Management purchased a new stake in shares of GoDaddy during the fourth quarter worth about $52,000. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on GDDY shares. Morgan Stanley increased their target price on shares of GoDaddy from $227.00 to $228.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. JPMorgan Chase & Co. increased their target price on shares of GoDaddy from $224.00 to $231.00 and gave the stock an “overweight” rating in a report on Thursday, February 6th. Barclays increased their target price on shares of GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Benchmark increased their target price on shares of GoDaddy from $200.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, Piper Sandler increased their target price on shares of GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Seven 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $213.20.

GoDaddy Price Performance

Shares of NYSE GDDY opened at $180.72 on Friday. GoDaddy Inc. has a fifty-two week low of $118.39 and a fifty-two week high of $216.00. The company has a 50 day simple moving average of $191.62 and a two-hundred day simple moving average of $182.88. The company has a market capitalization of $25.55 billion, a price-to-earnings ratio of 28.02 and a beta of 1.25. The company has a debt-to-equity ratio of 5.46, a quick ratio of 0.56 and a current ratio of 0.72.

GoDaddy (NYSE:GDDY) last announced its earnings results on Thursday, February 13th. The technology company reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.01). GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.18 billion. Analysts expect that GoDaddy Inc. will post 6.63 EPS for the current fiscal year.

Insider Buying and Selling at GoDaddy

In related news, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $174.21, for a total transaction of $174,210.00. Following the completion of the sale, the chief operating officer now owns 257,949 shares of the company’s stock, valued at $44,937,295.29. This trade represents a 0.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Mccaffrey sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total transaction of $1,094,555.00. Following the sale, the chief financial officer now directly owns 84,300 shares of the company’s stock, valued at $16,776,543. This trade represents a 6.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,480 shares of company stock valued at $3,816,029. 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.