KLP Kapitalforvaltning AS Acquires New Position in GoDaddy Inc. (NYSE:GDDY)

KLP Kapitalforvaltning AS acquired a new stake in GoDaddy Inc. (NYSE:GDDY) in the 4th quarter, Holdings Channel.com reports. The firm acquired 195,000 shares of the technology company’s stock, valued at approximately $38,487,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GDDY. Anchor Investment Management LLC acquired a new stake in shares of GoDaddy in the third quarter valued at about $31,000. Versant Capital Management Inc acquired a new position in GoDaddy during the fourth quarter worth about $43,000. Rakuten Securities Inc. raised its position in GoDaddy by 311.3% during the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock worth $43,000 after acquiring an additional 165 shares during the last quarter. Friedenthal Financial acquired a new position in GoDaddy during the fourth quarter worth about $49,000. Finally, OFI Invest Asset Management acquired a new position in GoDaddy during the fourth quarter worth about $52,000. Institutional investors and hedge funds own 90.28% of the company’s stock.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $207.70, for a total transaction of $623,100.00. Following the transaction, the chief executive officer now directly owns 330,153 shares in the company, valued at $68,572,778.10. This represents a 0.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brian Sharples sold 500 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total transaction of $99,505.00. Following the transaction, the director now owns 23,121 shares in the company, valued at $4,601,310.21. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,480 shares of company stock worth $3,816,029 in the last ninety days. 0.61% of the stock is owned by insiders.

GoDaddy Price Performance

GoDaddy stock opened at $180.49 on Friday. The firm has a fifty day moving average of $191.37 and a 200-day moving average of $182.97. The firm has a market capitalization of $25.51 billion, a P/E ratio of 27.98 and a beta of 1.25. GoDaddy Inc. has a 52-week low of $118.39 and a 52-week high of $216.00. The company has a quick ratio of 0.56, a current ratio of 0.72 and a debt-to-equity ratio of 5.46.

GoDaddy (NYSE:GDDY) last released its quarterly 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). The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.18 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. As a group, analysts predict that GoDaddy Inc. will post 6.63 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Benchmark upped their price objective on shares of GoDaddy from $200.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Royal Bank of Canada reissued an “outperform” rating and set a $230.00 price objective (up previously from $190.00) on shares of GoDaddy in a research note on Wednesday, December 4th. StockNews.com downgraded shares of GoDaddy from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. Wells Fargo & Company assumed coverage on shares of GoDaddy in a research note on Monday, February 3rd. They set an “equal weight” rating and a $198.00 price objective on the stock. Finally, UBS Group upped their price objective on shares of GoDaddy from $172.00 to $225.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $213.20.

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.