GoDaddy Inc. (NYSE:GDDY) Stock Holdings Lowered by Starboard Value LP

Starboard Value LP reduced its position in GoDaddy Inc. (NYSE:GDDY) by 32.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,134,093 shares of the technology company’s stock after selling 1,478,276 shares during the period. GoDaddy comprises approximately 10.4% of Starboard Value LP’s holdings, making the stock its 2nd largest position. Starboard Value LP’s holdings in GoDaddy were worth $491,363,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of GoDaddy by 0.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,097 shares of the technology company’s stock worth $2,837,000 after acquiring an additional 67 shares during the period. Prime Capital Investment Advisors LLC raised its stake in GoDaddy by 4.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,885 shares of the technology company’s stock valued at $296,000 after buying an additional 73 shares during the last quarter. Whittier Trust Co. lifted its holdings in shares of GoDaddy by 4.3% during the 2nd quarter. Whittier Trust Co. now owns 1,781 shares of the technology company’s stock valued at $249,000 after buying an additional 74 shares during the period. Lindbrook Capital LLC grew its holdings in shares of GoDaddy by 11.3% in the third quarter. Lindbrook Capital LLC now owns 974 shares of the technology company’s stock worth $153,000 after acquiring an additional 99 shares during the period. Finally, Equitable Trust Co. lifted its holdings in GoDaddy by 1.3% in the third quarter. Equitable Trust Co. now owns 8,435 shares of the technology company’s stock valued at $1,322,000 after acquiring an additional 107 shares during the period. 90.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GDDY shares. Barclays increased their price objective on shares of GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Royal Bank of Canada increased their price target on shares of GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. B. Riley boosted their price objective on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Piper Sandler upped their price objective on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, StockNews.com downgraded GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Five equities 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.com, GoDaddy has a consensus rating of “Moderate Buy” and an average target price of $173.31.

GoDaddy Stock Performance

NYSE GDDY opened at $197.57 on Monday. The business has a 50-day moving average price of $170.85 and a 200-day moving average price of $155.88. The firm has a market cap of $27.74 billion, a price-to-earnings ratio of 15.27 and a beta of 1.11. GoDaddy Inc. has a twelve month low of $98.13 and a twelve month high of $202.56. 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 posted its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.07. The business had revenue of $1.15 billion during 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 firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.89 EPS. As a group, equities research analysts predict that GoDaddy Inc. will post 4.95 EPS for the current fiscal year.

Insider Activity at GoDaddy

In related news, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $183.80, for a total value of $183,800.00. Following the sale, the chief operating officer now directly owns 185,632 shares in the company, valued at approximately $34,119,161.60. The trade was a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nick Daddario sold 684 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $157.23, for a total value of $107,545.32. Following the transaction, the chief accounting officer now owns 17,704 shares of the company’s stock, valued at $2,783,599.92. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,345 shares of company stock valued at $3,897,255. Corporate insiders own 0.61% of the company’s stock.

GoDaddy Company 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.