Bank of America Corp DE Sells 181,591 Shares of GoDaddy Inc. (NYSE:GDDY)

Bank of America Corp DE reduced its position in GoDaddy Inc. (NYSE:GDDY - Free Report) by 13.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,182,197 shares of the technology company's stock after selling 181,591 shares during the period. Bank of America Corp DE owned about 0.84% of GoDaddy worth $233,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the stock. WCM Investment Management LLC lifted its holdings in shares of GoDaddy by 7,083.4% during the fourth quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company's stock worth $678,941,000 after purchasing an additional 3,356,678 shares during the period. Norges Bank acquired a new position in GoDaddy during the 4th quarter worth approximately $356,038,000. Canada Pension Plan Investment Board raised its position in shares of GoDaddy by 107.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company's stock valued at $273,582,000 after purchasing an additional 719,000 shares in the last quarter. Congress Asset Management Co. bought a new stake in shares of GoDaddy in the 4th quarter valued at approximately $111,923,000. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in GoDaddy by 88.2% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,082,381 shares of the technology company's stock worth $213,630,000 after buying an additional 507,374 shares during the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other GoDaddy news, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $194.28, for a total transaction of $194,280.00. Following the transaction, the chief operating officer now owns 182,632 shares of the company's stock, valued at $35,481,744.96. This trade represents a 0.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Sharples sold 500 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $180.66, for a total value of $90,330.00. Following the completion of the transaction, the director now owns 22,121 shares in the company, valued at approximately $3,996,379.86. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,500 shares of company stock worth $10,244,835 in the last three months. Company insiders own 0.61% of the company's stock.

GoDaddy Trading Up 2.4%

Shares of GDDY stock traded up $4.45 during mid-day trading on Monday, reaching $187.05. 1,178,539 shares of the stock traded hands, compared to its average volume of 1,474,590. The stock's fifty day simple moving average is $177.00 and its two-hundred day simple moving average is $188.20. The company has a market cap of $26.65 billion, a price-to-earnings ratio of 29.00 and a beta of 1.13. GoDaddy Inc. has a 1-year low of $131.84 and a 1-year 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 - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.08). GoDaddy had a return on equity of 176.06% and a net margin of 20.49%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the business posted $2.76 earnings per share. The business's revenue was up 8.6% on a year-over-year basis. On average, research analysts anticipate that GoDaddy Inc. will post 6.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GDDY shares. Benchmark reaffirmed a "buy" rating on shares of GoDaddy in a report on Monday, April 28th. Barclays cut their price target on shares of GoDaddy from $243.00 to $235.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. UBS Group boosted their target price 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. Piper Sandler raised their target price on GoDaddy from $177.00 to $180.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Royal Bank of Canada dropped their price target on GoDaddy from $230.00 to $225.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GoDaddy has a consensus rating of "Moderate Buy" and an average target price of $214.86.

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.