Bessemer Group Inc. Trims Stock Position in GoDaddy Inc. (NYSE:GDDY)

Bessemer Group Inc. lessened its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 51.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,872 shares of the technology company's stock after selling 11,745 shares during the quarter. Bessemer Group Inc.'s holdings in GoDaddy were worth $1,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Atria Wealth Solutions Inc. bought a new stake in GoDaddy during the fourth quarter valued at about $220,000. Global Retirement Partners LLC raised its stake in GoDaddy by 31.1% during the fourth quarter. Global Retirement Partners LLC now owns 392 shares of the technology company's stock valued at $77,000 after purchasing an additional 93 shares in the last quarter. Private Advisor Group LLC lifted its position in GoDaddy by 6.8% during the fourth quarter. Private Advisor Group LLC now owns 2,335 shares of the technology company's stock valued at $461,000 after purchasing an additional 148 shares during the last quarter. Lake Street Advisors Group LLC grew its stake in shares of GoDaddy by 4.7% in the 4th quarter. Lake Street Advisors Group LLC now owns 1,433 shares of the technology company's stock worth $283,000 after buying an additional 64 shares in the last quarter. Finally, New York Life Investment Management LLC raised its position in shares of GoDaddy by 0.4% during the 4th quarter. New York Life Investment Management LLC now owns 18,785 shares of the technology company's stock valued at $3,708,000 after buying an additional 71 shares in the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $171.75, for a total transaction of $171,750.00. Following the completion of the sale, the chief operating officer directly owned 256,949 shares in the company, valued at approximately $44,130,990.75. The trade was a 0.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 6,932 shares of GoDaddy stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total transaction of $1,246,442.92. Following the sale, the chief executive officer directly owned 431,015 shares in the company, valued at approximately $77,500,807.15. This trade represents a 1.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,632 shares of company stock valued at $10,983,985. Insiders own 0.61% of the company's stock.

GoDaddy Stock Performance

GoDaddy stock traded down $2.94 during mid-day trading on Wednesday, reaching $175.46. 778,348 shares of the company traded hands, compared to its average volume of 1,332,211. The company has a debt-to-equity ratio of 18.91, a current ratio of 0.56 and a quick ratio of 0.56. The firm's fifty day moving average is $181.87 and its two-hundred day moving average is $186.53. The company has a market capitalization of $25.00 billion, a price-to-earnings ratio of 33.72 and a beta of 1.05. GoDaddy Inc. has a fifty-two week low of $140.11 and a fifty-two week high of $216.00.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.35 by ($0.08). GoDaddy had a return on equity of 211.09% and a net margin of 16.20%. The business had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same period in the prior year, the business posted $2.76 earnings per share. The business's quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts expect that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GDDY has been the topic of a number of recent research reports. Wall Street Zen downgraded GoDaddy from a "buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Piper Sandler increased their price objective on shares of GoDaddy from $177.00 to $180.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Benchmark restated a "buy" rating on shares of GoDaddy in a research report on Monday, April 28th. JPMorgan Chase & Co. increased their price target on GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $225.00 price target on shares of GoDaddy in a research note on Monday, June 23rd. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $214.86.

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.