CIBC Asset Management Inc Raises Position in GoDaddy Inc. $GDDY

CIBC Asset Management Inc grew its position in GoDaddy Inc. (NYSE:GDDY - Free Report) by 62.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,607 shares of the technology company's stock after acquiring an additional 12,496 shares during the period. CIBC Asset Management Inc's holdings in GoDaddy were worth $4,046,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GDDY. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of GoDaddy in the fourth quarter valued at about $25,000. Rachor Investment Advisory Services LLC acquired a new position in GoDaddy during the fourth quarter worth about $25,000. Activest Wealth Management raised its position in shares of GoDaddy by 6,600.0% in the fourth quarter. Activest Wealth Management now owns 201 shares of the technology company's stock valued at $25,000 after buying an additional 198 shares during the last quarter. Harbour Investments Inc. raised its position in shares of GoDaddy by 191.0% in the fourth quarter. Harbour Investments Inc. now owns 259 shares of the technology company's stock valued at $32,000 after buying an additional 170 shares during the last quarter. Finally, Entrust Financial LLC purchased a new stake in GoDaddy in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 90.28% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on GDDY. Barclays decreased their price objective on shares of GoDaddy from $200.00 to $118.00 and set an "overweight" rating for the company in a research note on Thursday, February 26th. UBS Group began coverage on shares of GoDaddy in a research note on Tuesday, May 5th. They set a "neutral" rating and a $100.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on shares of GoDaddy from $167.00 to $154.00 and set an "overweight" rating for the company in a research note on Friday, May 1st. Wells Fargo & Company boosted their price objective on shares of GoDaddy from $77.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Friday, May 1st. Finally, Benchmark decreased their price objective on shares of GoDaddy from $195.00 to $185.00 and set a "buy" rating for the company in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.57.

GoDaddy Trading Down 0.3%

NYSE GDDY opened at $84.59 on Friday. The company's fifty day simple moving average is $85.70 and its 200-day simple moving average is $99.60. GoDaddy Inc. has a 52 week low of $73.06 and a 52 week high of $183.34. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 15.86. The stock has a market cap of $11.20 billion, a P/E ratio of 13.38, a PEG ratio of 0.76 and a beta of 0.90.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its earnings results on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, topping analysts' consensus estimates of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The business had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.26 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The business's revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts predict that GoDaddy Inc. will post 7.17 EPS for the current fiscal year.

Insider Activity

In other news, CAO Phontip Palitwanon sold 1,310 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $90.15, for a total transaction of $118,096.50. Following the transaction, the chief accounting officer directly owned 20,349 shares of the company's stock, valued at approximately $1,834,462.35. The trade was a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of the company's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the sale, the chief executive officer directly owned 521,747 shares in the company, valued at $46,884,185.42. This represents a 1.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 14,561 shares of company stock valued at $1,308,104. 0.93% of the stock is currently owned by company insiders.

GoDaddy Company Profile

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company's core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.

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