Concurrent Investment Advisors LLC Invests $767,000 in GoDaddy Inc. (NYSE:GDDY)

Concurrent Investment Advisors LLC purchased a new position in GoDaddy Inc. (NYSE:GDDY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,258 shares of the technology company's stock, valued at approximately $767,000.

Several other hedge funds have also recently added to or reduced their stakes in GDDY. Norges Bank acquired a new position in GoDaddy in the fourth quarter worth about $356,038,000. Assenagon Asset Management S.A. raised its position in GoDaddy by 1,412.1% in the first quarter. Assenagon Asset Management S.A. now owns 1,347,434 shares of the technology company's stock worth $242,727,000 after purchasing an additional 1,258,324 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of GoDaddy by 107.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company's stock worth $273,582,000 after buying an additional 719,000 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of GoDaddy by 18,248.7% during the first quarter. GAMMA Investing LLC now owns 513,579 shares of the technology company's stock worth $92,516,000 after buying an additional 510,780 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of GoDaddy by 88.2% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 90.28% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GDDY. Morgan Stanley dropped their price objective on shares of GoDaddy from $228.00 to $206.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Benchmark reaffirmed a "buy" rating on shares of GoDaddy in a report on Monday, April 28th. Piper Sandler raised their price objective on shares of GoDaddy from $177.00 to $180.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Barclays dropped their price objective on shares of GoDaddy from $243.00 to $235.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Finally, Jefferies Financial Group dropped their price objective on shares of GoDaddy from $200.00 to $185.00 and set a "hold" rating for the company in a report on Monday, April 7th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $214.86.

Insider Activity

In other news, CAO Phontip Palitwanon sold 2,173 shares of GoDaddy stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $177.87, for a total transaction of $386,511.51. Following the transaction, the chief accounting officer directly owned 21,198 shares of the company's stock, valued at $3,770,488.26. This trade represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $179.68, for a total transaction of $89,840.00. Following the transaction, the director directly owned 21,957 shares in the company, valued at approximately $3,945,233.76. This represents a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,757 shares of company stock worth $12,246,080. Corporate insiders own 0.61% of the company's stock.

GoDaddy Trading Down 1.8%

GDDY traded down $3.02 during trading on Friday, reaching $167.75. 1,655,369 shares of the company's stock were exchanged, compared to its average volume of 1,337,177. The company's fifty day moving average price is $180.38 and its 200-day moving average price is $184.68. The company has a debt-to-equity ratio of 18.91, a quick ratio of 0.56 and a current ratio of 0.56. GoDaddy Inc. has a fifty-two week low of $140.11 and a fifty-two week high of $216.00. The firm has a market capitalization of $23.90 billion, a PE ratio of 32.26 and a beta of 1.05.

GoDaddy (NYSE:GDDY - Get Free Report) last released its earnings results on Thursday, May 1st. The technology company reported $1.27 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 analyst estimates of $1.19 billion. During the same period in the prior year, the firm posted $2.76 EPS. GoDaddy's revenue was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current year.

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.