Congress Asset Management Co. Trims Stock Position in GoDaddy Inc. (NYSE:GDDY)

Congress Asset Management Co. cut its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 18.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 459,848 shares of the technology company's stock after selling 107,222 shares during the quarter. Congress Asset Management Co. owned about 0.33% of GoDaddy worth $82,837,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GDDY. Proficio Capital Partners LLC purchased a new position in GoDaddy during the fourth quarter worth about $25,554,000. Jones Financial Companies Lllp raised its stake in GoDaddy by 68.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,229 shares of the technology company's stock worth $243,000 after purchasing an additional 499 shares during the period. Steward Partners Investment Advisory LLC raised its stake in GoDaddy by 16.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 678 shares of the technology company's stock worth $134,000 after purchasing an additional 98 shares during the period. LPL Financial LLC raised its stake in GoDaddy by 22.9% during the fourth quarter. LPL Financial LLC now owns 66,109 shares of the technology company's stock worth $13,048,000 after purchasing an additional 12,328 shares during the period. Finally, Atria Wealth Solutions Inc. purchased a new position in GoDaddy during the fourth quarter worth about $220,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GDDY has been the topic of a number of analyst reports. Morgan Stanley reduced their target price on shares of GoDaddy from $228.00 to $206.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. UBS Group lifted their target price on shares of GoDaddy from $172.00 to $225.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Piper Sandler lifted their price target on shares of GoDaddy from $177.00 to $180.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. lifted their price target on shares of GoDaddy from $231.00 to $240.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Finally, B. Riley lifted their price target on shares of GoDaddy from $220.00 to $225.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, GoDaddy presently has a consensus rating of "Moderate Buy" and an average target price of $214.86.

GoDaddy Stock Up 1.4%

Shares of GDDY stock traded up $2.54 during trading on Friday, reaching $182.93. The company's stock had a trading volume of 1,316,634 shares, compared to its average volume of 1,482,325. The company has a debt-to-equity ratio of 5.46, a current ratio of 0.72 and a quick ratio of 0.56. The company has a market capitalization of $26.07 billion, a price-to-earnings ratio of 28.36 and a beta of 1.07. The stock's 50-day moving average price is $179.39 and its 200 day moving average price is $189.38. GoDaddy Inc. has a 1-year low of $135.73 and a 1-year high of $216.00.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $1.27 earnings per share for the quarter, missing analysts' consensus estimates of $1.35 by ($0.08). The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.19 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The company's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.76 EPS. On average, research analysts anticipate that GoDaddy Inc. will post 6.63 EPS for the current year.

Insider Buying and Selling

In related news, CEO Amanpal Singh Bhutani sold 6,932 shares of GoDaddy stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $179.81, for a total value of $1,246,442.92. Following the completion of the transaction, the chief executive officer now owns 431,015 shares in the company, valued at $77,500,807.15. The trade was a 1.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $174.21, for a total transaction of $174,210.00. Following the completion of the transaction, the chief operating officer now owns 257,949 shares of the company's stock, valued at $44,937,295.29. This represents a 0.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,459 shares of company stock worth $12,214,374 over the last 90 days. 0.61% of the stock is owned by insiders.

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.