Edgestream Partners L.P. Cuts Position in GoDaddy Inc. (NYSE:GDDY)

Edgestream Partners L.P. lessened its holdings in GoDaddy Inc. (NYSE:GDDY - Free Report) by 32.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,399 shares of the technology company's stock after selling 6,025 shares during the quarter. Edgestream Partners L.P.'s holdings in GoDaddy were worth $2,234,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GDDY. Advisors Capital Management LLC lifted its holdings in shares of GoDaddy by 0.9% during the fourth quarter. Advisors Capital Management LLC now owns 6,197 shares of the technology company's stock worth $1,223,000 after buying an additional 55 shares during the last quarter. BNP Paribas lifted its holdings in shares of GoDaddy by 2.9% during the 4th quarter. BNP Paribas now owns 2,111 shares of the technology company's stock valued at $417,000 after purchasing an additional 59 shares in the last quarter. City Holding Co. raised its position in GoDaddy by 30.0% in the 1st quarter. City Holding Co. now owns 260 shares of the technology company's stock valued at $47,000 after buying an additional 60 shares during the last quarter. NorthCrest Asset Manangement LLC increased its position in shares of GoDaddy by 0.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 7,967 shares of the technology company's stock worth $1,435,000 after purchasing an additional 67 shares during the last quarter. Finally, Rehmann Capital Advisory Group increased its holdings in shares of GoDaddy by 4.1% during the 4th quarter. Rehmann Capital Advisory Group now owns 1,793 shares of the technology company's stock worth $344,000 after acquiring an additional 71 shares during the last quarter. 90.28% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Amanpal Singh Bhutani sold 6,932 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $179.81, for a total transaction of $1,246,442.92. Following the completion of the transaction, the chief executive officer 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Phontip Palitwanon sold 2,173 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $177.87, for a total transaction of $386,511.51. Following the sale, the chief accounting officer owned 21,198 shares of the company's stock, valued at approximately $3,770,488.26. This represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,757 shares of company stock valued at $12,243,920 over the last ninety days. 0.61% of the stock is owned by company insiders.

Analysts Set New Price Targets

GDDY has been the subject of several recent analyst reports. Morgan Stanley dropped their price objective on GoDaddy from $228.00 to $206.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Piper Sandler increased their price target on GoDaddy from $177.00 to $180.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Barclays reduced their price target on GoDaddy from $243.00 to $235.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Wall Street Zen lowered GoDaddy from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Citigroup lowered their price target on GoDaddy from $260.00 to $234.00 and set a "buy" rating for the company in a research report on Friday, April 25th. 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $214.86.

GoDaddy Price Performance

Shares of GDDY opened at $168.36 on Friday. The firm's fifty day simple moving average is $179.24 and its 200-day simple moving average is $184.01. GoDaddy Inc. has a twelve month low of $140.11 and a twelve month high of $216.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 18.91. The firm has a market capitalization of $23.99 billion, a price-to-earnings ratio of 32.38 and a beta of 1.05.

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

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.

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