Geode Capital Management LLC Cuts Position in GoDaddy Inc. $GDDY

Key Points

• Geode Capital Management trimmed its GoDaddy stake by 1.3% in the fourth quarter, selling 50,110 shares and leaving it with 3.72 million shares valued at about $460.9 million.
• GoDaddy beat quarterly expectations, reporting $1.60 EPS versus the $1.53 estimate and revenue of $1.27 billion, with sales up 6.1% year over year.
• Analyst sentiment remains mixed: the stock has a consensus rating of “Moderate Buy” and an average target price of $120.57, even as some firms recently cut their price targets.

Geode Capital Management LLC decreased its position in GoDaddy Inc. (NYSE:GDDY - Free Report) by 1.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,718,783 shares of the technology company's stock after selling 50,110 shares during the quarter. Geode Capital Management LLC owned 2.75% of GoDaddy worth $460,914,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in GoDaddy in the fourth quarter valued at approximately $25,000. Rachor Investment Advisory Services LLC purchased a new stake in GoDaddy in the fourth quarter valued at approximately $25,000. Activest Wealth Management raised its position in 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 purchasing an additional 198 shares during the period. Harbour Investments Inc. raised its position in 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 purchasing an additional 170 shares during the period. Finally, Entrust Financial LLC purchased a new stake in GoDaddy in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 90.28% of the company's stock.

Analyst Ratings Changes

GDDY has been the topic of a number of research analyst reports. Barclays cut their target price on GoDaddy from $200.00 to $118.00 and set an "overweight" rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company boosted their target price on GoDaddy from $77.00 to $83.00 and gave the company an "equal weight" rating in a research report on Friday, May 1st. Raymond James Financial reissued a "strong-buy" rating and issued a $100.00 target price on shares of GoDaddy in a research report on Wednesday, February 25th. Benchmark cut their price objective on GoDaddy from $195.00 to $185.00 and set a "buy" rating on the stock in a research report on Tuesday, April 28th. Finally, UBS Group started coverage on GoDaddy in a research report on Tuesday, May 5th. They set a "neutral" rating and a $100.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, GoDaddy currently has an average rating of "Moderate Buy" and a consensus target price of $120.57.

GoDaddy Stock Up 0.2%

GoDaddy stock opened at $85.97 on Monday. GoDaddy Inc. has a twelve month low of $73.06 and a twelve month high of $183.34. The stock's fifty day simple moving average is $85.28 and its 200-day simple moving average is $100.93. 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 firm has a market capitalization of $11.38 billion, a P/E ratio of 13.60, a P/E/G ratio of 0.77 and a beta of 0.90.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.53 by $0.07. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the company earned $1.51 earnings per share. The company's revenue was up 6.1% on a year-over-year basis. As a group, equities analysts expect that GoDaddy Inc. will post 7.17 earnings per share for the current fiscal year.

Insider Transactions at GoDaddy

In other news, CAO Phontip Palitwanon sold 1,310 shares of the company's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $90.15, for a total transaction of $118,096.50. Following the sale, the chief accounting officer owned 20,349 shares of the company's stock, valued at approximately $1,834,462.35. This represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amanpal Singh Bhutani sold 34,148 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total value of $3,038,830.52. Following the sale, the chief executive officer directly owned 530,120 shares in the company, valued at $47,175,378.80. This represents a 6.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 61,296 shares of company stock valued at $5,446,506. 0.93% of the stock is currently owned by company insiders.

GoDaddy 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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