GoDaddy Inc. $GDDY Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc trimmed its GoDaddy stake by 7.1% in the fourth quarter, selling 58,129 shares and ending with 765,071 shares valued at about $94.9 million.
• GoDaddy’s latest quarterly results beat analyst expectations, with EPS of $1.60 versus $1.53 expected and revenue of $1.27 billion versus $1.26 billion expected. Revenue rose 6.1% year over year.
• Wall Street remains cautious overall: GoDaddy has a Moderate Buy consensus rating, but analysts have recently cut several price targets, and the stock opened at $85.82 versus a 52-week high of $183.34.

Legal & General Group Plc lowered its stake in GoDaddy Inc. (NYSE:GDDY - Free Report) by 7.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 765,071 shares of the technology company's stock after selling 58,129 shares during the period. Legal & General Group Plc owned about 0.57% of GoDaddy worth $94,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GDDY. Sivia Capital Partners LLC raised its position in GoDaddy by 90.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,271 shares of the technology company's stock valued at $589,000 after purchasing an additional 1,552 shares in the last quarter. Cerity Partners LLC raised its position in GoDaddy by 50.0% in the 2nd quarter. Cerity Partners LLC now owns 27,189 shares of the technology company's stock valued at $4,896,000 after purchasing an additional 9,062 shares in the last quarter. Treasurer of the State of North Carolina raised its position in GoDaddy by 83.0% in the 2nd quarter. Treasurer of the State of North Carolina now owns 155,593 shares of the technology company's stock valued at $28,016,000 after purchasing an additional 70,585 shares in the last quarter. Osterweis Capital Management Inc. acquired a new stake in GoDaddy in the 2nd quarter valued at about $152,000. Finally, Main Street Financial Solutions LLC raised its position in shares of GoDaddy by 1.0% during the 2nd quarter. Main Street Financial Solutions LLC now owns 12,136 shares of the technology company's stock worth $2,185,000 after acquiring an additional 119 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GDDY shares. Piper Sandler started coverage on GoDaddy in a research report on Thursday, March 12th. They set a "neutral" rating and a $93.00 target price on the stock. Jefferies Financial Group cut their target price on GoDaddy from $140.00 to $100.00 and set a "hold" rating on the stock in a research report on Monday, February 23rd. 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 raised their target price on GoDaddy from $77.00 to $83.00 and gave the stock an "equal weight" rating in a research report on Friday, May 1st. Finally, Cantor Fitzgerald cut their target price on GoDaddy from $130.00 to $90.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 25th. 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. According to MarketBeat, GoDaddy presently has an average rating of "Moderate Buy" and an average target price of $120.57.

GoDaddy Price Performance

Shares of NYSE GDDY opened at $85.82 on Friday. The company has a debt-to-equity ratio of 15.86, a quick ratio of 0.67 and a current ratio of 0.67. GoDaddy Inc. has a fifty-two week low of $73.06 and a fifty-two week high of $183.34. The firm has a market capitalization of $11.36 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 0.79 and a beta of 0.92. The stock's 50-day simple moving average is $85.24 and its 200-day simple moving average is $101.25.

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

Insider Transactions at GoDaddy

In related news, CAO Phontip Palitwanon sold 1,310 shares of the firm's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 20,349 shares in the company, valued at $1,834,462.35. This trade represents a 6.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Leah Sweet sold 650 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $86.86, for a total value of $56,459.00. Following the transaction, the director owned 11,414 shares in the company, valued at $991,420.04. This represents a 5.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 61,946 shares of company stock worth $5,502,965. 0.93% of the stock is owned by corporate insiders.

About GoDaddy

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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