GoDaddy Inc. $GDDY Shares Sold by Vestcor Inc

Key Points

• Vestcor Inc cut its GoDaddy stake by 57.9% in the fourth quarter, selling 36,299 shares and leaving it with 26,416 shares valued at about $3.28 million.
• Several other institutional investors adjusted positions in GoDaddy, and the stock is still heavily institutionally owned at 90.28%, while insider ownership is just 0.93%.
• GoDaddy reported stronger-than-expected first-quarter results, with EPS of $1.60 topping estimates and revenue of $1.27 billion slightly ahead of forecasts; analysts currently rate the stock a Moderate Buy with an average price target of $120.57.

Vestcor Inc cut its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 57.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,416 shares of the technology company's stock after selling 36,299 shares during the period. Vestcor Inc's holdings in GoDaddy were worth $3,278,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Pinebridge Investments LLC acquired a new position in GoDaddy in the fourth quarter worth approximately $7,808,000. Prudential PLC boosted its stake in shares of GoDaddy by 1.9% during the 4th quarter. Prudential PLC now owns 48,985 shares of the technology company's stock worth $6,078,000 after acquiring an additional 904 shares in the last quarter. State of Wyoming boosted its stake in shares of GoDaddy by 113.7% during the 4th quarter. State of Wyoming now owns 3,227 shares of the technology company's stock worth $400,000 after acquiring an additional 1,717 shares in the last quarter. Lido Advisors LLC boosted its stake in shares of GoDaddy by 6.2% during the 4th quarter. Lido Advisors LLC now owns 2,083 shares of the technology company's stock worth $283,000 after acquiring an additional 121 shares in the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in shares of GoDaddy by 334.8% during the 4th quarter. Sivia Capital Partners LLC now owns 8,391 shares of the technology company's stock worth $1,041,000 after acquiring an additional 6,461 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors.

Insider Activity at GoDaddy

In related news, CAO Phontip Palitwanon sold 1,310 shares of the business's stock in a transaction dated 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 directly owned 20,349 shares in the company, valued at $1,834,462.35. The trade was a 6.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of the business's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total value of $752,397.78. Following the transaction, the chief executive officer owned 521,747 shares in the company, valued at $46,884,185.42. This represents a 1.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 14,561 shares of company stock worth $1,308,104. 0.93% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GDDY has been the subject of several research reports. Wells Fargo & Company raised their price objective on GoDaddy from $77.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Friday, May 1st. Cantor Fitzgerald reduced their price objective on shares of GoDaddy from $130.00 to $90.00 and set a "neutral" rating for the company in a research note on Wednesday, February 25th. JPMorgan Chase & Co. reduced their price objective on shares of GoDaddy from $167.00 to $154.00 and set an "overweight" rating for the company in a research note on Friday, May 1st. Benchmark reduced their price target on shares of GoDaddy from $195.00 to $185.00 and set a "buy" rating for the company in a research report on Tuesday, April 28th. Finally, Citigroup cut their price objective on GoDaddy from $195.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, February 26th. One equities research 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $120.57.

GoDaddy Trading Down 0.3%

Shares of GDDY stock opened at $84.59 on Friday. GoDaddy Inc. has a 1 year low of $73.06 and a 1 year high of $183.34. The firm's fifty day simple moving average is $85.70 and its 200 day simple moving average is $99.60. The firm has a market capitalization of $11.20 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 0.76 and a beta of 0.90. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 15.86.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its 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. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. 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 previous year, the firm posted $1.51 earnings per share. GoDaddy's revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts predict that GoDaddy Inc. will post 7.17 EPS for the current year.

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.

Want to see what other hedge funds are holding GDDY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GoDaddy Inc. (NYSE:GDDY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.