GoDaddy Inc. $GDDY Stake Increased by AlphaQuest LLC

Key Points

• AlphaQuest LLC boosted its GoDaddy stake by 172.8% in the fourth quarter, ending with 30,829 shares worth about $3.8 million.
• GoDaddy executives sold shares recently: CEO Amanpal Singh Bhutani and CFO Mark Mccaffrey both sold stock on March 4, and insiders sold 61,946 shares total last quarter.
• The company reported solid quarterly results, with EPS of $1.60 beating estimates and revenue of $1.27 billion slightly topping forecasts, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $120.57.

AlphaQuest LLC raised its stake in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 172.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,829 shares of the technology company's stock after acquiring an additional 19,527 shares during the quarter. AlphaQuest LLC's holdings in GoDaddy were worth $3,825,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GDDY. Vanguard Group Inc. increased its position in shares of GoDaddy by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 18,912,182 shares of the technology company's stock worth $2,587,754,000 after purchasing an additional 150,045 shares during the last quarter. WCM Investment Management LLC increased its position in shares of GoDaddy by 1.8% in the 3rd quarter. WCM Investment Management LLC now owns 3,736,821 shares of the technology company's stock worth $529,395,000 after purchasing an additional 66,144 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of GoDaddy by 47.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company's stock worth $483,360,000 after purchasing an additional 1,128,646 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of GoDaddy by 1.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,896,867 shares of the technology company's stock worth $396,378,000 after purchasing an additional 53,811 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in shares of GoDaddy by 99.7% in the 3rd quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company's stock worth $223,183,000 after purchasing an additional 814,360 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Amanpal Singh Bhutani sold 34,148 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total transaction of $3,038,830.52. Following the completion of the transaction, the chief executive officer directly owned 530,120 shares in the company, valued at approximately $47,175,378.80. The trade was a 6.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Mccaffrey sold 17,406 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total value of $1,548,959.94. Following the completion of the transaction, the chief financial officer directly owned 113,003 shares of the company's stock, valued at $10,056,136.97. This trade represents a 13.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 61,946 shares of company stock worth $5,502,965 in the last quarter. Company insiders own 0.93% of the company's stock.

GoDaddy Stock Performance

Shares of GDDY opened at $90.37 on Tuesday. The firm has a fifty day moving average of $84.97 and a 200-day moving average of $102.20. The company has a market cap of $11.97 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 0.81 and a beta of 0.92. 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 1 year low of $73.06 and a 1 year high of $184.71.

GoDaddy (NYSE:GDDY - Get Free Report) last released 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. The business had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.26 billion. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS. As a group, equities analysts anticipate that GoDaddy Inc. will post 7.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Royal Bank Of Canada dropped their target price on shares of GoDaddy from $200.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, February 25th. Piper Sandler assumed coverage on shares of GoDaddy in a research report on Thursday, March 12th. They issued a "neutral" rating and a $93.00 target price for the company. Barclays dropped their target price on shares of GoDaddy from $200.00 to $118.00 and set an "overweight" rating for the company in a research report on Thursday, February 26th. 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. Finally, Evercore set a $95.00 target price on shares of GoDaddy in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, GoDaddy currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.57.

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.

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.