GoDaddy Inc. (NYSE:GDDY) is Wedge Capital Management L L P NC's 3rd Largest Position

Wedge Capital Management L L P NC cut its position in GoDaddy Inc. (NYSE:GDDY - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 326,689 shares of the technology company's stock after selling 18,902 shares during the quarter. GoDaddy comprises about 1.1% of Wedge Capital Management L L P NC's holdings, making the stock its 3rd largest position. Wedge Capital Management L L P NC owned about 0.23% of GoDaddy worth $58,850,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC bought a new position in shares of GoDaddy in the fourth quarter worth $25,554,000. Jones Financial Companies Lllp lifted its holdings in GoDaddy by 68.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,229 shares of the technology company's stock worth $243,000 after purchasing an additional 499 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in GoDaddy by 16.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 678 shares of the technology company's stock worth $134,000 after purchasing an additional 98 shares during the period. LPL Financial LLC grew its holdings in GoDaddy by 22.9% during the 4th quarter. LPL Financial LLC now owns 66,109 shares of the technology company's stock valued at $13,048,000 after buying an additional 12,328 shares in the last quarter. Finally, Atria Wealth Solutions Inc. purchased a new position in GoDaddy during the 4th quarter valued at about $220,000. Hedge funds and other institutional investors own 90.28% of the company's stock.

Insiders Place Their Bets

In related news, COO Roger Chen sold 1,000 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $174.21, for a total value of $174,210.00. Following the completion of the sale, the chief operating officer now owns 257,949 shares of the company's stock, valued at $44,937,295.29. This trade represents a 0.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Phontip Palitwanon sold 684 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total value of $122,990.04. Following the completion of the sale, the chief accounting officer now directly owns 23,371 shares in the company, valued at approximately $4,202,339.51. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,459 shares of company stock valued at $12,214,374 over the last three months. Insiders own 0.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GDDY shares. Citigroup cut their price objective on shares of GoDaddy from $260.00 to $234.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Morgan Stanley lowered their target price on shares of GoDaddy from $228.00 to $206.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Barclays reduced their price target on shares of GoDaddy from $243.00 to $235.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. UBS Group increased their price objective on GoDaddy from $172.00 to $225.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Finally, Jefferies Financial Group dropped their price objective on GoDaddy from $200.00 to $185.00 and set a "hold" rating for the company in a research note on Monday, April 7th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $214.86.

GoDaddy Price Performance

Shares of GoDaddy stock opened at $182.93 on Friday. The firm has a market capitalization of $26.07 billion, a PE ratio of 28.36 and a beta of 1.07. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 5.46. GoDaddy Inc. has a 12 month low of $135.73 and a 12 month high of $216.00. The business's 50-day moving average price is $179.39 and its 200-day moving average price is $189.38.

GoDaddy (NYSE:GDDY - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.19 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The firm's revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.76 earnings per share. Sell-side 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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