Allspring Global Investments Holdings LLC Has $33.73 Million Stock Position in GoDaddy Inc. (NYSE:GDDY)

Allspring Global Investments Holdings LLC cut its stake in GoDaddy Inc. (NYSE:GDDY - Free Report) by 29.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 186,615 shares of the technology company's stock after selling 78,192 shares during the period. Allspring Global Investments Holdings LLC owned 0.13% of GoDaddy worth $33,725,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Rakuten Securities Inc. increased its holdings in shares of GoDaddy by 311.3% in the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company's stock valued at $43,000 after purchasing an additional 165 shares in the last quarter. City Holding Co. boosted its position in GoDaddy by 30.0% in the 1st quarter. City Holding Co. now owns 260 shares of the technology company's stock valued at $47,000 after buying an additional 60 shares during the last quarter. OFI Invest Asset Management bought a new position in GoDaddy in the 4th quarter valued at $52,000. Crewe Advisors LLC acquired a new stake in shares of GoDaddy in the 1st quarter valued at $53,000. Finally, Summit Securities Group LLC bought a new stake in shares of GoDaddy during the fourth quarter worth $58,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GDDY has been the topic of several recent research reports. Piper Sandler raised their price target on GoDaddy from $177.00 to $180.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. upped their target price on shares of GoDaddy from $231.00 to $240.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Citigroup lowered their price target 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. Benchmark reissued a "buy" rating on shares of GoDaddy in a research note on Monday, April 28th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $225.00 price objective on shares of GoDaddy in a research note on Monday, June 23rd. Seven 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 stock. According to data from MarketBeat, GoDaddy has a consensus rating of "Moderate Buy" and a consensus target price of $214.86.

Insider Activity

In related news, CAO Phontip Palitwanon sold 2,173 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $177.87, for a total value of $386,511.51. Following the completion of the transaction, the chief accounting officer directly owned 21,198 shares of the company's stock, valued at approximately $3,770,488.26. This represents a 9.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amanpal Singh Bhutani sold 6,932 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total value of $1,246,442.92. Following the transaction, the chief executive officer owned 431,015 shares of the company's stock, valued at approximately $77,500,807.15. This trade represents a 1.58% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,632 shares of company stock worth $10,983,985. Corporate insiders own 0.61% of the company's stock.

GoDaddy Trading Down 1.7%

GoDaddy stock traded down $3.08 during mid-day trading on Wednesday, hitting $175.32. 1,462,474 shares of the company's stock were exchanged, compared to its average volume of 1,333,049. The company's 50 day simple moving average is $181.81 and its 200-day simple moving average is $186.45. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 18.91. The firm has a market capitalization of $24.98 billion, a P/E ratio of 33.72 and a beta of 1.05. GoDaddy Inc. has a fifty-two week low of $140.11 and a fifty-two week high of $216.00.

GoDaddy (NYSE:GDDY - Get Free Report) last released 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). GoDaddy had a return on equity of 211.09% and a net margin of 16.20%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the business earned $2.76 EPS. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current year.

GoDaddy Company 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.