Lazard Asset Management LLC Reduces Position in GoDaddy Inc. (NYSE:GDDY)

Lazard Asset Management LLC reduced its position in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 93.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,280 shares of the technology company's stock after selling 18,223 shares during the period. Lazard Asset Management LLC's holdings in GoDaddy were worth $251,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of GDDY. Proficio Capital Partners LLC bought a new position in GoDaddy in the fourth quarter worth about $25,554,000. Mount Yale Investment Advisors LLC raised its stake in GoDaddy by 205.3% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 5,626 shares of the technology company's stock worth $1,110,000 after buying an additional 3,783 shares in the last quarter. Jones Financial Companies Lllp raised its stake in GoDaddy by 68.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,229 shares of the technology company's stock worth $243,000 after buying an additional 499 shares in the last quarter. Cottonwood Capital Advisors LLC raised its stake in GoDaddy by 98.2% in the fourth quarter. Cottonwood Capital Advisors LLC now owns 3,405 shares of the technology company's stock worth $672,000 after buying an additional 1,687 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in GoDaddy in the fourth quarter worth about $262,000. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at GoDaddy

In related news, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $180.66, for a total value of $541,980.00. Following the sale, the chief executive officer now owns 505,649 shares in the company, valued at approximately $91,350,548.34. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brian Sharples sold 500 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $180.66, for a total transaction of $90,330.00. Following the completion of the sale, the director now owns 22,121 shares in the company, valued at $3,996,379.86. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,526 shares of company stock valued at $10,243,716 over the last 90 days. Corporate insiders own 0.61% of the company's stock.

GoDaddy Stock Up 0.8%

Shares of GDDY traded up $1.40 on Thursday, hitting $180.57. 224,450 shares of the stock traded hands, compared to its average volume of 1,495,726. The company has a market capitalization of $25.73 billion, a PE ratio of 27.96 and a beta of 1.13. The company has a debt-to-equity ratio of 5.46, a quick ratio of 0.56 and a current ratio of 0.72. The business has a 50 day simple moving average of $179.43 and a 200 day simple moving average of $189.58. GoDaddy Inc. has a one year low of $135.73 and a one year high of $216.00.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.08). The firm 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%. GoDaddy's revenue was up 8.6% on a year-over-year basis. During the same period last year, the business earned $2.76 EPS. As a group, equities analysts forecast that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on GDDY. Piper Sandler increased their price target on shares of GoDaddy from $177.00 to $180.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Citigroup decreased their target price on shares of GoDaddy from $260.00 to $234.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Morgan Stanley decreased their target price on shares of GoDaddy from $228.00 to $206.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Barclays decreased their target price on shares of GoDaddy from $243.00 to $235.00 and set an "overweight" rating for the company in a research note on Friday, May 2nd. Finally, UBS Group raised their target price on shares of GoDaddy from $172.00 to $225.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $214.86.

About GoDaddy

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.