KLP Kapitalforvaltning AS Cuts Stock Position in GoDaddy Inc. (NYSE:GDDY)

KLP Kapitalforvaltning AS reduced its stake in GoDaddy Inc. (NYSE:GDDY - Free Report) by 18.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 158,600 shares of the technology company's stock after selling 36,400 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.11% of GoDaddy worth $28,570,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of GDDY. Norges Bank purchased a new stake in GoDaddy in the 4th quarter valued at about $356,038,000. Assenagon Asset Management S.A. increased its stake in GoDaddy by 1,412.1% during the first quarter. Assenagon Asset Management S.A. now owns 1,347,434 shares of the technology company's stock worth $242,727,000 after purchasing an additional 1,258,324 shares during the period. Canada Pension Plan Investment Board increased its stake in GoDaddy by 107.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company's stock worth $273,582,000 after purchasing an additional 719,000 shares during the period. GAMMA Investing LLC increased its stake in GoDaddy by 18,248.7% during the first quarter. GAMMA Investing LLC now owns 513,579 shares of the technology company's stock worth $92,516,000 after purchasing an additional 510,780 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in GoDaddy by 88.2% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,082,381 shares of the technology company's stock worth $213,630,000 after purchasing an additional 507,374 shares during the period. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GDDY. Piper Sandler boosted 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. Royal Bank Of Canada reiterated an "outperform" rating and set a $225.00 price target on shares of GoDaddy in a research note on Monday, June 23rd. JPMorgan Chase & Co. boosted their price target on shares of GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Citigroup cut their price target on shares of GoDaddy from $260.00 to $234.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Finally, Wall Street Zen lowered shares of GoDaddy from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $214.86.

Insiders Place Their Bets

In other news, Director Brian Sharples sold 500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $179.68, for a total value of $89,840.00. Following the completion of the sale, the director directly owned 21,957 shares of the company's stock, valued at approximately $3,945,233.76. This represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Phontip Palitwanon sold 2,173 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 21,198 shares of the company's stock, valued at $3,770,488.26. The trade was a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,757 shares of company stock valued at $12,243,920. 0.61% of the stock is owned by insiders.

GoDaddy Stock Down 0.2%

Shares of GoDaddy stock traded down $0.32 on Friday, reaching $165.97. 1,231,346 shares of the company were exchanged, compared to its average volume of 1,356,579. GoDaddy Inc. has a 1-year low of $140.51 and a 1-year high of $216.00. The company has a market cap of $23.65 billion, a P/E ratio of 31.92 and a beta of 1.05. The company has a debt-to-equity ratio of 18.91, a current ratio of 0.56 and a quick ratio of 0.56. The stock's 50 day moving average price is $176.86 and its 200-day moving average price is $182.65.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.19 billion. GoDaddy had a net margin of 16.20% and a return on equity of 211.09%. GoDaddy's revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.76 earnings per share. As a group, equities analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current 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.