Norges Bank Makes New Investment in GoDaddy Inc. $GDDY

Norges Bank bought a new position in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,014,994 shares of the technology company's stock, valued at approximately $250,020,000. Norges Bank owned approximately 1.49% of GoDaddy as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Eurizon Capital SGR S.p.A. purchased a new stake in shares of GoDaddy during the 4th quarter worth approximately $9,303,000. SBI Okasan Asset Management Co.Ltd. bought a new position in GoDaddy in the 4th quarter valued at $152,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in GoDaddy in the 4th quarter valued at $10,384,000. Ilmarinen Mutual Pension Insurance Co boosted its holdings in GoDaddy by 55.8% in the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 62,833 shares of the technology company's stock valued at $7,796,000 after purchasing an additional 22,500 shares during the period. Finally, AlphaQuest LLC boosted its holdings in GoDaddy by 172.8% in the 4th quarter. AlphaQuest LLC now owns 30,829 shares of the technology company's stock valued at $3,825,000 after purchasing an additional 19,527 shares during the period. Institutional investors own 90.28% of the company's stock.

Insider Activity

In related news, CAO Phontip Palitwanon sold 1,310 shares of the business's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $90.15, for a total transaction of $118,096.50. Following the transaction, the chief accounting officer owned 20,349 shares in the company, valued at $1,834,462.35. The trade was a 6.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 1,338 shares of company stock worth $120,593 in the last 90 days. 0.93% of the stock is owned by insiders.

GoDaddy Price Performance

GDDY stock opened at $88.76 on Wednesday. The firm's 50-day moving average price is $85.47 and its two-hundred day moving average price is $100.65. GoDaddy Inc. has a 12-month low of $73.06 and a 12-month high of $183.34. The stock has a market capitalization of $11.75 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 0.84 and a beta of 0.90. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 15.86.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The firm had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.26 billion. During the same quarter in the previous year, the company earned $1.51 earnings per share. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities analysts predict that GoDaddy Inc. will post 7.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GDDY. Cantor Fitzgerald dropped their price objective on shares of GoDaddy from $130.00 to $90.00 and set a "neutral" rating for the company in a report on Wednesday, February 25th. Evercore set a $95.00 price objective on shares of GoDaddy in a report on Wednesday, February 25th. Royal Bank Of Canada dropped their price objective on shares of GoDaddy from $200.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, February 25th. Barclays dropped their price objective on shares of GoDaddy from $200.00 to $118.00 and set an "overweight" rating for the company in a report on Thursday, February 26th. Finally, Benchmark dropped their price objective on shares of GoDaddy from $195.00 to $185.00 and set a "buy" rating for the company in a report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, GoDaddy currently has a consensus rating of "Moderate Buy" and an average price target of $120.57.

GoDaddy Company Profile

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.

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