Oppenheimer Asset Management Inc. Reduces Stake in GoDaddy Inc. (NYSE:GDDY)

Oppenheimer Asset Management Inc. decreased its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 10.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,694 shares of the technology company's stock after selling 3,866 shares during the period. Oppenheimer Asset Management Inc.'s holdings in GoDaddy were worth $5,709,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. raised its position in GoDaddy by 311.3% during the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company's stock valued at $43,000 after purchasing an additional 165 shares during the last quarter. City Holding Co. lifted its stake in shares of 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 purchasing an additional 60 shares during the period. OFI Invest Asset Management purchased a new position in shares of GoDaddy in the 4th quarter valued at approximately $52,000. Crewe Advisors LLC purchased a new position in shares of GoDaddy in the 1st quarter valued at approximately $53,000. Finally, Summit Securities Group LLC purchased a new position in shares of GoDaddy in the 4th quarter valued at approximately $58,000. Institutional investors own 90.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GDDY. Jefferies Financial Group lowered their target price on GoDaddy from $200.00 to $185.00 and set a "hold" rating for the company in a research note on Monday, April 7th. JPMorgan Chase & Co. increased their target price on GoDaddy from $231.00 to $240.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Benchmark reiterated a "buy" rating on shares of GoDaddy in a research note on Monday, April 28th. Wall Street Zen downgraded GoDaddy from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Piper Sandler raised their price target on GoDaddy from $177.00 to $180.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $214.86.

Insider Buying and Selling at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $190.86, for a total value of $572,580.00. Following the sale, the chief executive officer now directly owns 440,947 shares of the company's stock, valued at approximately $84,159,144.42. The trade was a 0.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $171.75, for a total value of $171,750.00. Following the completion of the sale, the chief operating officer now directly owns 256,949 shares in the company, valued at $44,130,990.75. This trade represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,632 shares of company stock valued at $12,602,635 over the last ninety days. 0.61% of the stock is currently owned by company insiders.

GoDaddy Stock Performance

GoDaddy stock traded up $3.00 during trading on Friday, reaching $180.19. The company had a trading volume of 1,866,062 shares, compared to its average volume of 1,334,529. GoDaddy Inc. has a 52 week low of $138.48 and a 52 week high of $216.00. The firm's 50-day simple moving average is $181.41 and its 200 day simple moving average is $186.93. The firm has a market capitalization of $25.67 billion, a price-to-earnings ratio of 34.65 and a beta of 1.07. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 18.91.

GoDaddy (NYSE:GDDY - Get Free Report) last posted 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 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 prior year, the business earned $2.76 earnings per share. Sell-side analysts forecast that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal 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.