Patton Fund Management Inc. Reduces Holdings in GoDaddy Inc. (NYSE:GDDY)

Patton Fund Management Inc. reduced its position in GoDaddy Inc. (NYSE:GDDY - Free Report) by 22.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,925 shares of the technology company's stock after selling 7,330 shares during the period. Patton Fund Management Inc.'s holdings in GoDaddy were worth $4,490,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays cut their price objective on GoDaddy from $243.00 to $235.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Jefferies Financial Group dropped their price target on GoDaddy from $200.00 to $185.00 and set a "hold" rating for the company in a research report on Monday, April 7th. JPMorgan Chase & Co. upped their price objective on GoDaddy from $231.00 to $240.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Morgan Stanley decreased their price objective on GoDaddy from $228.00 to $206.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Finally, Benchmark reissued a "buy" rating on shares of GoDaddy in a research note on Monday, April 28th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, GoDaddy has an average rating of "Moderate Buy" and a consensus price target of $214.86.

Insider Activity

In related news, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $179.85, for a total transaction of $89,925.00. Following the transaction, the director now owns 21,621 shares in the company, valued at approximately $3,888,536.85. The trade was a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Phontip Palitwanon sold 684 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total transaction of $122,990.04. Following the sale, the chief accounting officer now directly owns 23,371 shares of the company's stock, valued at approximately $4,202,339.51. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,632 shares of company stock valued at $12,426,675 in the last three months. Corporate insiders own 0.61% of the company's stock.

GoDaddy Trading Down 0.3%

GoDaddy stock traded down $0.55 during trading on Wednesday, reaching $177.49. The company had a trading volume of 123,887 shares, compared to its average volume of 1,482,585. GoDaddy Inc. has a 12-month low of $135.73 and a 12-month high of $216.00. The company has a debt-to-equity ratio of 18.91, a quick ratio of 0.56 and a current ratio of 0.56. The stock's 50 day moving average price is $180.62 and its two-hundred day moving average price is $188.44. The firm has a market capitalization of $25.29 billion, a price-to-earnings ratio of 34.13 and a beta of 1.07.

GoDaddy (NYSE:GDDY - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the company earned $2.76 earnings per share. The company's quarterly revenue was up 8.6% on a year-over-year basis. As a group, equities analysts expect that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal 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.