GoDaddy Inc. (NYSE:GDDY) is Starboard Value LP's Largest Position

Starboard Value LP reduced its stake in GoDaddy Inc. (NYSE:GDDY - Free Report) by 9.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,830,100 shares of the technology company's stock after selling 303,993 shares during the period. GoDaddy accounts for 10.1% of Starboard Value LP's holdings, making the stock its biggest holding. Starboard Value LP owned 2.02% of GoDaddy worth $558,577,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Rakuten Securities Inc. grew its holdings in shares of GoDaddy by 311.3% during the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company's stock valued at $43,000 after buying an additional 165 shares during the last quarter. OFI Invest Asset Management acquired a new position in GoDaddy during the 4th quarter valued at about $52,000. Summit Securities Group LLC bought a new stake in GoDaddy during the 4th quarter worth approximately $58,000. Physician Wealth Advisors Inc. bought a new stake in GoDaddy during the 4th quarter worth approximately $67,000. Finally, Global Retirement Partners LLC raised its stake in shares of GoDaddy by 31.1% in the fourth quarter. Global Retirement Partners LLC now owns 392 shares of the technology company's stock worth $77,000 after purchasing an additional 93 shares during the last quarter. Institutional investors and hedge funds own 90.28% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on GDDY shares. JPMorgan Chase & Co. upped their price target on GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Royal Bank of Canada reduced their target price on shares of GoDaddy from $230.00 to $225.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. UBS Group increased their target price on shares of GoDaddy from $172.00 to $225.00 and gave the company a "neutral" rating in a report on Friday, February 14th. Raymond James boosted their price target on shares of GoDaddy from $185.00 to $230.00 and gave the stock a "strong-buy" rating in a report on Tuesday, January 21st. Finally, Morgan Stanley dropped their target price on shares of GoDaddy from $228.00 to $206.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Seven investment 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's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $214.86.

GoDaddy Stock Performance

NYSE:GDDY traded down $1.62 during trading hours on Tuesday, reaching $188.26. The stock had a trading volume of 1,126,799 shares, compared to its average volume of 1,479,951. The stock has a market cap of $26.82 billion, a P/E ratio of 29.19 and a beta of 1.13. The stock has a 50 day simple moving average of $179.11 and a 200 day simple moving average of $189.30. The company has a debt-to-equity ratio of 5.46, a quick ratio of 0.56 and a current ratio of 0.72. GoDaddy Inc. has a 12-month low of $135.73 and a 12-month high of $216.00.

GoDaddy (NYSE:GDDY - Get Free Report) last announced 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 analysts' expectations of $1.19 billion. GoDaddy had a return on equity of 176.06% and a net margin of 20.49%. The company's revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $2.76 EPS. On average, research analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current fiscal year.

Insider Activity at GoDaddy

In related news, COO Roger Chen sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $188.21, for a total transaction of $188,210.00. Following the completion of the transaction, the chief operating officer now owns 255,949 shares of the company's stock, valued at approximately $48,172,161.29. The trade was a 0.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the 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 $541,980.00. Following the completion of the sale, the chief executive officer now owns 505,649 shares in the company, valued at $91,350,548.34. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,526 shares of company stock worth $10,243,716. 0.61% of the stock is owned by corporate insiders.

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.