Summit Global Investments Sells 15,694 Shares of GoDaddy Inc. (NYSE:GDDY)

Summit Global Investments reduced its stake in GoDaddy Inc. (NYSE:GDDY - Free Report) by 31.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,150 shares of the technology company's stock after selling 15,694 shares during the period. Summit Global Investments' holdings in GoDaddy were worth $6,152,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in GoDaddy by 11.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,808,975 shares of the technology company's stock valued at $751,778,000 after purchasing an additional 395,160 shares during the period. Geode Capital Management LLC boosted its position in GoDaddy by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 3,514,432 shares of the technology company's stock worth $692,245,000 after acquiring an additional 90,810 shares during the period. WCM Investment Management LLC boosted its position in GoDaddy by 7,083.4% during the 4th quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company's stock worth $678,941,000 after acquiring an additional 3,356,678 shares during the period. Invesco Ltd. boosted its position in GoDaddy by 11.6% during the 4th quarter. Invesco Ltd. now owns 2,913,930 shares of the technology company's stock worth $575,122,000 after acquiring an additional 304,033 shares during the period. Finally, Norges Bank acquired a new position in GoDaddy during the 4th quarter worth $356,038,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Brian Sharples sold 500 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $180.66, for a total value of $90,330.00. Following the completion of the sale, the director now directly owns 22,121 shares of the company's stock, valued at approximately $3,996,379.86. This represents a 2.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $180.66, for a total value of $541,980.00. Following the sale, the chief executive officer now directly owns 505,649 shares of the company's stock, valued at $91,350,548.34. This trade 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 sold 56,526 shares of company stock valued at $10,243,716. Corporate insiders own 0.61% of the company's stock.

GoDaddy Trading Up 0.8%

Shares of NYSE:GDDY traded up $1.44 during midday trading on Friday, reaching $182.14. The company had a trading volume of 1,989,421 shares, compared to its average volume of 1,476,365. 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 1-year low of $135.73 and a 1-year high of $216.00. The firm has a market cap of $25.95 billion, a price-to-earnings ratio of 28.24 and a beta of 1.13. The company has a fifty day simple moving average of $179.33 and a two-hundred day simple moving average of $189.53.

GoDaddy (NYSE:GDDY - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $1.27 earnings per share for the quarter, missing analysts' consensus estimates of $1.35 by ($0.08). The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.19 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.76 EPS. Research analysts predict that GoDaddy Inc. will post 6.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GDDY shares. UBS Group boosted their price target on GoDaddy from $172.00 to $225.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Benchmark restated a "buy" rating on shares of GoDaddy in a report on Monday, April 28th. Royal Bank of Canada cut their price objective on GoDaddy from $230.00 to $225.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Wall Street Zen lowered GoDaddy from a "buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Wells Fargo & Company initiated coverage on GoDaddy in a report on Monday, February 3rd. They issued an "equal weight" rating and a $198.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, GoDaddy has a consensus rating of "Moderate Buy" and a consensus price target of $214.86.

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.