GoDaddy Inc. (NYSE:GDDY) Position Cut by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its stake in GoDaddy Inc. (NYSE:GDDY) by 3.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 81,789 shares of the technology company’s stock after selling 3,301 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of GoDaddy worth $8,683,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Meritage Portfolio Management lifted its stake in GoDaddy by 5.6% in the fourth quarter. Meritage Portfolio Management now owns 6,504 shares of the technology company’s stock valued at $690,000 after buying an additional 344 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in GoDaddy in the fourth quarter valued at $556,000. Signaturefd LLC increased its holdings in shares of GoDaddy by 9.2% during the fourth quarter. Signaturefd LLC now owns 2,207 shares of the technology company’s stock valued at $234,000 after purchasing an additional 186 shares during the period. Lindbrook Capital LLC increased its holdings in shares of GoDaddy by 74.0% during the fourth quarter. Lindbrook Capital LLC now owns 731 shares of the technology company’s stock valued at $78,000 after purchasing an additional 311 shares during the period. Finally, abrdn plc increased its holdings in shares of GoDaddy by 90.0% during the fourth quarter. abrdn plc now owns 51,353 shares of the technology company’s stock valued at $5,452,000 after purchasing an additional 24,323 shares during the period. 90.28% of the stock is currently owned by institutional investors.

GoDaddy Stock Performance

Shares of GDDY stock traded up $0.81 during trading on Friday, reaching $124.95. The company had a trading volume of 995,584 shares, compared to its average volume of 1,451,315. The firm’s 50 day simple moving average is $118.46 and its two-hundred day simple moving average is $104.43. The company has a debt-to-equity ratio of 61.07, a current ratio of 0.47 and a quick ratio of 0.47. GoDaddy Inc. has a one year low of $67.43 and a one year high of $127.15. The company has a market capitalization of $17.80 billion, a PE ratio of 12.96 and a beta of 1.12.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Tuesday, February 13th. The technology company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. GoDaddy had a negative return on equity of 89.25% and a net margin of 32.74%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. Sell-side analysts forecast that GoDaddy Inc. will post 4.76 earnings per share for the current year.

Insiders Place Their Bets

In other GoDaddy news, COO Roger Chen sold 4,000 shares of GoDaddy stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $456,440.00. Following the transaction, the chief operating officer now directly owns 208,632 shares of the company’s stock, valued at approximately $23,806,997.52. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other GoDaddy news, CFO Mark Mccaffrey sold 28,392 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $110.54, for a total value of $3,138,451.68. Following the transaction, the chief financial officer now owns 120,952 shares of the company’s stock, valued at $13,370,034.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Roger Chen sold 4,000 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $456,440.00. Following the completion of the transaction, the chief operating officer now directly owns 208,632 shares in the company, valued at approximately $23,806,997.52. The disclosure for this sale can be found here. Insiders have sold a total of 121,234 shares of company stock valued at $13,534,946 in the last three months. Company insiders own 0.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GDDY. Royal Bank of Canada reissued an “outperform” rating and set a $124.00 price target on shares of GoDaddy in a report on Thursday, March 7th. StockNews.com raised GoDaddy from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 14th. Robert W. Baird lifted their target price on GoDaddy from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. Barclays lifted their target price on GoDaddy from $125.00 to $130.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Finally, Evercore ISI lowered GoDaddy from an “outperform” rating to an “in-line” rating and lifted their target price for the stock from $100.00 to $110.00 in a report on Wednesday, February 14th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $135.18.

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.