Russell Investments Group Ltd. Sells 55,238 Shares of GoDaddy Inc. (NYSE:GDDY)

Russell Investments Group Ltd. decreased its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 12.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 386,739 shares of the technology company’s stock after selling 55,238 shares during the quarter. Russell Investments Group Ltd.’s holdings in GoDaddy were worth $46,124,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in GDDY. Norges Bank bought a new stake in GoDaddy during the 4th quarter valued at approximately $181,687,000. Federated Hermes Inc. boosted its stake in GoDaddy by 3,402.0% during the 4th quarter. Federated Hermes Inc. now owns 955,559 shares of the technology company’s stock valued at $101,442,000 after purchasing an additional 928,273 shares during the period. Los Angeles Capital Management LLC boosted its stake in GoDaddy by 7,379.1% during the 4th quarter. Los Angeles Capital Management LLC now owns 723,752 shares of the technology company’s stock valued at $76,834,000 after purchasing an additional 714,075 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of GoDaddy by 1,309.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 509,002 shares of the technology company’s stock worth $60,408,000 after acquiring an additional 472,894 shares during the period. Finally, Bank of Nova Scotia lifted its position in shares of GoDaddy by 3,411.0% in the 4th quarter. Bank of Nova Scotia now owns 438,002 shares of the technology company’s stock worth $46,497,000 after acquiring an additional 425,527 shares during the period. Institutional investors own 90.28% of the company’s stock.

GoDaddy Price Performance

GDDY stock traded down $2.42 during midday trading on Wednesday, reaching $145.22. 207,467 shares of the company’s stock traded hands, compared to its average volume of 1,651,006. The company has a 50-day simple moving average of $139.38 and a two-hundred day simple moving average of $123.54. GoDaddy Inc. has a 1-year low of $69.18 and a 1-year high of $148.71. The company has a market cap of $20.72 billion, a price-to-earnings ratio of 12.26 and a beta of 1.14. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 9.15.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, May 2nd. The technology company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.08. GoDaddy had a negative return on equity of 186.09% and a net margin of 40.38%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. On average, analysts anticipate that GoDaddy Inc. will post 4.81 earnings per share for the current year.

Insider Activity at GoDaddy

In other news, COO Roger Chen sold 4,000 shares of GoDaddy stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $122.60, for a total value of $490,400.00. Following the completion of the sale, the chief operating officer now directly owns 200,632 shares of the company’s stock, valued at approximately $24,597,483.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Roger Chen sold 4,000 shares of GoDaddy stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $122.60, for a total value of $490,400.00. Following the completion of the sale, the chief operating officer now directly owns 200,632 shares of the company’s stock, valued at approximately $24,597,483.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leah Sweet sold 1,000 shares of GoDaddy stock in a transaction on Monday, June 10th. The shares were sold at an average price of $141.59, for a total value of $141,590.00. Following the completion of the sale, the director now directly owns 11,317 shares of the company’s stock, valued at $1,602,374.03. The disclosure for this sale can be found here. Insiders sold 50,071 shares of company stock valued at $6,875,606 in the last three months. Corporate insiders own 0.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GDDY. JPMorgan Chase & Co. raised their price objective on GoDaddy from $136.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Evercore ISI raised their price objective on GoDaddy from $110.00 to $135.00 and gave the stock an “in-line” rating in a research report on Friday, May 3rd. Robert W. Baird raised their price objective on GoDaddy from $150.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, May 24th. UBS Group raised their price objective on GoDaddy from $118.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Finally, William Blair reiterated an “outperform” rating on shares of GoDaddy in a research report on Friday, May 3rd. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, GoDaddy has a consensus rating of “Moderate Buy” and an average target price of $152.25.

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.