State of Michigan Retirement System Acquires 4,000 Shares of GoDaddy Inc. (NYSE:GDDY)

State of Michigan Retirement System boosted its position in GoDaddy Inc. (NYSE:GDDY) by 11.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,600 shares of the technology company’s stock after buying an additional 4,000 shares during the quarter. State of Michigan Retirement System’s holdings in GoDaddy were worth $5,393,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of GDDY. International Assets Investment Management LLC acquired a new stake in GoDaddy in the 4th quarter valued at approximately $1,972,000. Cerity Partners LLC acquired a new position in shares of GoDaddy during the 4th quarter worth approximately $240,000. PGGM Investments increased its position in shares of GoDaddy by 12.2% during the 4th quarter. PGGM Investments now owns 43,890 shares of the technology company’s stock worth $4,659,000 after purchasing an additional 4,774 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of GoDaddy by 0.9% during the 4th quarter. Victory Capital Management Inc. now owns 77,216 shares of the technology company’s stock worth $8,197,000 after purchasing an additional 699 shares during the last quarter. Finally, Natixis Advisors L.P. increased its position in shares of GoDaddy by 7.3% during the 4th quarter. Natixis Advisors L.P. now owns 35,166 shares of the technology company’s stock worth $3,733,000 after purchasing an additional 2,398 shares during the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GDDY shares. JPMorgan Chase & Co. boosted their target price on GoDaddy from $136.00 to $175.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Robert W. Baird boosted their price target on GoDaddy from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. UBS Group boosted their price target on GoDaddy from $118.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Evercore ISI boosted their price target on GoDaddy from $110.00 to $135.00 and gave the company an “in-line” rating in a research note on Friday, May 3rd. Finally, StockNews.com downgraded GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.58.

GoDaddy Price Performance

Shares of GDDY stock opened at $163.36 on Tuesday. 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 Inc. has a twelve month low of $70.03 and a twelve month high of $165.89. The company has a market cap of $23.31 billion, a P/E ratio of 13.64 and a beta of 1.14. The business has a fifty day simple moving average of $148.28 and a 200 day simple moving average of $133.05.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.06). GoDaddy had a negative return on equity of 363.95% and a net margin of 41.12%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company earned $0.63 earnings per share. GoDaddy’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, sell-side analysts forecast that GoDaddy Inc. will post 4.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other GoDaddy news, CFO Mark Mccaffrey sold 2,687 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $138.09, for a total value of $371,047.83. Following the completion of the transaction, the chief financial officer now owns 106,786 shares of the company’s stock, valued at approximately $14,746,078.74. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Mark Mccaffrey sold 2,687 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $138.09, for a total value of $371,047.83. Following the completion of the sale, the chief financial officer now owns 106,786 shares of the company’s stock, valued at $14,746,078.74. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sigal Zarmi sold 400 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $157.61, for a total value of $63,044.00. Following the sale, the director now owns 4,661 shares in the company, valued at approximately $734,620.21. The disclosure for this sale can be found here. Insiders sold a total of 49,413 shares of company stock valued at $6,931,096 in the last 90 days. Corporate insiders own 0.61% of the company’s stock.

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.