Congress Asset Management Co. Invests $111.92 Million in GoDaddy Inc. (NYSE:GDDY)

Congress Asset Management Co. acquired a new position in shares of GoDaddy Inc. (NYSE:GDDY) during the 4th quarter, Holdings Channel reports. The fund acquired 567,070 shares of the technology company’s stock, valued at approximately $111,923,000.

Other hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in shares of GoDaddy during the 3rd quarter valued at approximately $27,000. Anchor Investment Management LLC bought a new position in shares of GoDaddy during the 3rd quarter valued at approximately $31,000. Versant Capital Management Inc bought a new position in shares of GoDaddy during the 4th quarter valued at approximately $43,000. Friedenthal Financial bought a new position in shares of GoDaddy during the 4th quarter valued at approximately $49,000. Finally, Huntington National Bank grew its position in GoDaddy by 298.7% in the 3rd quarter. Huntington National Bank now owns 307 shares of the technology company’s stock valued at $48,000 after acquiring an additional 230 shares during the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

GoDaddy Price Performance

GDDY opened at $182.58 on Friday. GoDaddy Inc. has a 12-month low of $108.02 and a 12-month high of $216.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61. The business’s fifty day simple moving average is $204.20 and its 200-day simple moving average is $180.06. The company has a market capitalization of $25.63 billion, a price-to-earnings ratio of 14.11 and a beta of 1.15.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.01). The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.18 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. On average, equities research analysts anticipate that GoDaddy Inc. will post 4.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark Mccaffrey sold 480 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $201.29, for a total transaction of $96,619.20. Following the completion of the sale, the chief financial officer now directly owns 83,254 shares in the company, valued at $16,758,197.66. This represents a 0.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $197.77, for a total value of $593,310.00. Following the sale, the chief executive officer now owns 342,956 shares of the company’s stock, valued at $67,826,408.12. This trade represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,482 shares of company stock worth $4,709,650 in the last three months. 0.61% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on GDDY. Jefferies Financial Group upped their price objective on GoDaddy from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. UBS Group upped their price objective on GoDaddy from $172.00 to $225.00 and gave the company a “neutral” rating in a research report on Friday. JPMorgan Chase & Co. upped their price objective on GoDaddy from $224.00 to $231.00 and gave the company an “overweight” rating in a research report on Thursday, February 6th. Raymond James upped their price objective on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 21st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $230.00 price objective (up previously from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Six 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $213.20.

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.