Wedge Capital Management L L P NC Has $58.85 Million Stock Holdings in GoDaddy Inc. (NYSE:GDDY)

Wedge Capital Management L L P NC lessened its stake in GoDaddy Inc. (NYSE:GDDY) by 5.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 326,689 shares of the technology company’s stock after selling 18,902 shares during the quarter. GoDaddy makes up 1.1% of Wedge Capital Management L L P NC’s holdings, making the stock its 3rd largest holding. Wedge Capital Management L L P NC’s holdings in GoDaddy were worth $58,850,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GDDY. Rakuten Securities Inc. increased its holdings in shares of GoDaddy by 311.3% in the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock worth $43,000 after purchasing an additional 165 shares in the last quarter. OFI Invest Asset Management bought a new stake in GoDaddy in the 4th quarter worth about $52,000. Summit Securities Group LLC purchased a new position in GoDaddy in the 4th quarter worth about $58,000. Physician Wealth Advisors Inc. purchased a new position in GoDaddy in the 4th quarter worth about $67,000. Finally, Global Retirement Partners LLC lifted its stake in GoDaddy by 31.1% during the 4th quarter. Global Retirement Partners LLC now owns 392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 93 shares during the period. Institutional investors own 90.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GDDY. Royal Bank of Canada reduced their price target on shares of GoDaddy from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Piper Sandler lifted their target price on shares of GoDaddy from $177.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. increased their price target on GoDaddy from $231.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. B. Riley raised their price target on GoDaddy from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Benchmark reiterated a “buy” rating on shares of GoDaddy in a research report on Monday, April 28th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $214.86.

Insider Activity at GoDaddy

In other GoDaddy news, CFO Mark Mccaffrey sold 37,500 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $180.95, for a total transaction of $6,785,625.00. Following the completion of the sale, the chief financial officer now directly owns 77,250 shares of the company’s stock, valued at $13,978,387.50. This trade represents a 32.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the business’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $190.86, for a total transaction of $572,580.00. Following the completion of the transaction, the chief executive officer now directly owns 440,947 shares in the company, valued at $84,159,144.42. This trade represents a 0.68% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,459 shares of company stock worth $12,214,374. 0.61% of the stock is owned by corporate insiders.

GoDaddy Stock Up 1.4%

GDDY stock opened at $182.93 on Friday. GoDaddy Inc. has a twelve month low of $135.73 and a twelve month high of $216.00. The company has a quick ratio of 0.56, a current ratio of 0.72 and a debt-to-equity ratio of 5.46. The stock has a market cap of $26.07 billion, a P/E ratio of 28.36 and a beta of 1.07. The business’s 50-day moving average price is $179.39 and its 200-day moving average price is $189.38.

GoDaddy (NYSE:GDDY) last released its earnings results on Thursday, May 1st. The technology company reported $1.27 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.08). The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.19 billion. GoDaddy had a return on equity of 176.06% and a net margin of 20.49%. GoDaddy’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.76 EPS. On average, equities research analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current year.

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.