GoDaddy Inc. $GDDY Stock: Sumitomo Mitsui Trust Group Inc. Cuts Position

Sumitomo Mitsui Trust Group Inc. lessened its stake in GoDaddy Inc. (NYSE:GDDY) by 61.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,025 shares of the technology company’s stock after selling 23,618 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in GoDaddy were worth $1,435,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in GoDaddy by 93.8% during the first quarter. International Assets Investment Management LLC now owns 372 shares of the technology company’s stock worth $30,000 after buying an additional 180 shares during the period. Perkins Coie Trust Co purchased a new position in GoDaddy in the second quarter valued at about $34,000. Albion Financial Group UT purchased a new position in GoDaddy in the third quarter valued at about $39,000. Elevation Wealth Partners LLC lifted its position in shares of GoDaddy by 109.3% during the 3rd quarter. Elevation Wealth Partners LLC now owns 473 shares of the technology company’s stock valued at $45,000 after acquiring an additional 247 shares during the period. Finally, Mather Group LLC. lifted its position in shares of GoDaddy by 34.7% during the 3rd quarter. Mather Group LLC. now owns 811 shares of the technology company’s stock valued at $77,000 after acquiring an additional 209 shares during the period. Institutional investors and hedge funds own 90.28% of the company’s stock.

GoDaddy Stock Down 4.8%

GDDY stock opened at $114.39 on Friday. The company has a debt-to-equity ratio of 561.10, a current ratio of 0.61 and a quick ratio of 0.63. GoDaddy Inc. has a 12 month low of $71.59 and a 12 month high of $133.34. The firm has a market capitalization of $14.49 billion, a PE ratio of 15.65 and a beta of 0.94. The company’s 50 day simple moving average is $103.31 and its 200-day simple moving average is $92.40.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, October 29th. The technology company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.18. GoDaddy had a return on equity of 1,200.87% and a net margin of 18.56%. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the firm posted $1.51 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts expect that GoDaddy Inc. will post 7.48 earnings per share for the current fiscal year.

Insider Buying and Selling at GoDaddy

In other news, CEO Amanpal Bhutani sold 4,500 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $117.80, for a total transaction of $530,100.00. Following the completion of the sale, the chief executive officer directly owned 495,553 shares in the company, valued at $58,376,143.40. This represents a 0.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sigal Zarmi sold 350 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.44, for a total transaction of $34,104.00. Following the sale, the director owned 8,283 shares of the company’s stock, valued at approximately $807,095.52. This represents a 4.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 31,358 shares of company stock valued at $3,187,756. Corporate insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GDDY shares. Weiss Ratings raised GoDaddy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. William Blair downgraded GoDaddy from an “outperform” rating to a “market perform” rating in a research note on Friday, July 31st. Benchmark dropped their price objective on GoDaddy from $185.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Wedbush reduced their price objective on GoDaddy from $109.00 to $93.00 and set an “outperform” rating for the company in a report on Monday, August 3rd. Finally, Raymond James Financial downgraded GoDaddy from a “strong-buy” rating to an “outperform” rating and set a $100.00 target price on the stock. in a research report on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $113.62.

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