VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 293,700 GoDaddy Inc. $GDDY

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in GoDaddy Inc. (NYSE:GDDY) in the second quarter, Holdings Channel.com reports. The institutional investor bought 293,700 shares of the technology company’s stock, valued at approximately $24,929,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Brown Brothers Harriman & Co. lifted its stake in GoDaddy by 145.6% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 253 shares of the technology company’s stock worth $35,000 after acquiring an additional 150 shares in the last quarter. Harbour Investments Inc. increased its holdings in shares of GoDaddy by 191.0% in the 4th quarter. Harbour Investments Inc. now owns 259 shares of the technology company’s stock valued at $32,000 after purchasing an additional 170 shares during the period. Entrust Financial LLC acquired a new position in shares of GoDaddy in the 4th quarter valued at about $35,000. International Assets Investment Management LLC increased its holdings in shares of GoDaddy by 93.8% in the 1st quarter. International Assets Investment Management LLC now owns 372 shares of the technology company’s stock valued at $30,000 after purchasing an additional 180 shares during the period. Finally, Acuitas Investments LLC purchased a new stake in shares of GoDaddy in the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GDDY. JPMorgan Chase & Co. decreased their price target on shares of GoDaddy from $154.00 to $124.00 and set an “overweight” rating for the company in a report on Thursday, June 18th. Piper Sandler reiterated a “neutral” rating and issued a $95.00 price objective (up from $93.00) on shares of GoDaddy in a research note on Friday, July 31st. Raymond James Financial downgraded shares of GoDaddy from a “strong-buy” rating to an “outperform” rating and set a $100.00 target price for the company. in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft lowered shares of GoDaddy to a “buy” rating in a research note on Friday, July 31st. Finally, Citigroup lowered their price target on shares of GoDaddy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Nine analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, GoDaddy presently has a consensus rating of “Hold” and an average target price of $110.07.

Insiders Place Their Bets

In related news, CAO Phontip Palitwanon sold 530 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $101.19, for a total value of $53,630.70. Following the transaction, the chief accounting officer directly owned 17,204 shares in the company, valued at approximately $1,740,872.76. This trade represents a 2.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Amanpal Bhutani sold 8,194 shares of GoDaddy stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $101.19, for a total transaction of $829,150.86. Following the completion of the transaction, the chief executive officer owned 504,553 shares in the company, valued at $51,055,718.07. This trade represents a 1.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 26,858 shares of company stock valued at $2,593,081 in the last three months. Company insiders own 0.93% of the company’s stock.

GoDaddy Stock Performance

Shares of NYSE GDDY opened at $101.34 on Tuesday. The business’s 50-day simple moving average is $93.87 and its 200-day simple moving average is $87.98. The company has a debt-to-equity ratio of 561.10, a quick ratio of 0.63 and a current ratio of 0.63. GoDaddy Inc. has a 52 week low of $71.59 and a 52 week high of $150.47. The firm has a market cap of $12.83 billion, a price-to-earnings ratio of 15.04, a P/E/G ratio of 0.91 and a beta of 0.94.

GoDaddy (NYSE:GDDY) last announced its earnings results on Thursday, July 30th. The technology company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.14. GoDaddy had a return on equity of 660.96% and a net margin of 17.83%.The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the business earned $1.41 earnings per share. The company’s revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts expect that GoDaddy Inc. will post 7.21 earnings per share for the current fiscal year.

GoDaddy Profile

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.