California Public Employees Retirement System Lowers Holdings in GoDaddy Inc. (NYSE:GDDY)

California Public Employees Retirement System trimmed its position in GoDaddy Inc. (NYSE:GDDY) by 0.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 923,122 shares of the technology company’s stock after selling 1,366 shares during the period. California Public Employees Retirement System’s holdings in GoDaddy were worth $97,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of GoDaddy during the 4th quarter worth $556,000. Signaturefd LLC boosted its position in shares of GoDaddy by 9.2% during the 4th quarter. Signaturefd LLC now owns 2,207 shares of the technology company’s stock worth $234,000 after purchasing an additional 186 shares in the last quarter. Lindbrook Capital LLC boosted its position in shares of GoDaddy by 74.0% during the 4th quarter. Lindbrook Capital LLC now owns 731 shares of the technology company’s stock worth $78,000 after purchasing an additional 311 shares in the last quarter. abrdn plc boosted its position in shares of GoDaddy by 90.0% during the 4th quarter. abrdn plc now owns 51,353 shares of the technology company’s stock worth $5,452,000 after purchasing an additional 24,323 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of GoDaddy by 3,402.0% during the 4th quarter. Federated Hermes Inc. now owns 955,559 shares of the technology company’s stock worth $101,442,000 after purchasing an additional 928,273 shares in the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GDDY shares. B. Riley lifted their price target on GoDaddy from $124.00 to $142.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Robert W. Baird lifted their price target on GoDaddy from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Monday, March 25th. Raymond James started coverage on GoDaddy in a research note on Wednesday, March 27th. They set a “strong-buy” rating and a $150.00 price target for the company. Morgan Stanley lifted their price target on GoDaddy from $120.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Finally, Piper Sandler boosted their target price on shares of GoDaddy from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, GoDaddy has a consensus rating of “Moderate Buy” and a consensus price target of $135.18.

GoDaddy Stock Up 0.3 %

GDDY opened at $123.79 on Thursday. The company has a debt-to-equity ratio of 61.07, a current ratio of 0.47 and a quick ratio of 0.47. The stock has a market capitalization of $17.64 billion, a price-to-earnings ratio of 12.92 and a beta of 1.12. The business has a 50-day moving average of $118.20 and a two-hundred day moving average of $104.29. GoDaddy Inc. has a 12 month low of $67.43 and a 12 month high of $127.15.

GoDaddy (NYSE:GDDY) last posted its earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.05. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.10 billion. GoDaddy had a net margin of 32.74% and a negative return on equity of 89.25%. On average, research analysts expect that GoDaddy Inc. will post 4.76 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Roger Chen sold 4,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $118.56, for a total transaction of $474,240.00. Following the completion of the sale, the chief operating officer now owns 204,632 shares of the company’s stock, valued at approximately $24,261,169.92. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Mark Mccaffrey sold 624 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $120.83, for a total transaction of $75,397.92. Following the completion of the transaction, the chief financial officer now directly owns 116,328 shares in the company, valued at approximately $14,055,912.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Roger Chen sold 4,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $118.56, for a total value of $474,240.00. Following the transaction, the chief operating officer now owns 204,632 shares of the company’s stock, valued at $24,261,169.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,234 shares of company stock valued at $13,534,946. 0.54% of the stock is currently owned by corporate insiders.

About GoDaddy

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.