State of Michigan Retirement System Sells 300 Shares of GoDaddy Inc. (NYSE:GDDY)

State of Michigan Retirement System trimmed its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 0.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,100 shares of the technology company’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in GoDaddy were worth $7,520,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GDDY. Steward Partners Investment Advisory LLC grew its holdings in GoDaddy by 16.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 678 shares of the technology company’s stock valued at $134,000 after purchasing an additional 98 shares during the period. LGT Fund Management Co Ltd. purchased a new position in shares of GoDaddy during the 4th quarter valued at about $2,790,000. Plato Investment Management Ltd grew its stake in shares of GoDaddy by 11.3% during the 4th quarter. Plato Investment Management Ltd now owns 7,209 shares of the technology company’s stock valued at $1,428,000 after acquiring an additional 730 shares during the period. SBI Securities Co. Ltd. purchased a new stake in GoDaddy in the 4th quarter worth approximately $98,000. Finally, Jones Financial Companies Lllp raised its stake in GoDaddy by 68.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,229 shares of the technology company’s stock worth $243,000 after acquiring an additional 499 shares during the period. 90.28% of the stock is owned by hedge funds and other institutional investors.

GoDaddy Price Performance

GDDY stock opened at $176.29 on Thursday. GoDaddy Inc. has a 52 week low of $109.16 and a 52 week high of $216.00. The firm has a market capitalization of $24.92 billion, a P/E ratio of 27.33 and a beta of 1.15. The company has a fifty day simple moving average of $196.74 and a two-hundred day simple moving average of $182.11. The company has a quick ratio of 0.56, a current ratio of 0.72 and a debt-to-equity ratio of 5.46.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.01). The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.18 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. Analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on GDDY shares. UBS Group upped their price target on shares of GoDaddy from $172.00 to $225.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Barclays upped their target price on shares of GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Citigroup raised their price target on GoDaddy from $240.00 to $251.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Morgan Stanley upped their price objective on GoDaddy from $227.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Finally, Raymond James lifted their target price on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 21st. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $213.20.

Insider Activity

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total value of $597,030.00. Following the sale, the chief executive officer now owns 333,153 shares of the company’s stock, valued at approximately $66,300,778.53. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Mccaffrey sold 5,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $199.01, for a total transaction of $1,094,555.00. Following the completion of the sale, the chief financial officer now owns 84,300 shares of the company’s stock, valued at $16,776,543. This trade represents a 6.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,034 shares of company stock valued at $4,166,030 in the last ninety days. Insiders own 0.61% of the company’s stock.

GoDaddy 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.