Northwestern Mutual Wealth Management Co. Boosts Position in GoDaddy Inc. (NYSE:GDDY)

Northwestern Mutual Wealth Management Co. lifted its holdings in shares of GoDaddy Inc. (NYSE:GDDYGet Rating) by 1,041.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,088 shares of the technology company’s stock after purchasing an additional 1,905 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in GoDaddy were worth $145,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of GDDY. Wellington Management Group LLP lifted its position in GoDaddy by 28.5% in the 1st quarter. Wellington Management Group LLP now owns 13,754,555 shares of the technology company’s stock worth $1,151,257,000 after buying an additional 3,052,975 shares during the last quarter. Starboard Value LP lifted its position in GoDaddy by 21.5% in the 1st quarter. Starboard Value LP now owns 8,250,420 shares of the technology company’s stock worth $690,560,000 after buying an additional 1,459,021 shares during the last quarter. JPMorgan Chase & Co. lifted its position in GoDaddy by 1,429.5% in the 1st quarter. JPMorgan Chase & Co. now owns 1,291,216 shares of the technology company’s stock worth $108,074,000 after buying an additional 1,206,794 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in GoDaddy by 108.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,396,699 shares of the technology company’s stock worth $116,903,000 after buying an additional 727,582 shares during the last quarter. Finally, Freshford Capital Management LLC bought a new stake in GoDaddy in the 1st quarter worth approximately $37,165,000. Hedge funds and other institutional investors own 96.50% of the company’s stock.

Wall Street Analysts Forecast Growth

GDDY has been the subject of a number of recent research reports. Raymond James dropped their target price on GoDaddy from $100.00 to $88.00 and set a “strong-buy” rating for the company in a research report on Friday, November 4th. Evercore ISI boosted their target price on GoDaddy to $91.00 in a research report on Tuesday, August 9th. Piper Sandler lowered their price objective on GoDaddy from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, November 4th. StockNews.com assumed coverage on GoDaddy in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. Finally, Morgan Stanley boosted their price objective on GoDaddy from $91.00 to $93.00 and gave the company an “equal weight” rating in a research report on Thursday, August 4th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $97.86.

Insider Activity

In other news, CAO Nick Daddario sold 600 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $82.00, for a total transaction of $49,200.00. Following the transaction, the chief accounting officer now directly owns 15,608 shares of the company’s stock, valued at $1,279,856. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Nick Daddario sold 600 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $82.00, for a total value of $49,200.00. Following the sale, the chief accounting officer now directly owns 15,608 shares of the company’s stock, valued at $1,279,856. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Amanpal Singh Bhutani sold 1,987 shares of the company’s stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $74.51, for a total value of $148,051.37. Following the completion of the sale, the chief executive officer now directly owns 217,050 shares in the company, valued at $16,172,395.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,223 shares of company stock valued at $542,463. Company insiders own 0.37% of the company’s stock.

GoDaddy Stock Performance

GDDY opened at $71.76 on Friday. GoDaddy Inc. has a 52-week low of $64.65 and a 52-week high of $88.32. The stock has a market capitalization of $11.24 billion, a PE ratio of 33.85, a price-to-earnings-growth ratio of 2.08 and a beta of 0.95. The stock’s 50 day moving average price is $74.60 and its 200-day moving average price is $74.44.

About GoDaddy

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GoDaddy Inc engages in the design and development of cloud-based technology products in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity. It also offers shared Website hosting products that provide various applications and products, such as web analytics, Secure Sockets Layer certificates, and WordPress; Website hosting on virtual private servers and virtual dedicated servers products, which allows customers to select the server configuration suited for their applications, requirements, and growth; managed hosting products to set up, monitor, maintain, secure, and patch software and servers for customers; and security products, a suite of tools designed to help secure customers' online presence.

Further Reading

Institutional Ownership by Quarter for GoDaddy (NYSE:GDDY)

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