Wealth Enhancement Advisory Services LLC Increases Stock Position in GoDaddy Inc. (NYSE:GDDY)

Wealth Enhancement Advisory Services LLC boosted its position in shares of GoDaddy Inc. (NYSE:GDDY) by 4.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,184 shares of the technology company’s stock after purchasing an additional 240 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in GoDaddy were worth $1,023,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GDDY. WCM Investment Management LLC grew its stake in shares of GoDaddy by 7,083.4% during the fourth quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company’s stock valued at $678,941,000 after acquiring an additional 3,356,678 shares in the last quarter. Norges Bank purchased a new position in GoDaddy in the fourth quarter valued at about $356,038,000. Canada Pension Plan Investment Board grew its stake in GoDaddy by 107.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company’s stock valued at $273,582,000 after purchasing an additional 719,000 shares in the last quarter. Congress Asset Management Co. purchased a new stake in GoDaddy during the 4th quarter worth approximately $111,923,000. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in shares of GoDaddy by 88.2% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,082,381 shares of the technology company’s stock valued at $213,630,000 after purchasing an additional 507,374 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Piper Sandler raised their price target on shares of GoDaddy from $177.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. raised their price objective on shares of GoDaddy from $231.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Morgan Stanley dropped their target price on shares of GoDaddy from $228.00 to $206.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Royal Bank of Canada reduced their price target on shares of GoDaddy from $230.00 to $225.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Finally, Citigroup decreased their price target on GoDaddy from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Friday, April 25th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $214.86.

Insider Buying and Selling at GoDaddy

In related news, CFO Mark Mccaffrey sold 3,317 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $179.81, for a total value of $596,429.77. Following the completion of the transaction, the chief financial officer now owns 74,084 shares in the company, valued at $13,321,044.04. This represents a 4.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $190.86, for a total transaction of $572,580.00. Following the transaction, the chief executive officer now directly owns 440,947 shares in the company, valued at approximately $84,159,144.42. The trade was a 0.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,459 shares of company stock valued at $12,214,374 in the last ninety days. Company insiders own 0.61% of the company’s stock.

GoDaddy Stock Performance

Shares of GDDY stock opened at $182.93 on Monday. The company has a market cap of $26.07 billion, a P/E ratio of 28.36 and a beta of 1.07. The business has a 50 day moving average of $179.39 and a two-hundred day moving average of $189.35. GoDaddy Inc. has a 52 week low of $135.73 and a 52 week high of $216.00. 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 released its quarterly earnings data on Thursday, May 1st. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.08). The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.76 EPS. As a group, analysts anticipate that GoDaddy Inc. will post 6.63 EPS for the current year.

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.