State of New Jersey Common Pension Fund D Cuts Stake in GoDaddy Inc. (NYSE:GDDY)

State of New Jersey Common Pension Fund D lessened its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 39.0% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 48,596 shares of the technology company’s stock after selling 31,117 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in GoDaddy were worth $6,789,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GDDY. Price T Rowe Associates Inc. MD increased its position in GoDaddy by 94.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,655,994 shares of the technology company’s stock worth $433,895,000 after purchasing an additional 1,775,708 shares in the last quarter. Norges Bank acquired a new stake in GoDaddy during the 4th quarter worth approximately $181,687,000. Kodai Capital Management LP acquired a new stake in GoDaddy in the first quarter valued at approximately $75,855,000. Bank of Nova Scotia grew its position in GoDaddy by 3,411.0% in the fourth quarter. Bank of Nova Scotia now owns 438,002 shares of the technology company’s stock valued at $46,497,000 after acquiring an additional 425,527 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in GoDaddy by 2.6% in the first quarter. Vanguard Group Inc. now owns 14,733,764 shares of the technology company’s stock valued at $1,748,603,000 after acquiring an additional 379,228 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on GDDY. Citigroup increased their price objective on shares of GoDaddy from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, May 31st. B. Riley increased their price objective on shares of GoDaddy from $143.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Cantor Fitzgerald began coverage on shares of GoDaddy in a research report on Thursday, September 5th. They issued a “neutral” rating and a $170.00 price objective for the company. StockNews.com downgraded shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler increased their price objective on shares of GoDaddy from $145.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $164.08.

GoDaddy Stock Performance

Shares of GDDY opened at $152.28 on Monday. The business’s fifty day moving average price is $153.13 and its 200 day moving average price is $137.55. GoDaddy Inc. has a 12-month low of $71.15 and a 12-month high of $167.65. The stock has a market capitalization of $21.47 billion, a PE ratio of 12.65 and a beta of 1.13. The company has a debt-to-equity ratio of 24.13, a current ratio of 0.48 and a quick ratio of 0.48.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.06). GoDaddy had a negative return on equity of 709.73% and a net margin of 41.12%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the business earned $0.63 earnings per share. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. Equities research analysts forecast that GoDaddy Inc. will post 5.06 EPS for the current year.

Insider Buying and Selling

In other GoDaddy news, CAO Nick Daddario sold 684 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $157.23, for a total value of $107,545.32. Following the sale, the chief accounting officer now directly owns 17,704 shares in the company, valued at $2,783,599.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other GoDaddy news, CAO Nick Daddario sold 684 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $157.23, for a total value of $107,545.32. Following the sale, the chief accounting officer now directly owns 17,704 shares in the company, valued at $2,783,599.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Roger Chen sold 4,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $139.79, for a total value of $559,160.00. Following the completion of the sale, the chief operating officer now owns 192,632 shares in the company, valued at $26,928,027.28. The disclosure for this sale can be found here. Insiders have sold 30,744 shares of company stock worth $4,664,216 over the last ninety days. 0.61% of the stock is owned by insiders.

GoDaddy Company 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.