AQR Capital Management LLC Trims Holdings in GoDaddy Inc. (NYSE:GDDY)

AQR Capital Management LLC cut its stake in GoDaddy Inc. (NYSE:GDDY) by 38.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,067,160 shares of the technology company’s stock after selling 657,383 shares during the quarter. AQR Capital Management LLC owned about 0.75% of GoDaddy worth $149,093,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its position in GoDaddy by 94.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,655,994 shares of the technology company’s stock worth $433,895,000 after buying an additional 1,775,708 shares in the last quarter. Kodai Capital Management LP bought a new stake in GoDaddy during the first quarter worth about $75,855,000. Bank of Nova Scotia lifted its stake in GoDaddy by 3,411.0% during the fourth quarter. Bank of Nova Scotia now owns 438,002 shares of the technology company’s stock worth $46,497,000 after purchasing an additional 425,527 shares during the last quarter. Federated Hermes Inc. lifted its stake in GoDaddy by 35.6% during the second quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock worth $209,743,000 after purchasing an additional 394,399 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in GoDaddy by 2.6% during the first quarter. Vanguard Group Inc. now owns 14,733,764 shares of the technology company’s stock worth $1,748,603,000 after purchasing an additional 379,228 shares during the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GDDY has been the subject of several research analyst reports. Barclays lifted their price target on GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Wednesday. Robert W. Baird boosted their target price on GoDaddy from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. B. Riley boosted their target price on GoDaddy from $143.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, July 12th. StockNews.com lowered GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Finally, Raymond James boosted their target price on GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Friday, August 2nd. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $166.54.

GoDaddy Stock Up 0.7 %

GDDY stock opened at $158.85 on Thursday. GoDaddy Inc. has a fifty-two week low of $71.15 and a fifty-two week high of $167.65. The business’s 50 day moving average price is $155.08 and its two-hundred day moving average price is $139.87. The company has a debt-to-equity ratio of 24.13, a quick ratio of 0.48 and a current ratio of 0.48. The company has a market capitalization of $22.39 billion, a price-to-earnings ratio of 13.19 and a beta of 1.13.

GoDaddy (NYSE:GDDY) last posted its earnings results on Thursday, August 1st. The technology company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $1.11 billion. During the same quarter last year, the company posted $0.63 EPS. The firm’s revenue was up 7.3% on a year-over-year basis. As a group, analysts forecast that GoDaddy Inc. will post 5.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $166.91, for a total transaction of $500,730.00. Following the completion of the transaction, the chief executive officer now owns 358,773 shares in the company, valued at $59,882,801.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Mark Mccaffrey sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $164.75, for a total value of $906,125.00. Following the transaction, the chief financial officer now owns 101,286 shares in the company, valued at $16,686,868.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $166.91, for a total transaction of $500,730.00. Following the completion of the transaction, the chief executive officer now owns 358,773 shares of the company’s stock, valued at $59,882,801.43. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,744 shares of company stock worth $4,816,386. Company 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.