Nordea Investment Management AB Boosts Position in GoDaddy Inc. (NYSE:GDDY)

Nordea Investment Management AB raised its position in GoDaddy Inc. (NYSE:GDDY) by 2.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 12,804 shares of the technology company’s stock after purchasing an additional 303 shares during the period. Nordea Investment Management AB’s holdings in GoDaddy were worth $2,530,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Fiera Capital Corp increased its stake in shares of GoDaddy by 1.6% during the 2nd quarter. Fiera Capital Corp now owns 828,326 shares of the technology company’s stock worth $115,725,000 after purchasing an additional 13,206 shares in the last quarter. Wedbush Securities Inc. purchased a new position in GoDaddy during the second quarter worth $213,000. Choreo LLC acquired a new position in shares of GoDaddy in the second quarter worth $205,000. American Century Companies Inc. lifted its position in shares of GoDaddy by 374.3% in the second quarter. American Century Companies Inc. now owns 150,451 shares of the technology company’s stock valued at $21,020,000 after acquiring an additional 118,731 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of GoDaddy during the second quarter valued at $2,076,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

GoDaddy Price Performance

GoDaddy stock opened at $192.82 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. The firm has a market capitalization of $27.07 billion, a P/E ratio of 14.90 and a beta of 1.15. The firm has a fifty day moving average of $196.26 and a 200-day moving average of $169.18. GoDaddy Inc. has a 52-week low of $103.10 and a 52-week high of $211.11.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.07. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 EPS. As a group, analysts predict that GoDaddy Inc. will post 4.96 EPS for the current year.

Insider Activity at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $164.16, for a total value of $164,160.00. Following the transaction, the chief operating officer now owns 186,632 shares in the company, valued at $30,637,509.12. The trade was a 0.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $167.79, for a total transaction of $503,370.00. Following the completion of the transaction, the chief executive officer now directly owns 345,956 shares of the company’s stock, valued at approximately $58,047,957.24. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,003 shares of company stock worth $4,626,523. 0.61% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GDDY. Citigroup boosted their target price on shares of GoDaddy from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Friday, January 3rd. Piper Sandler boosted their price objective on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Benchmark raised their target price on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. B. Riley boosted their price target on GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. increased their price target on GoDaddy from $175.00 to $224.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $187.71.

About GoDaddy

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.