Bleakley Financial Group LLC Cuts Stake in GoDaddy Inc. (NYSE:GDDY)

Bleakley Financial Group LLC reduced its position in shares of GoDaddy Inc. (NYSE:GDDY) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,366 shares of the technology company’s stock after selling 525 shares during the period. Bleakley Financial Group LLC’s holdings in GoDaddy were worth $1,651,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Meritage Portfolio Management boosted its stake in GoDaddy by 7.4% during the 4th quarter. Meritage Portfolio Management now owns 11,779 shares of the technology company’s stock worth $2,325,000 after purchasing an additional 812 shares during the last quarter. Choreo LLC lifted its stake in GoDaddy by 106.1% in the 4th quarter. Choreo LLC now owns 4,283 shares of the technology company’s stock worth $854,000 after purchasing an additional 2,205 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of GoDaddy by 10.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,156 shares of the technology company’s stock worth $8,256,000 after purchasing an additional 3,917 shares during the last quarter. Trust Point Inc. purchased a new stake in shares of GoDaddy in the fourth quarter valued at approximately $961,000. Finally, Alliance Wealth Advisors LLC UT purchased a new position in GoDaddy during the fourth quarter worth approximately $386,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Analyst Upgrades and Downgrades

GDDY has been the subject of a number of recent research reports. Morgan Stanley raised their target price on GoDaddy from $189.00 to $227.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Piper Sandler increased their price target on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Jefferies Financial Group increased their price objective on GoDaddy from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upped their price target on GoDaddy from $224.00 to $231.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Citigroup raised their price objective on GoDaddy from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.53.

Insiders Place Their Bets

In related news, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $197.77, for a total value of $593,310.00. Following the completion of the transaction, the chief executive officer now owns 342,956 shares in the company, valued at $67,826,408.12. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Phontip Palitwanon sold 770 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $196.64, for a total transaction of $151,412.80. Following the completion of the sale, the chief accounting officer now owns 23,059 shares in the company, valued at $4,534,321.76. The trade was a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,983 shares of company stock worth $4,983,133 in the last quarter. 0.61% of the stock is owned by company insiders.

GoDaddy Stock Up 0.1 %

GoDaddy stock opened at $211.14 on Friday. The firm has a market capitalization of $29.64 billion, a P/E ratio of 16.32 and a beta of 1.15. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61. GoDaddy Inc. has a twelve month low of $107.92 and a twelve month high of $216.00. The stock’s fifty day simple moving average is $203.90 and its 200-day simple moving average is $177.29.

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.