Freestone Grove Partners LP Invests $1.22 Million in GoDaddy Inc. (NYSE:GDDY)

Freestone Grove Partners LP purchased a new stake in GoDaddy Inc. (NYSE:GDDY) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,160 shares of the technology company’s stock, valued at approximately $1,216,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Anchor Investment Management LLC purchased a new stake in shares of GoDaddy during the 3rd quarter worth approximately $31,000. Versant Capital Management Inc acquired a new stake in GoDaddy during the 4th quarter worth $43,000. Rakuten Securities Inc. lifted its position in GoDaddy by 311.3% in the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after acquiring an additional 165 shares during the last quarter. Friedenthal Financial acquired a new position in GoDaddy in the fourth quarter valued at $49,000. Finally, OFI Invest Asset Management purchased a new position in shares of GoDaddy during the fourth quarter worth about $52,000. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at GoDaddy

In related news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $207.70, for a total value of $623,100.00. Following the sale, the chief executive officer now directly owns 330,153 shares of the company’s stock, valued at approximately $68,572,778.10. This represents a 0.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $207.70, for a total transaction of $103,850.00. Following the transaction, the director now owns 22,621 shares of the company’s stock, valued at approximately $4,698,381.70. The trade was a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,000 shares of company stock valued at $3,518,150 in the last quarter. 0.61% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GDDY has been the subject of several research reports. Morgan Stanley decreased their target price on GoDaddy from $228.00 to $206.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company began coverage on shares of GoDaddy in a research report on Monday, February 3rd. They set an “equal weight” rating and a $198.00 target price on the stock. StockNews.com cut shares of GoDaddy from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Benchmark reiterated a “buy” rating on shares of GoDaddy in a research note on Monday. Finally, B. Riley upped their target price on shares of GoDaddy from $220.00 to $225.00 and gave the company a “buy” rating in a report on Friday, February 14th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $208.93.

GoDaddy Trading Down 8.4 %

NYSE:GDDY opened at $176.27 on Friday. GoDaddy Inc. has a 1 year low of $122.04 and a 1 year high of $216.00. The company has a debt-to-equity ratio of 5.46, a quick ratio of 0.56 and a current ratio of 0.72. The stock has a fifty day moving average price of $176.43 and a two-hundred day moving average price of $187.19. The stock has a market capitalization of $24.92 billion, a price-to-earnings ratio of 27.33 and a beta of 1.13.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $1.19 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The business’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 business earned $2.76 EPS. As a group, sell-side analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

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.