Verdence Capital Advisors LLC Sells 6,314 Shares of GoDaddy Inc. (NYSE:GDDY)

Verdence Capital Advisors LLC trimmed its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 47.9% in the first quarter, HoldingsChannel reports. The firm owned 6,880 shares of the technology company’s stock after selling 6,314 shares during the quarter. Verdence Capital Advisors LLC’s holdings in GoDaddy were worth $1,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in GoDaddy in the fourth quarter valued at approximately $44,668,000. HighTower Advisors LLC increased its position in shares of GoDaddy by 25.7% during the 4th quarter. HighTower Advisors LLC now owns 20,604 shares of the technology company’s stock valued at $4,067,000 after purchasing an additional 4,219 shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in GoDaddy by 16.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 2,863 shares of the technology company’s stock worth $565,000 after acquiring an additional 398 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in GoDaddy by 26.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,523 shares of the technology company’s stock worth $1,485,000 after acquiring an additional 1,595 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in GoDaddy by 163.1% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 16,357 shares of the technology company’s stock worth $3,228,000 after purchasing an additional 10,140 shares during the period. Institutional investors own 90.28% of the company’s stock.

Insider Buying and Selling at GoDaddy

In related news, CEO Amanpal Singh Bhutani sold 6,000 shares of the company’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $176.93, for a total transaction of $1,061,580.00. Following the completion of the sale, the chief executive officer directly owned 425,015 shares of the company’s stock, valued at approximately $75,197,903.95. This represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Mccaffrey sold 625 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $177.08, for a total value of $110,675.00. Following the sale, the chief financial officer owned 73,459 shares of the company’s stock, valued at $13,008,119.72. This represents a 0.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,757 shares of company stock worth $12,243,920. 0.61% of the stock is currently owned by company insiders.

GoDaddy Stock Up 0.1%

GDDY opened at $168.36 on Friday. The business’s 50-day simple moving average is $179.24 and its 200-day simple moving average is $184.01. The company has a debt-to-equity ratio of 18.91, a quick ratio of 0.56 and a current ratio of 0.56. GoDaddy Inc. has a one year low of $140.11 and a one year high of $216.00. The stock has a market capitalization of $23.99 billion, a P/E ratio of 32.38 and a beta of 1.05.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.08). GoDaddy had a return on equity of 211.09% and a net margin of 16.20%. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the firm earned $2.76 EPS. GoDaddy’s revenue was up 8.6% compared to the same quarter last year. Analysts anticipate that GoDaddy Inc. will post 6.63 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on GDDY shares. Wall Street Zen downgraded GoDaddy from a “buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Piper Sandler boosted their target price on GoDaddy from $177.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. Royal Bank Of Canada restated an “outperform” rating and set a $225.00 price target on shares of GoDaddy in a research report on Monday, June 23rd. Barclays dropped their price target on GoDaddy from $243.00 to $235.00 and set an “overweight” rating on the stock in a research report on Friday, May 2nd. Finally, Citigroup dropped their price target on GoDaddy from $260.00 to $234.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, GoDaddy has a consensus rating of “Moderate Buy” and an average price target of $214.86.

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.