Starboard Value LP Decreases Holdings in GoDaddy Inc. (NYSE:GDDY)

Starboard Value LP lessened its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 32.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,134,093 shares of the technology company’s stock after selling 1,478,276 shares during the quarter. GoDaddy comprises 10.4% of Starboard Value LP’s investment portfolio, making the stock its 2nd largest position. Starboard Value LP owned about 2.23% of GoDaddy worth $491,363,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of GDDY. Ashton Thomas Securities LLC bought a new stake in GoDaddy in the 3rd quarter worth approximately $27,000. Transcendent Capital Group LLC bought a new stake in shares of GoDaddy in the 2nd quarter worth approximately $28,000. ORG Wealth Partners LLC purchased a new stake in shares of GoDaddy in the 3rd quarter valued at $30,000. ORG Partners LLC bought a new position in shares of GoDaddy during the 2nd quarter valued at $32,000. Finally, International Assets Investment Management LLC purchased a new position in GoDaddy in the 2nd quarter worth $36,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on GDDY. StockNews.com lowered shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Piper Sandler raised their price target on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. 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, September 25th. Robert W. Baird increased their price objective on GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $170.00 target price on shares of GoDaddy in a research note on Monday, October 7th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, GoDaddy has a consensus rating of “Moderate Buy” and an average price target of $173.31.

Insider Activity at GoDaddy

In other GoDaddy news, Director Brian Sharples sold 500 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $179.00, for a total transaction of $89,500.00. Following the completion of the transaction, the director now owns 24,121 shares of the company’s stock, valued at approximately $4,317,659. This trade represents a 2.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $152.17, for a total value of $152,170.00. Following the completion of the sale, the chief operating officer now directly owns 187,632 shares in the company, valued at approximately $28,551,961.44. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,345 shares of company stock worth $3,897,255 over the last ninety days. 0.61% of the stock is owned by corporate insiders.

GoDaddy Trading Down 0.1 %

NYSE:GDDY opened at $197.57 on Monday. GoDaddy Inc. has a 12 month low of $98.13 and a 12 month high of $202.56. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61. The company has a 50-day moving average price of $170.85 and a 200-day moving average price of $155.88. The stock has a market cap of $27.74 billion, a price-to-earnings ratio of 15.27 and a beta of 1.11.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the firm posted $0.89 EPS. The business’s revenue was up 7.3% on a year-over-year basis. Equities analysts predict that GoDaddy Inc. will post 4.95 EPS for the current year.

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.