The Manufacturers Life Insurance Company Decreases Stake in GoDaddy Inc. (NYSE:GDDY)

The Manufacturers Life Insurance Company decreased its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 29.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,358 shares of the technology company’s stock after selling 31,561 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.05% of GoDaddy worth $10,528,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. MBB Public Markets I LLC acquired a new stake in shares of GoDaddy in the second quarter valued at approximately $1,472,000. Eminence Capital LP grew its holdings in GoDaddy by 7.3% in the 2nd quarter. Eminence Capital LP now owns 221,832 shares of the technology company’s stock valued at $30,992,000 after buying an additional 15,002 shares in the last quarter. APG Asset Management N.V. increased its stake in shares of GoDaddy by 57.2% in the 2nd quarter. APG Asset Management N.V. now owns 499,990 shares of the technology company’s stock worth $65,177,000 after acquiring an additional 181,944 shares during the last quarter. APG Asset Management US Inc. purchased a new position in shares of GoDaddy during the 2nd quarter worth $6,100,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of GoDaddy during the 2nd quarter valued at about $3,225,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Benchmark increased their price target on shares of GoDaddy from $170.00 to $186.00 and gave the company a “buy” rating in a research note on Monday, August 26th. Piper Sandler reissued a “neutral” rating and set a $172.00 target price (up previously from $160.00) on shares of GoDaddy in a research note on Monday, September 23rd. Raymond James lifted their target price on GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Friday, August 2nd. Robert W. Baird increased their price target on GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, StockNews.com downgraded GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $166.54.

GoDaddy Stock Down 0.3 %

Shares of NYSE:GDDY opened at $154.43 on Friday. GoDaddy Inc. has a fifty-two week low of $71.15 and a fifty-two week high of $167.65. The firm’s 50 day moving average price is $156.28 and its 200 day moving average price is $141.31. The stock has a market cap of $22.04 billion, a price-to-earnings ratio of 12.83 and a beta of 1.13. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 24.13.

GoDaddy (NYSE:GDDY) last posted its earnings results on Thursday, August 1st. The technology company reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.06). The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. GoDaddy had a negative return on equity of 709.73% and a net margin of 41.12%. GoDaddy’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 EPS. As a group, equities research analysts predict that GoDaddy Inc. will post 5.06 earnings per share for the current fiscal year.

Insider Activity at GoDaddy

In related news, CEO Amanpal Singh Bhutani sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $166.91, for a total value of $500,730.00. Following the completion of the sale, the chief executive officer now directly owns 358,773 shares of the company’s stock, valued at $59,882,801.43. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $166.91, for a total value of $500,730.00. Following the completion of the sale, the chief executive officer now directly owns 358,773 shares of the company’s stock, valued at $59,882,801.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Mccaffrey sold 5,500 shares of GoDaddy stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $155.60, for a total transaction of $855,800.00. Following the completion of the transaction, the chief financial officer now owns 93,102 shares in the company, valued at $14,486,671.20. The disclosure for this sale can be found here. Insiders have sold 31,744 shares of company stock valued at $4,950,771 in the last ninety days. Insiders own 0.61% of the company’s stock.

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.