GoDaddy Inc. (NYSE:GDDY) Shares Sold by abrdn plc

abrdn plc lowered its stake in GoDaddy Inc. (NYSE:GDDY) by 1.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 56,378 shares of the technology company’s stock after selling 865 shares during the quarter. abrdn plc’s holdings in GoDaddy were worth $11,129,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in shares of GoDaddy by 3.4% in the 3rd quarter. Principal Financial Group Inc. now owns 198,058 shares of the technology company’s stock valued at $31,052,000 after buying an additional 6,424 shares during the period. Highland Capital Management LLC purchased a new stake in GoDaddy during the third quarter worth about $1,132,000. CWA Asset Management Group LLC lifted its position in shares of GoDaddy by 29.2% during the fourth quarter. CWA Asset Management Group LLC now owns 16,071 shares of the technology company’s stock worth $3,172,000 after purchasing an additional 3,631 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of GoDaddy by 28.0% during the third quarter. Crossmark Global Holdings Inc. now owns 44,054 shares of the technology company’s stock worth $6,907,000 after purchasing an additional 9,631 shares in the last quarter. Finally, Dai ichi Life Insurance Company Ltd boosted its stake in shares of GoDaddy by 39.6% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 60,022 shares of the technology company’s stock valued at $9,410,000 after purchasing an additional 17,021 shares during the period. Hedge funds and other institutional investors own 90.28% of the company’s stock.

GoDaddy Trading Up 0.1 %

NYSE GDDY opened at $211.14 on Friday. The firm’s fifty day moving average price is $203.90 and its 200 day moving average price is $177.29. GoDaddy Inc. has a 12 month low of $107.92 and a 12 month high of $216.00. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $29.64 billion, a price-to-earnings ratio of 16.32 and a beta of 1.15.

Insiders Place Their Bets

In other news, CAO Phontip Palitwanon sold 770 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 23,059 shares in the company, valued at approximately $4,534,321.76. This trade represents a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $197.77, for a total transaction of $593,310.00. Following the completion of the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,983 shares of company stock valued at $4,983,133. 0.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $230.00 target price (up from $190.00) on shares of GoDaddy in a report on Wednesday, December 4th. Piper Sandler increased their price objective on GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Raymond James boosted their target price on GoDaddy from $185.00 to $230.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 21st. Wells Fargo & Company began coverage on GoDaddy in a research note on Monday, February 3rd. They issued an “equal weight” rating and a $198.00 price objective for the company. Finally, B. Riley boosted their price objective on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $198.53.

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.