Allstate Corp Makes New Investment in GoDaddy Inc. (NYSE:GDDY)

Allstate Corp acquired a new stake in GoDaddy Inc. (NYSE:GDDY) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,186 shares of the technology company’s stock, valued at approximately $826,000.

A number of other institutional investors have also made changes to their positions in the business. Anchor Investment Management LLC acquired a new position in GoDaddy during the third quarter valued at approximately $31,000. Versant Capital Management Inc bought a new stake in shares of GoDaddy during the 4th quarter worth approximately $43,000. Rakuten Securities Inc. boosted its holdings in shares of GoDaddy by 311.3% in the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after buying an additional 165 shares during the last quarter. Friedenthal Financial bought a new position in shares of GoDaddy in the fourth quarter valued at $49,000. Finally, OFI Invest Asset Management acquired a new position in GoDaddy during the fourth quarter worth $52,000. Institutional investors own 90.28% of the company’s stock.

Analyst Ratings Changes

GDDY has been the subject of a number of analyst reports. Wells Fargo & Company began coverage on shares of GoDaddy in a research report on Monday, February 3rd. They issued an “equal weight” rating and a $198.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $230.00 price objective (up from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Benchmark boosted their target price on GoDaddy from $200.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Jefferies Financial Group raised their price target on GoDaddy from $170.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley upped their price objective on shares of GoDaddy from $227.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, GoDaddy has an average rating of “Moderate Buy” and a consensus price target of $213.20.

GoDaddy Stock Performance

NYSE GDDY opened at $180.20 on Tuesday. The firm has a 50-day moving average price of $189.38 and a two-hundred day moving average price of $184.61. GoDaddy Inc. has a 12-month low of $118.39 and a 12-month high of $216.00. The company has a market capitalization of $25.47 billion, a P/E ratio of 27.94 and a beta of 1.25. The company has a quick ratio of 0.56, a current ratio of 0.72 and a debt-to-equity ratio of 5.46.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.01). GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.18 billion. Analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current year.

Insider Transactions at GoDaddy

In other news, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $174.21, for a total transaction of $174,210.00. Following the completion of the sale, the chief operating officer now owns 257,949 shares of the company’s stock, valued at approximately $44,937,295.29. This represents a 0.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total transaction of $597,030.00. Following the completion of the transaction, the chief executive officer now directly owns 333,153 shares in the company, valued at $66,300,778.53. This trade represents a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,480 shares of company stock valued at $3,816,029. 0.61% of the stock is owned by corporate insiders.

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.