Highland Capital Management LLC Makes New Investment in GoDaddy Inc. (NYSE:GDDY)

Highland Capital Management LLC acquired a new stake in GoDaddy Inc. (NYSE:GDDY - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 7,221 shares of the technology company's stock, valued at approximately $1,132,000.

Other hedge funds have also recently modified their holdings of the company. ORG Wealth Partners LLC purchased a new position in shares of GoDaddy in the third quarter valued at about $30,000. Transcendent Capital Group LLC purchased a new position in shares of GoDaddy during the second quarter valued at about $28,000. ORG Partners LLC purchased a new position in shares of GoDaddy during the second quarter valued at about $32,000. International Assets Investment Management LLC purchased a new position in shares of GoDaddy during the second quarter valued at about $36,000. Finally, Carolina Wealth Advisors LLC purchased a new position in shares of GoDaddy during the third quarter valued at about $49,000. Hedge funds and other institutional investors own 90.28% of the company's stock.

GoDaddy Stock Down 0.6 %

Shares of NYSE:GDDY traded down $0.92 during trading on Friday, reaching $160.53. 682,723 shares of the stock traded hands, compared to its average volume of 848,793. The stock has a 50-day moving average of $159.26 and a two-hundred day moving average of $145.92. GoDaddy Inc. has a 52-week low of $71.15 and a 52-week high of $167.65. The company has a debt-to-equity ratio of 24.13, a quick ratio of 0.48 and a current ratio of 0.48. The stock has a market cap of $22.63 billion, a P/E ratio of 12.83 and a beta of 1.12.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $1.01 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.06). The firm had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. GoDaddy had a net margin of 41.12% and a negative return on equity of 709.73%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.63 EPS. As a group, sell-side analysts expect that GoDaddy Inc. will post 5.07 earnings per share for the current fiscal year.

Insider Activity at GoDaddy

In related news, CAO Nick Daddario sold 684 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $157.23, for a total transaction of $107,545.32. Following the transaction, the chief accounting officer now owns 17,704 shares in the company, valued at $2,783,599.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other GoDaddy news, Director Sigal Zarmi sold 400 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $157.61, for a total value of $63,044.00. Following the transaction, the director now directly owns 4,661 shares in the company, valued at approximately $734,620.21. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nick Daddario sold 684 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $157.23, for a total transaction of $107,545.32. Following the completion of the transaction, the chief accounting officer now owns 17,704 shares in the company, valued at $2,783,599.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,744 shares of company stock worth $5,114,931 over the last quarter. Company insiders own 0.61% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GDDY. Raymond James boosted their price target on shares of GoDaddy from $150.00 to $175.00 and gave the company a "strong-buy" rating in a research report on Friday, August 2nd. StockNews.com cut shares of GoDaddy from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, August 7th. Benchmark reiterated a "buy" rating and set a $186.00 price target on shares of GoDaddy in a research report on Tuesday, October 15th. Cantor Fitzgerald reiterated a "neutral" rating and set a $170.00 price target on shares of GoDaddy in a research report on Monday, October 7th. Finally, Piper Sandler restated a "neutral" rating and issued a $172.00 price objective (up previously from $160.00) on shares of GoDaddy in a report on Monday, September 23rd. Five investment 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 company. Based on data from MarketBeat.com, GoDaddy presently has an average rating of "Moderate Buy" and a consensus price target of $166.54.

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.