Russell Investments Group Ltd. Cuts Holdings in GoDaddy Inc. (NYSE:GDDY)

Russell Investments Group Ltd. reduced its position in GoDaddy Inc. (NYSE:GDDY - Free Report) by 15.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 235,855 shares of the technology company's stock after selling 43,944 shares during the period. Russell Investments Group Ltd. owned about 0.17% of GoDaddy worth $46,563,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Anchor Investment Management LLC bought a new stake in shares of GoDaddy during the 3rd quarter valued at $31,000. Versant Capital Management Inc bought a new stake in GoDaddy during the fourth quarter valued at about $43,000. Rakuten Securities Inc. raised its stake in shares of GoDaddy by 311.3% in the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company's stock worth $43,000 after buying an additional 165 shares during the period. Friedenthal Financial purchased a new position in shares of GoDaddy during the 4th quarter valued at about $49,000. Finally, OFI Invest Asset Management bought a new position in shares of GoDaddy during the 4th quarter valued at approximately $52,000. 90.28% of the stock is owned by institutional investors.

Insider Activity

In other news, COO Roger Chen sold 1,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $200.57, for a total value of $200,570.00. Following the transaction, the chief operating officer now directly owns 183,632 shares of the company's stock, valued at approximately $36,831,070.24. This represents a 0.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Sharples sold 500 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $207.70, for a total value of $103,850.00. Following the completion of the sale, the director now owns 22,621 shares in the company, valued at approximately $4,698,381.70. This represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,000 shares of company stock worth $3,546,970. Insiders own 0.61% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GDDY shares. StockNews.com lowered shares of GoDaddy from a "buy" rating to a "hold" rating in a report on Monday, February 17th. Morgan Stanley lifted their price target 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. Jefferies Financial Group dropped their price objective on shares of GoDaddy from $200.00 to $185.00 and set a "hold" rating for the company in a report on Monday, April 7th. Piper Sandler boosted their target price on GoDaddy from $176.00 to $177.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Finally, Benchmark raised their price target on GoDaddy from $200.00 to $230.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GoDaddy currently has an average rating of "Moderate Buy" and an average target price of $212.20.

GoDaddy Stock Up 1.8 %

GDDY stock traded up $3.06 during trading on Friday, hitting $172.06. 2,360,607 shares of the company's stock traded hands, compared to its average volume of 1,457,459. The firm has a market capitalization of $24.32 billion, a P/E ratio of 26.68 and a beta of 1.19. GoDaddy Inc. has a 1 year low of $119.76 and a 1 year high of $216.00. The company has a quick ratio of 0.56, a current ratio of 0.72 and a debt-to-equity ratio of 5.46. The business has a fifty day simple moving average of $180.85 and a two-hundred day simple moving average of $185.33.

GoDaddy (NYSE:GDDY - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported $1.42 earnings per share for the quarter, missing analysts' consensus estimates of $1.43 by ($0.01). The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.18 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. Sell-side analysts anticipate that GoDaddy Inc. will post 6.63 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.