abrdn plc Raises Stake in GoDaddy Inc. (NYSE:GDDY)

abrdn plc increased its stake in GoDaddy Inc. (NYSE:GDDY) by 100.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,243 shares of the technology company’s stock after buying an additional 28,672 shares during the period. abrdn plc’s holdings in GoDaddy were worth $8,947,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of GoDaddy by 94.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,655,994 shares of the technology company’s stock worth $433,895,000 after buying an additional 1,775,708 shares during the period. Kodai Capital Management LP bought a new position in GoDaddy during the 1st quarter worth about $75,855,000. Federated Hermes Inc. increased its position in GoDaddy by 35.6% during the 2nd quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock valued at $209,743,000 after purchasing an additional 394,399 shares during the period. Wedge Capital Management L L P NC increased its position in GoDaddy by 2,279.5% during the 3rd quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock valued at $62,908,000 after purchasing an additional 384,386 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of GoDaddy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 14,733,764 shares of the technology company’s stock valued at $1,748,603,000 after purchasing an additional 379,228 shares in the last quarter. Institutional investors own 90.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GDDY shares. Royal Bank of Canada lifted their price objective on shares of GoDaddy from $175.00 to $190.00 and gave the company an “outperform” rating in a report on Friday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $170.00 price target on shares of GoDaddy in a report on Monday, October 7th. Piper Sandler upped their price objective on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research note on Thursday. Benchmark raised their price objective on GoDaddy from $186.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Raymond James boosted their target price on shares of GoDaddy from $150.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, GoDaddy currently has a consensus rating of “Moderate Buy” and an average target price of $171.38.

GoDaddy Stock Down 2.1 %

NYSE:GDDY opened at $163.36 on Friday. The company’s 50 day moving average is $159.18 and its two-hundred day moving average is $147.27. The company has a market cap of $23.03 billion, a PE ratio of 12.62 and a beta of 1.11. GoDaddy Inc. has a twelve month low of $74.12 and a twelve month high of $171.93. The company has a current ratio of 0.56, a quick ratio of 0.48 and a debt-to-equity ratio of 10.61.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.89 earnings per share. Analysts anticipate that GoDaddy Inc. will post 5.09 EPS for the current year.

Insider Activity

In related news, CAO Nick Daddario sold 684 shares of GoDaddy stock in a transaction dated 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 sale, the chief accounting officer now owns 17,704 shares of the company’s stock, valued at $2,783,599.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Mark Mccaffrey sold 5,500 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $164.75, for a total value of $906,125.00. Following the sale, the chief financial officer now owns 101,286 shares in the company, valued at $16,686,868.50. This 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 available through the SEC website. Also, CAO Nick Daddario sold 684 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 17,704 shares of the company’s stock, valued at approximately $2,783,599.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,744 shares of company stock valued at $4,089,571. Company insiders own 0.61% of the company’s stock.

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.