Sea Cliff Partners Management LP Cuts Stake in GoDaddy Inc. (NYSE:GDDY)

Sea Cliff Partners Management LP lowered its stake in GoDaddy Inc. (NYSE:GDDY) by 15.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 225,000 shares of the technology company’s stock after selling 40,703 shares during the quarter. GoDaddy comprises approximately 10.8% of Sea Cliff Partners Management LP’s investment portfolio, making the stock its 3rd biggest holding. Sea Cliff Partners Management LP’s holdings in GoDaddy were worth $31,435,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. MBB Public Markets I LLC acquired a new stake in shares of GoDaddy in the second quarter valued at approximately $1,472,000. Eminence Capital LP increased its holdings in GoDaddy by 7.3% during the second quarter. Eminence Capital LP now owns 221,832 shares of the technology company’s stock worth $30,992,000 after buying an additional 15,002 shares during the last quarter. APG Asset Management N.V. increased its holdings in GoDaddy by 57.2% during the second quarter. APG Asset Management N.V. now owns 499,990 shares of the technology company’s stock worth $65,177,000 after buying an additional 181,944 shares during the last quarter. APG Asset Management US Inc. acquired a new position in GoDaddy during the second quarter worth $6,100,000. Finally, Point72 Hong Kong Ltd acquired a new position in GoDaddy during the second quarter worth $3,225,000. Institutional investors own 90.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Raymond James upped their price objective on shares of GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a report on Friday, August 2nd. Robert W. Baird upped 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, August 2nd. B. Riley upped their price objective on shares of GoDaddy from $143.00 to $170.00 and gave the company a “buy” rating in a report on Friday, July 12th. Piper Sandler reiterated a “neutral” rating and issued a $172.00 price objective (up from $160.00) on shares of GoDaddy in a report on Monday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $170.00 price objective on shares of GoDaddy in a report on Monday. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $166.54.

Insider Transactions at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $166.91, for a total value of $500,730.00. Following the completion of the transaction, the chief executive officer now owns 358,773 shares of the company’s stock, valued at $59,882,801.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other GoDaddy news, COO Roger Chen sold 1,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $152.17, for a total transaction of $152,170.00. Following the completion of the sale, the chief operating officer now owns 187,632 shares of the company’s stock, valued at approximately $28,551,961.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $166.91, for a total transaction of $500,730.00. Following the sale, the chief executive officer now directly owns 358,773 shares of the company’s stock, valued at approximately $59,882,801.43. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,744 shares of company stock valued at $4,816,386. 0.61% of the stock is currently owned by insiders.

GoDaddy Stock Down 2.0 %

GDDY stock opened at $155.63 on Friday. The stock has a market capitalization of $22.21 billion, a P/E ratio of 12.93 and a beta of 1.13. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 24.13. GoDaddy Inc. has a 12 month low of $71.15 and a 12 month high of $167.65. The firm has a 50-day moving average price of $155.31 and a 200-day moving average price of $139.98.

GoDaddy (NYSE:GDDY) last posted its 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 company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. GoDaddy had a negative return on equity of 709.73% and a net margin of 41.12%. The firm’s revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company posted $0.63 EPS. As a group, equities research analysts anticipate that GoDaddy Inc. will post 5.06 EPS for the current fiscal year.

About GoDaddy

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.