Short Interest in GoDaddy Inc. (NYSE:GDDY) Drops By 5.1%

GoDaddy Inc. (NYSE:GDDY) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totalling 2,430,000 shares, a drop of 5.1% from the March 15th total of 2,560,000 shares. Currently, 1.7% of the company’s shares are sold short. Based on an average trading volume of 1,540,000 shares, the short-interest ratio is currently 1.6 days.

Insider Transactions at GoDaddy

In related news, COO Roger Chen sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $114.11, for a total transaction of $456,440.00. Following the completion of the sale, the chief operating officer now owns 208,632 shares of the company’s stock, valued at $23,806,997.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Mark Mccaffrey sold 624 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $120.83, for a total transaction of $75,397.92. Following the transaction, the chief financial officer now owns 116,328 shares of the company’s stock, valued at approximately $14,055,912.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Roger Chen sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $114.11, for a total value of $456,440.00. Following the completion of the sale, the chief operating officer now owns 208,632 shares of the company’s stock, valued at $23,806,997.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,234 shares of company stock valued at $13,534,946. Corporate insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

Institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley boosted its stake in GoDaddy by 517.4% in the fourth quarter. Morgan Stanley now owns 6,125,512 shares of the technology company’s stock valued at $458,311,000 after acquiring an additional 5,133,332 shares during the last quarter. Starboard Value LP lifted its stake in GoDaddy by 23.9% in the fourth quarter. Starboard Value LP now owns 10,233,055 shares of the technology company’s stock valued at $765,637,000 after purchasing an additional 1,973,118 shares during the last quarter. Norges Bank purchased a new position in GoDaddy in the fourth quarter valued at approximately $181,687,000. Price T Rowe Associates Inc. MD grew its holdings in GoDaddy by 777.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,880,286 shares of the technology company’s stock valued at $199,612,000 after purchasing an additional 1,666,022 shares during the period. Finally, Federated Hermes Inc. increased its position in GoDaddy by 3,402.0% in the fourth quarter. Federated Hermes Inc. now owns 955,559 shares of the technology company’s stock worth $101,442,000 after buying an additional 928,273 shares during the last quarter. Institutional investors own 90.28% of the company’s stock.

GoDaddy Price Performance

Shares of NYSE GDDY opened at $122.37 on Thursday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 61.07. The company has a market capitalization of $17.44 billion, a PE ratio of 12.77 and a beta of 1.12. The stock’s 50 day moving average price is $117.05 and its 200-day moving average price is $102.47. GoDaddy has a twelve month low of $67.43 and a twelve month high of $127.15.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings data on Tuesday, February 13th. The technology company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.05. GoDaddy had a negative return on equity of 89.25% and a net margin of 32.74%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. On average, equities analysts anticipate that GoDaddy will post 4.76 EPS for the current year.

Wall Street Analyst Weigh In

GDDY has been the subject of a number of research reports. Raymond James assumed coverage on GoDaddy in a research note on Wednesday, March 27th. They issued a “strong-buy” rating and a $150.00 price objective for the company. B. Riley boosted their price target on shares of GoDaddy from $124.00 to $142.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Evercore ISI lowered shares of GoDaddy from an “outperform” rating to an “in-line” rating and raised their price objective for the company from $100.00 to $110.00 in a research note on Wednesday, February 14th. Piper Sandler boosted their target price on shares of GoDaddy from $130.00 to $145.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. Finally, Robert W. Baird upped their target price on shares of GoDaddy from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.18.

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.