Meritage Portfolio Management Raises Position in GoDaddy Inc. (NYSE:GDDY)

Meritage Portfolio Management raised its holdings in GoDaddy Inc. (NYSE:GDDY) by 5.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,504 shares of the technology company’s stock after buying an additional 344 shares during the period. Meritage Portfolio Management’s holdings in GoDaddy were worth $690,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Federated Hermes Inc. grew its stake in shares of GoDaddy by 3,402.0% during the fourth quarter. Federated Hermes Inc. now owns 955,559 shares of the technology company’s stock worth $101,442,000 after purchasing an additional 928,273 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of GoDaddy by 71.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,664,382 shares of the technology company’s stock worth $123,963,000 after purchasing an additional 695,897 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of GoDaddy by 88.7% during the third quarter. Bank of New York Mellon Corp now owns 1,435,153 shares of the technology company’s stock worth $106,890,000 after purchasing an additional 674,719 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of GoDaddy by 9.7% during the third quarter. Ameriprise Financial Inc. now owns 6,360,266 shares of the technology company’s stock worth $473,713,000 after purchasing an additional 561,614 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of GoDaddy by 3,382.2% during the third quarter. Principal Financial Group Inc. now owns 546,359 shares of the technology company’s stock worth $40,693,000 after purchasing an additional 530,669 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Insider Buying and Selling at GoDaddy

In other news, CAO Nick Daddario sold 1,823 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $110.54, for a total value of $201,514.42. Following the sale, the chief accounting officer now directly owns 25,263 shares in the company, valued at $2,792,572.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Mark Mccaffrey sold 624 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $120.83, for a total transaction of $75,397.92. Following the sale, the chief financial officer now owns 116,328 shares in the company, valued at $14,055,912.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Nick Daddario sold 1,823 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $110.54, for a total transaction of $201,514.42. Following the sale, the chief accounting officer now owns 25,263 shares in the company, valued at approximately $2,792,572.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 121,234 shares of company stock valued at $13,534,946. Corporate insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Evercore ISI downgraded shares of GoDaddy from an “outperform” rating to an “in-line” rating and boosted their target price for the stock from $100.00 to $110.00 in a research note on Wednesday, February 14th. Morgan Stanley upped their price objective on shares of GoDaddy from $120.00 to $132.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. StockNews.com upgraded shares of GoDaddy from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 14th. Barclays upped their price objective on shares of GoDaddy from $125.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Finally, Benchmark restated a “buy” rating and issued a $150.00 price objective on shares of GoDaddy in a research note on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.18.

GoDaddy Stock Performance

NYSE GDDY traded up $1.74 during trading hours on Friday, hitting $125.88. 478,246 shares of the stock were exchanged, compared to its average volume of 1,444,519. The company has a market cap of $17.94 billion, a price-to-earnings ratio of 12.96 and a beta of 1.12. GoDaddy Inc. has a 12-month low of $67.43 and a 12-month high of $127.15. The stock has a 50-day moving average of $118.46 and a 200 day moving average of $104.43. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 61.07.

GoDaddy (NYSE:GDDY) last issued its earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. GoDaddy had a net margin of 32.74% and a negative return on equity of 89.25%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. As a group, equities research analysts forecast that GoDaddy Inc. will post 4.76 earnings per share for the current year.

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.