Convergence Investment Partners LLC Makes New Investment in GoDaddy Inc. (NYSE:GDDY)

Convergence Investment Partners LLC bought a new stake in shares of GoDaddy Inc. (NYSE:GDDY) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 16,475 shares of the technology company’s stock, valued at approximately $2,302,000.

Other institutional investors also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC purchased a new position in GoDaddy during the 2nd quarter worth approximately $28,000. ORG Partners LLC acquired a new position in GoDaddy during the second quarter valued at $32,000. V Square Quantitative Management LLC purchased a new stake in GoDaddy in the 4th quarter worth about $28,000. International Assets Investment Management LLC acquired a new stake in GoDaddy during the 2nd quarter worth about $36,000. Finally, GAMMA Investing LLC increased its holdings in shares of GoDaddy by 102.3% in the 1st quarter. GAMMA Investing LLC now owns 263 shares of the technology company’s stock valued at $31,000 after purchasing an additional 133 shares during the period. Institutional investors and hedge funds own 90.28% of the company’s stock.

Insider Activity

In other news, CEO Amanpal Singh Bhutani sold 7,600 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $138.92, for a total transaction of $1,055,792.00. Following the completion of the transaction, the chief executive officer now directly owns 369,898 shares of the company’s stock, valued at approximately $51,386,230.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other GoDaddy news, Director Sigal Zarmi sold 400 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $157.61, for a total transaction of $63,044.00. Following the completion of the transaction, the director now directly owns 4,661 shares in the company, valued at $734,620.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 7,600 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $138.92, for a total transaction of $1,055,792.00. Following the completion of the sale, the chief executive officer now owns 369,898 shares in the company, valued at approximately $51,386,230.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,913 shares of company stock worth $6,861,471. Company insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GDDY. B. Riley boosted their price objective on shares of GoDaddy from $143.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Citigroup increased their price objective on GoDaddy from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, May 31st. StockNews.com lowered GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 7th. Piper Sandler lifted their price target on GoDaddy from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Benchmark lifted their target price on shares of GoDaddy from $170.00 to $186.00 and gave the company a “buy” rating in a research note on Monday, August 26th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $163.58.

GoDaddy Stock Performance

NYSE:GDDY traded up $2.42 during trading hours on Monday, hitting $167.41. 2,573,500 shares of the company traded hands, compared to its average volume of 1,566,931. 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 twelve month low of $71.15 and a twelve month high of $167.65. The firm has a 50-day moving average of $150.52 and a 200 day moving average of $134.54. The stock has a market capitalization of $23.60 billion, a price-to-earnings ratio of 13.90 and a beta of 1.14.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.06). GoDaddy had a net margin of 41.12% and a negative return on equity of 709.73%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the company posted $0.63 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, analysts forecast that GoDaddy Inc. will post 4.89 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.