Resona Asset Management Co. Ltd. Makes New Investment in GoDaddy Inc. (NYSE:GDDY)

Resona Asset Management Co. Ltd. acquired a new stake in GoDaddy Inc. (NYSE:GDDY) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 62,919 shares of the technology company’s stock, valued at approximately $12,452,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Anchor Investment Management LLC acquired a new position in shares of GoDaddy during the third quarter worth about $31,000. Versant Capital Management Inc purchased a new stake in shares of GoDaddy during the 4th quarter valued at about $43,000. Rakuten Securities Inc. lifted its position in GoDaddy by 311.3% during the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock worth $43,000 after acquiring an additional 165 shares in the last quarter. Friedenthal Financial purchased a new position in GoDaddy in the 4th quarter worth approximately $49,000. Finally, OFI Invest Asset Management acquired a new stake in GoDaddy in the fourth quarter valued at approximately $52,000. Institutional investors and hedge funds own 90.28% of the company’s stock.

Insider Transactions at GoDaddy

In other news, COO Roger Chen sold 1,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $200.57, for a total value of $200,570.00. Following the completion of the transaction, the chief operating officer now owns 183,632 shares of the company’s stock, valued at approximately $36,831,070.24. This represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Mark Mccaffrey sold 5,500 shares of GoDaddy stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $179.85, for a total transaction of $989,175.00. Following the sale, the chief financial officer now owns 115,375 shares in the company, valued at approximately $20,750,193.75. This represents a 4.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,000 shares of company stock worth $3,546,970. Insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GDDY shares. B. Riley upped their target price on shares of GoDaddy from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Benchmark raised their target price on GoDaddy from $200.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. boosted their price target on GoDaddy from $224.00 to $231.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Wells Fargo & Company assumed coverage on GoDaddy in a research note on Monday, February 3rd. They set an “equal weight” rating and a $198.00 price objective for the company. Finally, Raymond James upped their target price on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 21st. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $213.20.

GoDaddy Stock Performance

Shares of NYSE GDDY opened at $164.34 on Monday. The company has a quick ratio of 0.56, a current ratio of 0.72 and a debt-to-equity ratio of 5.46. The firm’s 50-day moving average price is $186.96 and its two-hundred day moving average price is $185.26. GoDaddy Inc. has a 52-week low of $119.76 and a 52-week high of $216.00. The stock has a market capitalization of $23.23 billion, a P/E ratio of 25.48 and a beta of 1.25.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.01). GoDaddy had a return on equity of 176.06% and a net margin of 20.49%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.18 billion. As a group, sell-side analysts forecast that GoDaddy Inc. will post 6.63 earnings per share for the current 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.