KLP Kapitalforvaltning AS Lowers Holdings in GoDaddy Inc. $GDDY

KLP Kapitalforvaltning AS trimmed its stake in GoDaddy Inc. (NYSE:GDDY) by 66.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,500 shares of the technology company’s stock after selling 99,900 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in GoDaddy were worth $6,910,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of GDDY. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in GoDaddy by 20.9% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 99,344 shares of the technology company’s stock valued at $17,888,000 after purchasing an additional 17,200 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of GoDaddy by 14.0% during the second quarter. Nomura Asset Management Co. Ltd. now owns 86,648 shares of the technology company’s stock valued at $15,602,000 after buying an additional 10,631 shares during the last quarter. GDS Wealth Management increased its position in shares of GoDaddy by 16.3% during the second quarter. GDS Wealth Management now owns 59,940 shares of the technology company’s stock valued at $10,793,000 after acquiring an additional 8,388 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of GoDaddy during the second quarter valued at approximately $15,659,000. Finally, Neo Ivy Capital Management purchased a new position in GoDaddy in the 2nd quarter worth approximately $470,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on GoDaddy from $222.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Wells Fargo & Company lowered their price target on GoDaddy from $157.00 to $145.00 and set an “equal weight” rating on the stock in a report on Monday, October 6th. Raymond James Financial reiterated a “strong-buy” rating on shares of GoDaddy in a report on Friday, October 31st. Evercore ISI cut their target price on shares of GoDaddy from $180.00 to $145.00 and set an “in-line” rating for the company in a research report on Friday, October 31st. Finally, Morgan Stanley set a $159.00 target price on shares of GoDaddy in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, GoDaddy has an average rating of “Moderate Buy” and an average price target of $167.21.

Insider Buying and Selling

In other news, CEO Amanpal Singh Bhutani sold 6,932 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $127.94, for a total value of $886,880.08. Following the transaction, the chief executive officer owned 399,133 shares of the company’s stock, valued at $51,065,076.02. This trade represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Mccaffrey sold 3,317 shares of GoDaddy stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $127.94, for a total value of $424,376.98. Following the transaction, the chief financial officer directly owned 66,816 shares in the company, valued at approximately $8,548,439.04. The trade was a 4.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 14,115 shares of company stock worth $1,809,657. Corporate insiders own 0.70% of the company’s stock.

GoDaddy Stock Down 1.7%

GDDY opened at $113.58 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 41.06. GoDaddy Inc. has a 1-year low of $113.22 and a 1-year high of $216.00. The company has a market capitalization of $15.35 billion, a PE ratio of 19.62, a PEG ratio of 1.05 and a beta of 0.95. The firm’s 50 day simple moving average is $126.57 and its two-hundred day simple moving average is $141.89.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Thursday, October 30th. The technology company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. GoDaddy had a net margin of 17.01% and a return on equity of 231.34%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the firm posted $1.32 EPS. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current year.

About GoDaddy

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.