iA Global Asset Management Inc. Raises Stock Position in GoDaddy Inc. $GDDY

iA Global Asset Management Inc. grew its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 200.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 26,102 shares of the technology company’s stock after acquiring an additional 17,402 shares during the period. iA Global Asset Management Inc.’s holdings in GoDaddy were worth $2,158,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Impact Partnership Wealth LLC purchased a new stake in GoDaddy in the first quarter worth about $654,000. Apollon Wealth Management LLC lifted its position in shares of GoDaddy by 78.1% in the 1st quarter. Apollon Wealth Management LLC now owns 4,255 shares of the technology company’s stock worth $352,000 after purchasing an additional 1,866 shares during the period. Patton Fund Management Inc. lifted its position in shares of GoDaddy by 129.9% in the 1st quarter. Patton Fund Management Inc. now owns 3,961 shares of the technology company’s stock worth $327,000 after purchasing an additional 2,238 shares during the period. Louisiana State Employees Retirement System bought a new position in shares of GoDaddy during the first quarter valued at approximately $570,000. Finally, OP Asset Management Ltd bought a new position in shares of GoDaddy during the first quarter valued at approximately $1,181,000. Institutional investors own 90.28% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Phontip Palitwanon sold 542 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $48,704.12. Following the transaction, the chief accounting officer directly owned 19,995 shares of the company’s stock, valued at $1,796,750.70. This represents a 2.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Mccaffrey sold 3,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $82.92, for a total value of $290,220.00. Following the completion of the sale, the chief financial officer owned 105,728 shares of the company’s stock, valued at approximately $8,766,965.76. This trade represents a 3.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 16,751 shares of company stock worth $1,480,228. 0.93% of the stock is currently owned by company insiders.

GoDaddy Trading Up 1.7%

NYSE GDDY opened at $88.42 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 15.86. The firm has a market cap of $11.71 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 0.79 and a beta of 0.89. The company has a 50 day moving average price of $84.81 and a 200 day moving average price of $93.15. GoDaddy Inc. has a 52 week low of $71.59 and a 52 week high of $179.61.

GoDaddy (NYSE:GDDY) last announced its earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the firm earned $1.51 earnings per share. GoDaddy’s revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that GoDaddy Inc. will post 7.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GDDY has been the topic of several research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. Wells Fargo & Company increased their target price on GoDaddy from $77.00 to $83.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. cut their price target on GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a report on Thursday, June 18th. UBS Group assumed coverage on GoDaddy in a research report on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 price target for the company. Finally, Piper Sandler initiated coverage on GoDaddy in a research note on Thursday, March 12th. They set a “neutral” rating and a $93.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, GoDaddy currently has an average rating of “Moderate Buy” and an average price target of $118.43.

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.