Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 223,453 GoDaddy Inc. $GDDY

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of GoDaddy Inc. (NYSE:GDDY) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 223,453 shares of the technology company’s stock, valued at approximately $30,575,000.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in shares of GoDaddy during the second quarter worth $341,588,000. Qube Research & Technologies Ltd lifted its stake in GoDaddy by 2,289.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 873,626 shares of the technology company’s stock worth $157,305,000 after purchasing an additional 837,065 shares in the last quarter. Vanguard Group Inc. lifted its stake in GoDaddy by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 18,762,137 shares of the technology company’s stock worth $3,378,310,000 after purchasing an additional 627,923 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of GoDaddy by 318.6% during the 3rd quarter. Victory Capital Management Inc. now owns 735,452 shares of the technology company’s stock valued at $100,632,000 after purchasing an additional 559,757 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of GoDaddy by 85.2% during the third quarter. BNP Paribas Financial Markets now owns 894,243 shares of the technology company’s stock valued at $122,359,000 after purchasing an additional 411,349 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Insider Activity

In other GoDaddy news, CFO Mark Mccaffrey sold 17,406 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total transaction of $1,548,959.94. Following the completion of the transaction, the chief financial officer owned 113,003 shares in the company, valued at $10,056,136.97. The trade was a 13.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leah Sweet sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $86.86, for a total value of $56,459.00. Following the transaction, the director directly owned 11,414 shares in the company, valued at approximately $991,420.04. This represents a 5.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 61,918 shares of company stock worth $5,500,469 in the last ninety days. 0.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $100.00 target price on shares of GoDaddy in a report on Wednesday, February 25th. Royal Bank Of Canada cut their price target on GoDaddy from $200.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, February 25th. Evercore set a $95.00 price objective on GoDaddy in a research note on Wednesday, February 25th. Cantor Fitzgerald decreased their price objective on GoDaddy from $130.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Finally, UBS Group lowered their target price on GoDaddy from $145.00 to $105.00 and set a “neutral” rating for the company in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.57.

GoDaddy Trading Down 6.6%

Shares of GDDY opened at $80.84 on Friday. GoDaddy Inc. has a twelve month low of $73.06 and a twelve month high of $193.55. The company has a market cap of $10.78 billion, a P/E ratio of 12.98, a P/E/G ratio of 0.79 and a beta of 0.96. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 17.50. The company’s fifty day simple moving average is $98.21 and its 200-day simple moving average is $121.44.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Tuesday, February 24th. The technology company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.22. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. GoDaddy had a net margin of 17.67% and a return on equity of 369.00%. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.36 EPS. As a group, analysts expect 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.