Procyon Advisors LLC Lowers Position in GoDaddy Inc. (NYSE:GDDY)

Procyon Advisors LLC lessened its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 32.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 4,346 shares of the technology company’s stock after selling 2,103 shares during the period. Procyon Advisors LLC’s holdings in GoDaddy were worth $858,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Ashton Thomas Securities LLC bought a new position in shares of GoDaddy during the 3rd quarter valued at about $27,000. ORG Wealth Partners LLC bought a new position in GoDaddy during the third quarter valued at approximately $30,000. Anchor Investment Management LLC purchased a new position in GoDaddy during the 3rd quarter valued at approximately $31,000. Versant Capital Management Inc bought a new stake in GoDaddy in the 4th quarter worth approximately $43,000. Finally, Friedenthal Financial purchased a new stake in shares of GoDaddy during the 4th quarter worth approximately $49,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GDDY. Benchmark lifted their price objective on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Cantor Fitzgerald reissued a “neutral” rating and set a $170.00 price objective on shares of GoDaddy in a research note on Monday, October 7th. Morgan Stanley raised their price objective on GoDaddy from $189.00 to $227.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Barclays boosted their target price on GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. Finally, Robert W. Baird increased their target price on shares of GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $194.14.

GoDaddy Price Performance

GDDY stock opened at $200.89 on Friday. GoDaddy Inc. has a 1 year low of $106.32 and a 1 year high of $211.11. The firm has a market capitalization of $28.20 billion, a P/E ratio of 15.52 and a beta of 1.15. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. The business’s 50-day moving average is $198.80 and its two-hundred day moving average is $171.19.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the company earned $0.89 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. Analysts anticipate that GoDaddy Inc. will post 4.96 earnings per share for the current fiscal year.

Insider Activity at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $183.80, for a total transaction of $183,800.00. Following the transaction, the chief operating officer now owns 185,632 shares in the company, valued at approximately $34,119,161.60. The trade was a 0.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $167.79, for a total value of $503,370.00. Following the completion of the sale, the chief executive officer now directly owns 345,956 shares of the company’s stock, valued at approximately $58,047,957.24. This trade represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,483 shares of company stock worth $4,759,553 in the last 90 days. 0.61% of the stock is owned by insiders.

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.