Optimize Financial Inc Makes New $2.27 Million Investment in GoDaddy Inc. (NYSE:GDDY)

Optimize Financial Inc bought a new stake in GoDaddy Inc. (NYSE:GDDY) in the fourth quarter, Holdings Channel reports. The institutional investor bought 11,503 shares of the technology company’s stock, valued at approximately $2,270,000. GoDaddy comprises about 1.7% of Optimize Financial Inc’s holdings, making the stock its 6th biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of GoDaddy by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 3,514,432 shares of the technology company’s stock worth $692,245,000 after acquiring an additional 90,810 shares during the last quarter. WCM Investment Management LLC increased its holdings in shares of GoDaddy by 7,083.4% in the fourth quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company’s stock valued at $678,941,000 after purchasing an additional 3,356,678 shares in the last quarter. Invesco Ltd. raised its position in GoDaddy by 11.6% in the 4th quarter. Invesco Ltd. now owns 2,913,930 shares of the technology company’s stock worth $575,122,000 after purchasing an additional 304,033 shares during the last quarter. Norges Bank acquired a new position in GoDaddy during the 4th quarter worth $356,038,000. Finally, Bank of New York Mellon Corp boosted its position in GoDaddy by 2.9% in the 4th quarter. Bank of New York Mellon Corp now owns 949,691 shares of the technology company’s stock valued at $187,441,000 after buying an additional 26,341 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Trading Up 1.8 %

NYSE:GDDY opened at $172.06 on Friday. The company has a debt-to-equity ratio of 5.46, a current ratio of 0.72 and a quick ratio of 0.56. The business’s 50-day simple moving average is $180.85 and its 200-day simple moving average is $185.33. GoDaddy Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $216.00. The stock has a market capitalization of $24.32 billion, a PE ratio of 26.68 and a beta of 1.19.

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

Insider Activity at GoDaddy

In other news, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $174.21, for a total value of $174,210.00. Following the sale, the chief operating officer now directly owns 257,949 shares in the company, valued at $44,937,295.29. This trade represents a 0.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Mccaffrey sold 5,500 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $179.85, for a total transaction of $989,175.00. Following the transaction, the chief financial officer now owns 115,375 shares of the company’s stock, valued at $20,750,193.75. The trade was a 4.55 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,000 shares of company stock valued at $3,546,970. 0.61% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GDDY has been the subject of a number of recent research reports. StockNews.com downgraded GoDaddy from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. Piper Sandler upped their target price on shares of GoDaddy from $176.00 to $177.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Barclays lifted their price target on shares of GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Benchmark increased their price objective on shares of GoDaddy from $200.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company started coverage on shares of GoDaddy in a report on Monday, February 3rd. They set an “equal weight” rating and a $198.00 target price for the company. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GoDaddy currently has a consensus rating of “Moderate Buy” and a consensus target price of $212.20.

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.