Diamond Hill Capital Management Inc. Reduces Stock Position in GoDaddy Inc. $GDDY

Diamond Hill Capital Management Inc. lessened its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 174,753 shares of the technology company’s stock after selling 9,341 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in GoDaddy were worth $21,683,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in GoDaddy by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 18,912,182 shares of the technology company’s stock valued at $2,587,754,000 after buying an additional 150,045 shares during the period. WCM Investment Management LLC grew its holdings in GoDaddy by 1.8% in the 3rd quarter. WCM Investment Management LLC now owns 3,736,821 shares of the technology company’s stock valued at $529,395,000 after buying an additional 66,144 shares during the period. Ameriprise Financial Inc. grew its holdings in GoDaddy by 47.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock valued at $483,360,000 after buying an additional 1,128,646 shares during the period. JPMorgan Chase & Co. grew its holdings in GoDaddy by 1.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,896,867 shares of the technology company’s stock valued at $396,378,000 after buying an additional 53,811 shares during the period. Finally, Two Sigma Investments LP grew its holdings in GoDaddy by 99.7% in the 3rd quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company’s stock valued at $223,183,000 after buying an additional 814,360 shares during the period. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Insider Buying and Selling

In related news, Director Leah Sweet sold 650 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $86.86, for a total transaction of $56,459.00. Following the transaction, the director directly owned 11,414 shares of the company’s stock, valued at approximately $991,420.04. The trade was a 5.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Phontip Palitwanon sold 1,310 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $90.15, for a total value of $118,096.50. Following the transaction, the chief accounting officer directly owned 20,349 shares in the company, valued at $1,834,462.35. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 61,946 shares of company stock valued at $5,502,965. Insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

GDDY has been the subject of several recent analyst reports. Piper Sandler initiated coverage on GoDaddy in a report on Thursday, March 12th. They issued a “neutral” rating and a $93.00 price target for the company. Wells Fargo & Company lifted their price target on GoDaddy from $77.00 to $83.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Royal Bank Of Canada lowered 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. Citigroup lowered their price target on GoDaddy from $195.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, Evercore set a $95.00 price objective on GoDaddy in a research note on Wednesday, February 25th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $120.57.

GoDaddy Stock Performance

NYSE GDDY opened at $91.60 on Friday. The firm has a market capitalization of $12.13 billion, a P/E ratio of 14.49, a P/E/G ratio of 0.83 and a beta of 0.92. GoDaddy Inc. has a 1-year low of $73.06 and a 1-year high of $184.95. The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67. The business’s 50-day simple moving average is $84.70 and its 200-day simple moving average is $102.83.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data 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. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The company’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.51 EPS. Equities analysts predict that GoDaddy Inc. will post 7.17 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.