KLP Kapitalforvaltning AS Takes $38.49 Million Position in GoDaddy Inc. (NYSE:GDDY)

KLP Kapitalforvaltning AS purchased a new stake in GoDaddy Inc. (NYSE:GDDY) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 195,000 shares of the technology company’s stock, valued at approximately $38,487,000. KLP Kapitalforvaltning AS owned 0.14% of GoDaddy at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in GDDY. Anchor Investment Management LLC purchased a new position in shares of GoDaddy during the 3rd quarter worth approximately $31,000. Versant Capital Management Inc purchased a new position in shares of GoDaddy during the 4th quarter worth approximately $43,000. Rakuten Securities Inc. boosted its position in shares of GoDaddy by 311.3% during the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock worth $43,000 after purchasing an additional 165 shares during the period. Friedenthal Financial purchased a new position in shares of GoDaddy during the 4th quarter worth approximately $49,000. Finally, OFI Invest Asset Management purchased a new position in shares of GoDaddy during the 4th quarter worth approximately $52,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

GoDaddy Trading Down 0.1 %

NYSE GDDY opened at $180.49 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 firm’s fifty day moving average price is $191.37 and its 200 day moving average price is $182.97. The company has a market capitalization of $25.51 billion, a price-to-earnings ratio of 27.98 and a beta of 1.25. GoDaddy Inc. has a 12 month low of $118.39 and a 12 month high of $216.00.

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

Insiders Place Their Bets

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total value of $597,030.00. Following the sale, the chief executive officer now owns 333,153 shares of the company’s stock, valued at $66,300,778.53. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total transaction of $99,505.00. Following the completion of the sale, the director now directly owns 23,121 shares in the company, valued at approximately $4,601,310.21. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,480 shares of company stock valued at $3,816,029. Insiders own 0.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GDDY shares. Barclays increased their target price on shares of GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Jefferies Financial Group increased their target price on shares of GoDaddy from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. B. Riley increased their target price on shares of GoDaddy from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Piper Sandler increased their target price on shares of GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Finally, UBS Group increased their target price on shares of GoDaddy from $172.00 to $225.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $213.20.

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.