Oppenheimer Asset Management Inc. Reduces Stock Position in GoDaddy Inc. $GDDY

Oppenheimer Asset Management Inc. reduced its position in shares of GoDaddy Inc. (NYSE:GDDY) by 38.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 15,999 shares of the technology company’s stock after selling 10,149 shares during the period. Oppenheimer Asset Management Inc.’s holdings in GoDaddy were worth $1,985,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Hemington Wealth Management boosted its holdings in shares of GoDaddy by 85.9% during the third quarter. Hemington Wealth Management now owns 184 shares of the technology company’s stock worth $25,000 after purchasing an additional 85 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of GoDaddy during the fourth quarter worth about $25,000. Rachor Investment Advisory Services LLC purchased a new stake in shares of GoDaddy during the fourth quarter worth about $25,000. Activest Wealth Management boosted its holdings in shares of GoDaddy by 6,600.0% during the fourth quarter. Activest Wealth Management now owns 201 shares of the technology company’s stock worth $25,000 after purchasing an additional 198 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in shares of GoDaddy during the third quarter worth about $31,000. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GDDY has been the subject of several research analyst reports. Citigroup lowered their price objective on shares of GoDaddy from $195.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Piper Sandler initiated coverage on shares of GoDaddy in a report on Thursday, March 12th. They issued a “neutral” rating and a $93.00 price objective for the company. Morgan Stanley lowered their price objective on shares of GoDaddy from $159.00 to $145.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th. Raymond James Financial restated a “strong-buy” rating and issued a $100.00 price objective on shares of GoDaddy in a report on Wednesday, February 25th. Finally, Barclays lowered their price objective on shares of GoDaddy from $200.00 to $118.00 and set an “overweight” rating for the company in a report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $120.93.

GoDaddy Price Performance

Shares of NYSE GDDY opened at $88.27 on Tuesday. GoDaddy Inc. has a fifty-two week low of $73.06 and a fifty-two week high of $190.50. The company has a 50 day simple moving average of $84.84 and a two-hundred day simple moving average of $106.67. The company has a market capitalization of $11.77 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 0.80 and a beta of 0.92. The company has a debt-to-equity ratio of 15.86, a quick ratio of 0.61 and a current ratio of 0.67.

GoDaddy (NYSE:GDDY) last announced its earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the firm earned $1.51 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts expect that GoDaddy Inc. will post 7.01 EPS for the current fiscal year.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, CAO Phontip Palitwanon sold 1,310 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $90.15, for a total transaction of $118,096.50. Following the completion of the transaction, the chief accounting officer owned 20,349 shares of the company’s stock, valued at approximately $1,834,462.35. This trade represents a 6.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amanpal Singh Bhutani sold 34,148 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $88.99, for a total transaction of $3,038,830.52. Following the transaction, the chief executive officer directly owned 530,120 shares of the company’s stock, valued at $47,175,378.80. This represents a 6.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 61,918 shares of company stock worth $5,500,469 over the last three months. Company insiders own 0.70% of the company’s stock.

GoDaddy Profile

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.