Resona Asset Management Co. Ltd. Buys New Position in GoDaddy Inc. (NYSE:GDDY)

Resona Asset Management Co. Ltd. purchased a new position in GoDaddy Inc. (NYSE:GDDY) during the 4th quarter, HoldingsChannel reports. The firm purchased 62,919 shares of the technology company’s stock, valued at approximately $12,452,000.

Other large investors also recently made changes to their positions in the company. Anchor Investment Management LLC bought a new stake in shares of GoDaddy in the 3rd quarter worth approximately $31,000. Versant Capital Management Inc acquired a new position in GoDaddy in the fourth quarter worth approximately $43,000. Rakuten Securities Inc. increased its holdings in shares of GoDaddy by 311.3% in the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after buying an additional 165 shares in the last quarter. Friedenthal Financial acquired a new stake in shares of GoDaddy during the 4th quarter valued at $49,000. Finally, OFI Invest Asset Management bought a new stake in shares of GoDaddy during the 4th quarter worth $52,000. Institutional investors own 90.28% of the company’s stock.

GoDaddy Price Performance

GDDY opened at $164.34 on Monday. The stock has a fifty day moving average price of $186.96 and a 200 day moving average price of $185.26. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 5.46. GoDaddy Inc. has a 1 year low of $119.76 and a 1 year high of $216.00. The stock has a market cap of $23.23 billion, a price-to-earnings ratio of 25.48 and a beta of 1.25.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GDDY. Wells Fargo & Company assumed coverage on GoDaddy in a research report on Monday, February 3rd. They set an “equal weight” rating and a $198.00 target price on the stock. Citigroup upped their price objective on shares of GoDaddy from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Friday, January 3rd. JPMorgan Chase & Co. raised their target price on shares of GoDaddy from $224.00 to $231.00 and gave the stock an “overweight” rating in a report on Thursday, February 6th. Raymond James boosted their price target on shares of GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 21st. Finally, Piper Sandler raised their price objective on shares of GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $213.20.

Insider Activity

In other news, CFO Mark Mccaffrey sold 5,500 shares of the stock in a transaction dated 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 approximately $20,750,193.75. This represents a 4.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $207.70, for a total value of $623,100.00. Following the completion of the transaction, the chief executive officer now directly owns 330,153 shares in the company, valued at $68,572,778.10. The trade was a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,000 shares of company stock worth $3,546,970. 0.61% of the stock is owned by corporate 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.