GoDaddy Inc. $GDDY Shares Sold by Shell Asset Management Co.

Shell Asset Management Co. lessened its holdings in GoDaddy Inc. (NYSE:GDDY) by 47.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,047 shares of the technology company’s stock after selling 11,088 shares during the period. Shell Asset Management Co.’s holdings in GoDaddy were worth $1,648,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bayforest Capital Ltd acquired a new position in GoDaddy in the second quarter valued at about $26,000. NewSquare Capital LLC raised its position in GoDaddy by 170.9% in the second quarter. NewSquare Capital LLC now owns 149 shares of the technology company’s stock valued at $27,000 after purchasing an additional 94 shares during the period. Hemington Wealth Management raised its position in GoDaddy by 85.9% in the third quarter. Hemington Wealth Management now owns 184 shares of the technology company’s stock valued at $25,000 after purchasing an additional 85 shares during the period. Root Financial Partners LLC acquired a new position in GoDaddy during the third quarter worth $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of GoDaddy during the second quarter worth $66,000. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Stock Up 0.9%

GDDY stock opened at $89.04 on Monday. The company’s 50 day moving average price is $112.40 and its 200 day moving average price is $128.92. The firm has a market capitalization of $12.03 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 0.81 and a beta of 0.94. GoDaddy Inc. has a fifty-two week low of $88.11 and a fifty-two week high of $195.70. The company has a debt-to-equity ratio of 41.06, a quick ratio of 0.57 and a current ratio of 0.57.

Analyst Upgrades and Downgrades

GDDY has been the topic of several research analyst reports. Jefferies Financial Group cut their price objective on GoDaddy from $150.00 to $140.00 and set a “hold” rating on the stock in a report on Monday, January 5th. Morgan Stanley cut their price target on shares of GoDaddy from $159.00 to $145.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 15th. Evercore reduced their price target on shares of GoDaddy from $180.00 to $145.00 and set an “in-line” rating on the stock in a research report on Friday, October 31st. JPMorgan Chase & Co. dropped their price objective on shares of GoDaddy from $222.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Finally, B. Riley Financial reduced their target price on shares of GoDaddy from $225.00 to $215.00 and set a “buy” rating on the stock in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $166.21.

Insider Activity

In other GoDaddy news, CFO Mark Mccaffrey sold 3,317 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $127.94, for a total value of $424,376.98. Following the sale, the chief financial officer directly owned 66,816 shares in the company, valued at $8,548,439.04. This trade represents a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Phontip Palitwanon sold 2,397 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $128.44, for a total value of $307,870.68. Following the transaction, the chief accounting officer directly owned 17,055 shares of the company’s stock, valued at approximately $2,190,544.20. This represents a 12.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 13,615 shares of company stock worth $1,743,102. 0.70% of the stock is currently owned by corporate insiders.

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.