Cornerstone Advisors Inc. Boosts Holdings in Godaddy Inc (NYSE:GDDY)
Cornerstone Advisors Inc. increased its stake in shares of Godaddy Inc (NYSE:GDDY) by 258.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 852 shares of the technology company’s stock after acquiring an additional 614 shares during the quarter. Cornerstone Advisors Inc.’s holdings in Godaddy were worth $62,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp grew its holdings in shares of Godaddy by 1.8% during the first quarter. State Street Corp now owns 3,792,082 shares of the technology company’s stock worth $216,566,000 after purchasing an additional 67,081 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in shares of Godaddy by 2.9% in the 1st quarter. Pictet Asset Management Ltd. now owns 63,800 shares of the technology company’s stock valued at $3,644,000 after purchasing an additional 1,800 shares during the period. Maverick Capital Ltd. acquired a new stake in shares of Godaddy in the 1st quarter valued at about $2,818,000. Guggenheim Capital LLC grew its stake in Godaddy by 60.5% during the 1st quarter. Guggenheim Capital LLC now owns 70,390 shares of the technology company’s stock worth $4,019,000 after buying an additional 26,526 shares during the last quarter. Finally, Norges Bank acquired a new position in Godaddy during the fourth quarter worth approximately $94,959,000. 98.33% of the stock is owned by hedge funds and other institutional investors.
NYSE:GDDY opened at $70.28 on Friday. The firm’s fifty day simple moving average is $72.83 and its 200-day simple moving average is $69.32. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 5.24. The stock has a market cap of $11.47 billion, a PE ratio of 60.97, a price-to-earnings-growth ratio of 2.92 and a beta of 0.90. Godaddy Inc has a fifty-two week low of $40.25 and a fifty-two week high of $84.49.
In related news, insider Nima Kelly sold 17,579 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $74.57, for a total value of $1,310,866.03. Following the sale, the insider now directly owns 155,313 shares in the company, valued at approximately $11,581,690.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Raymond E. Winborne, Jr. sold 15,000 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $75.00, for a total transaction of $1,125,000.00. Following the completion of the sale, the chief financial officer now directly owns 175,376 shares in the company, valued at $13,153,200. The disclosure for this sale can be found here. Insiders sold a total of 199,159 shares of company stock valued at $15,553,567 over the last ninety days. 0.52% of the stock is currently owned by company insiders.
A number of equities analysts have recently issued reports on the stock. Oppenheimer restated a “buy” rating on shares of Godaddy in a research report on Thursday, May 7th. Piper Sandler boosted their price target on Godaddy from $68.00 to $82.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Raymond James boosted their target price on Godaddy from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. SunTrust Banks assumed coverage on Godaddy in a report on Thursday, May 7th. They set a “buy” rating and a $88.00 price target for the company. Finally, Deutsche Bank upped their price objective on shares of Godaddy from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $84.42.
GoDaddy Inc designs and develops cloud-based technology products for small businesses, Web design professionals, and individuals in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity; and hosting products, including shared Website hosting, Website hosting on virtual private servers and virtual dedicated servers, managed hosting, and security.
Featured Story: Stock Symbols and CUSIP Explained
Receive News & Ratings for Godaddy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Godaddy and related companies with MarketBeat.com's FREE daily email newsletter.