Plato Investment Management Ltd Invests $1.69 Million in GoDaddy Inc. $GDDY

Plato Investment Management Ltd purchased a new position in shares of GoDaddy Inc. (NYSE:GDDY) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 20,061 shares of the technology company’s stock, valued at approximately $1,693,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in GoDaddy during the 2nd quarter worth $28,938,000. Trust Asset Management LLC acquired a new stake in shares of GoDaddy in the 2nd quarter worth $127,000. Tema ETFs LLC boosted its holdings in shares of GoDaddy by 22.6% in the second quarter. Tema ETFs LLC now owns 2,585 shares of the technology company’s stock valued at $219,000 after acquiring an additional 476 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of GoDaddy by 10.1% in the second quarter. Handelsbanken Fonder AB now owns 42,500 shares of the technology company’s stock valued at $3,607,000 after acquiring an additional 3,900 shares in the last quarter. Finally, Perkins Coie Trust Co acquired a new position in shares of GoDaddy during the second quarter worth about $34,000. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

GoDaddy Stock Performance

GDDY opened at $92.39 on Tuesday. GoDaddy Inc. has a 1-year low of $71.59 and a 1-year high of $150.47. The stock has a market cap of $11.70 billion, a P/E ratio of 13.71, a P/E/G ratio of 0.85 and a beta of 0.90. The stock’s 50 day simple moving average is $87.81 and its 200 day simple moving average is $87.58. The company has a debt-to-equity ratio of 561.10, a current ratio of 0.63 and a quick ratio of 0.63.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Thursday, July 30th. The technology company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.14. GoDaddy had a return on equity of 660.96% and a net margin of 17.83%.The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the business posted $1.41 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, equities analysts anticipate that GoDaddy Inc. will post 7.21 EPS for the current fiscal year.

Insider Buying and Selling at GoDaddy

In related news, Director Sigal Zarmi sold 350 shares of GoDaddy stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $87.84, for a total transaction of $30,744.00. Following the completion of the transaction, the director directly owned 5,708 shares in the company, valued at $501,390.72. The trade was a 5.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Mccaffrey sold 3,958 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total value of $355,665.88. Following the completion of the sale, the chief financial officer directly owned 109,228 shares in the company, valued at approximately $9,815,228.08. The trade was a 3.50% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 23,484 shares of company stock worth $2,059,489. 0.93% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of GoDaddy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday. JPMorgan Chase & Co. dropped their target price on GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Raymond James Financial downgraded GoDaddy from a “strong-buy” rating to an “outperform” rating and set a $100.00 target price for the company. in a research note on Friday, July 31st. Wells Fargo & Company reduced their price target on GoDaddy from $83.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Finally, B. Riley Financial dropped their price objective on GoDaddy from $190.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $110.33.

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.