Starboard Value LP Has $558.58 Million Stock Holdings in GoDaddy Inc. (NYSE:GDDY)

Starboard Value LP lowered its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 9.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 2,830,100 shares of the technology company’s stock after selling 303,993 shares during the period. GoDaddy makes up about 10.1% of Starboard Value LP’s holdings, making the stock its biggest holding. Starboard Value LP’s holdings in GoDaddy were worth $558,577,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Rakuten Securities Inc. raised its stake in shares of GoDaddy by 311.3% during the fourth quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after acquiring an additional 165 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of GoDaddy during the fourth quarter valued at $52,000. Summit Securities Group LLC bought a new position in GoDaddy during the fourth quarter worth $58,000. Physician Wealth Advisors Inc. bought a new position in GoDaddy during the fourth quarter worth $67,000. Finally, Global Retirement Partners LLC raised its stake in GoDaddy by 31.1% during the fourth quarter. Global Retirement Partners LLC now owns 392 shares of the technology company’s stock worth $77,000 after buying an additional 93 shares during the last quarter. Institutional investors own 90.28% of the company’s stock.

Insider Buying and Selling at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $190.86, for a total value of $572,580.00. Following the transaction, the chief executive officer now owns 440,947 shares in the company, valued at $84,159,144.42. The trade was a 0.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Mccaffrey sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $180.95, for a total value of $6,785,625.00. Following the completion of the transaction, the chief financial officer now owns 77,250 shares in the company, valued at $13,978,387.50. The trade was a 32.68% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,500 shares of company stock worth $10,050,555. Insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GDDY shares. Royal Bank of Canada lowered their target price on shares of GoDaddy from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Piper Sandler lifted their target price on shares of GoDaddy from $177.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Wells Fargo & Company started coverage on shares of GoDaddy in a research note on Monday, February 3rd. They set an “equal weight” rating and a $198.00 target price for the company. B. Riley lifted their target price on shares of GoDaddy from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, StockNews.com downgraded shares of GoDaddy from a “buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $214.86.

GoDaddy Stock Performance

Shares of GDDY opened at $190.27 on Friday. The company has a debt-to-equity ratio of 5.46, a current ratio of 0.72 and a quick ratio of 0.56. The stock has a 50-day moving average of $178.47 and a 200-day moving average of $188.97. The company has a market cap of $27.11 billion, a PE ratio of 29.50 and a beta of 1.13. GoDaddy Inc. has a one year low of $135.03 and a one year high of $216.00.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.08). The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. GoDaddy’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.76 EPS. On average, equities research analysts predict that GoDaddy Inc. will post 6.63 EPS for the current fiscal year.

GoDaddy Company Profile

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.