Alliancebernstein L.P. Sells 49,359 Shares of GoDaddy Inc. (NYSE:GDDY)

Alliancebernstein L.P. lowered its position in GoDaddy Inc. (NYSE:GDDY) by 25.4% during the 4th quarter, Holdings Channel reports. The fund owned 144,621 shares of the technology company’s stock after selling 49,359 shares during the period. Alliancebernstein L.P.’s holdings in GoDaddy were worth $28,544,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. WCM Investment Management LLC lifted its holdings in shares of GoDaddy by 7,083.4% in the 4th quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company’s stock worth $678,941,000 after purchasing an additional 3,356,678 shares in the last quarter. Norges Bank purchased a new position in shares of GoDaddy during the fourth quarter valued at approximately $356,038,000. Congress Asset Management Co. bought a new stake in GoDaddy during the fourth quarter worth $111,923,000. Amundi raised its position in GoDaddy by 84.4% in the 4th quarter. Amundi now owns 931,874 shares of the technology company’s stock valued at $183,710,000 after buying an additional 426,501 shares during the last quarter. Finally, AustralianSuper Pty Ltd boosted its holdings in GoDaddy by 3,836.1% during the 4th quarter. AustralianSuper Pty Ltd now owns 358,465 shares of the technology company’s stock worth $70,750,000 after acquiring an additional 349,358 shares during the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

Wall Street Analyst Weigh In

GDDY has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on shares of GoDaddy from $224.00 to $231.00 and gave the company an “overweight” rating in a research note on Thursday, February 6th. Raymond James increased their price target on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 21st. Morgan Stanley boosted their price objective on GoDaddy from $227.00 to $228.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. Wells Fargo & Company started coverage on GoDaddy in a research report on Monday, February 3rd. They set an “equal weight” rating and a $198.00 target price for the company. Finally, Barclays boosted their price target on shares of GoDaddy from $235.00 to $243.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, GoDaddy presently has a consensus rating of “Moderate Buy” and an average price target of $213.20.

GoDaddy Stock Down 7.5 %

GoDaddy stock opened at $164.34 on Monday. The firm has a 50 day simple moving average of $186.96 and a 200 day simple moving average 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 firm has a market capitalization 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 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.01). The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.18 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. On average, analysts predict that GoDaddy Inc. will post 6.63 earnings per share for the current year.

Insider Activity

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 330,153 shares of the company’s stock, valued at approximately $68,572,778.10. This represents a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $207.70, for a total value of $103,850.00. Following the sale, the director now directly owns 22,621 shares of the company’s stock, valued at $4,698,381.70. This represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,000 shares of company stock worth $3,546,970 over the last ninety days. Company insiders own 0.61% of the company’s stock.

GoDaddy 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.