Vestcor Inc Sells 36,299 Shares of GoDaddy Inc. $GDDY

Vestcor Inc lowered its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 57.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,416 shares of the technology company’s stock after selling 36,299 shares during the quarter. Vestcor Inc’s holdings in GoDaddy were worth $3,278,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. boosted its position in GoDaddy by 4.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 1,887 shares of the technology company’s stock valued at $258,000 after buying an additional 86 shares during the last quarter. Clearstead Advisors LLC boosted its position in GoDaddy by 0.9% in the 3rd quarter. Clearstead Advisors LLC now owns 12,324 shares of the technology company’s stock valued at $1,686,000 after buying an additional 104 shares during the last quarter. Main Street Financial Solutions LLC boosted its position in GoDaddy by 1.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 12,136 shares of the technology company’s stock valued at $2,185,000 after buying an additional 119 shares during the last quarter. Lido Advisors LLC boosted its position in GoDaddy by 6.2% in the 4th quarter. Lido Advisors LLC now owns 2,083 shares of the technology company’s stock valued at $283,000 after buying an additional 121 shares during the last quarter. Finally, Martin Capital Advisors LLP boosted its position in GoDaddy by 1.5% in the 4th quarter. Martin Capital Advisors LLP now owns 9,082 shares of the technology company’s stock valued at $1,127,000 after buying an additional 130 shares during the last quarter. Institutional investors own 90.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GDDY shares. JPMorgan Chase & Co. reduced their target price on shares of GoDaddy from $167.00 to $154.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Piper Sandler started coverage on shares of GoDaddy in a research note on Thursday, March 12th. They issued a “neutral” rating and a $93.00 target price on the stock. Evercore set a $95.00 target price on shares of GoDaddy in a research note on Wednesday, February 25th. Cantor Fitzgerald reduced their price target on GoDaddy from $130.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Finally, Royal Bank Of Canada reduced their price target on GoDaddy from $200.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.57.

Insider Activity

In other GoDaddy news, CFO Mark Mccaffrey sold 3,958 shares of the stock in a transaction 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 owned 109,228 shares in the company, valued at $9,815,228.08. This trade represents a 3.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sigal Zarmi sold 350 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $87.84, for a total transaction of $30,744.00. Following the completion of the sale, the director owned 5,708 shares of the company’s stock, valued at approximately $501,390.72. This represents a 5.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 14,561 shares of company stock worth $1,308,104. 0.93% of the stock is owned by insiders.

GoDaddy Stock Performance

Shares of GDDY opened at $84.59 on Friday. The firm has a market cap of $11.20 billion, a P/E ratio of 13.38, a PEG ratio of 0.76 and a beta of 0.90. The firm’s 50 day moving average price is $85.70 and its two-hundred day moving average price is $99.60. GoDaddy Inc. has a twelve month low of $73.06 and a twelve month high of $183.34. The company has a debt-to-equity ratio of 15.86, a quick ratio of 0.67 and a current ratio of 0.67.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.07. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.51 earnings per share. On average, analysts forecast that GoDaddy Inc. will post 7.17 EPS for the current fiscal year.

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.