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

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

Several other hedge funds have also made changes to their positions in GDDY. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in GoDaddy during the second quarter worth about $28,938,000. Trust Asset Management LLC purchased a new stake in GoDaddy in the 2nd quarter valued at about $127,000. Tema ETFs LLC grew its holdings in GoDaddy by 22.6% in the 2nd quarter. Tema ETFs LLC now owns 2,585 shares of the technology company’s stock valued at $219,000 after buying an additional 476 shares during the period. Handelsbanken Fonder AB increased its stake in shares of GoDaddy by 10.1% during the 2nd 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 during the last quarter. Finally, Perkins Coie Trust Co acquired a new position in shares of GoDaddy during the 2nd quarter valued at about $34,000. Institutional investors and hedge funds own 90.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. William Blair downgraded shares of GoDaddy from an “outperform” rating to a “market perform” rating in a research note on Friday, July 31st. UBS Group began coverage on shares of GoDaddy in a research note on Tuesday, May 5th. They set a “neutral” rating and a $100.00 price objective for the company. Wells Fargo & Company dropped their price objective on GoDaddy from $83.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $90.00 target price on shares of GoDaddy in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded GoDaddy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.33.

Insider Buying and Selling

In other news, CAO Phontip Palitwanon sold 2,261 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $91.81, for a total value of $207,582.41. Following the completion of the sale, the chief accounting officer owned 17,734 shares in the company, valued at approximately $1,628,158.54. This trade represents a 11.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sigal Zarmi sold 350 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $87.84, for a total value of $30,744.00. Following the sale, the director owned 5,708 shares in the company, valued at approximately $501,390.72. The trade was a 5.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 23,484 shares of company stock worth $2,059,489 over the last three months. 0.93% of the stock is currently owned by corporate insiders.

GoDaddy Stock Down 2.7%

Shares of GoDaddy stock opened at $92.39 on Tuesday. The company has a fifty day moving average price of $87.81 and a 200 day moving average price of $87.58. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 561.10. GoDaddy Inc. has a twelve month low of $71.59 and a twelve month high of $150.47. The stock has a market cap of $11.70 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 0.85 and a beta of 0.90.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data on Thursday, July 30th. The technology company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.69 by $0.14. GoDaddy had a return on equity of 660.96% and a net margin of 17.83%.The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company posted $1.41 earnings per share. The firm’s revenue was up 6.6% compared to the same quarter last year. Equities research analysts forecast that GoDaddy Inc. will post 7.21 earnings per share 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.