Short Interest in GoDaddy Inc. (NYSE:GDDY) Declines By 26.9%

GoDaddy Inc. (NYSE:GDDY) saw a significant drop in short interest in January. As of January 31st, there was short interest totalling 2,260,000 shares, a drop of 26.9% from the January 15th total of 3,090,000 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,230,000 shares, the days-to-cover ratio is presently 1.8 days.

Insider Activity

In related news, CAO Phontip Palitwanon sold 770 shares of GoDaddy stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $196.64, for a total value of $151,412.80. Following the completion of the sale, the chief accounting officer now directly owns 23,059 shares in the company, valued at $4,534,321.76. This trade represents a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Mccaffrey sold 5,500 shares of GoDaddy stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $199.01, for a total value of $1,094,555.00. Following the completion of the sale, the chief financial officer now owns 84,300 shares of the company’s stock, valued at approximately $16,776,543. The trade was a 6.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,482 shares of company stock worth $4,709,650. 0.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GoDaddy

Several institutional investors have recently bought and sold shares of GDDY. WCM Investment Management LLC lifted its stake in 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 valued at $678,941,000 after acquiring an additional 3,356,678 shares in the last quarter. Norges Bank acquired a new position in shares of GoDaddy during the 4th quarter worth approximately $356,038,000. Canada Pension Plan Investment Board increased its position in shares of GoDaddy by 107.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company’s stock worth $273,582,000 after purchasing an additional 719,000 shares during the last quarter. Congress Asset Management Co. acquired a new position in shares of GoDaddy during the 4th quarter worth approximately $111,923,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in shares of GoDaddy by 88.2% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,082,381 shares of the technology company’s stock worth $213,630,000 after purchasing an additional 507,374 shares during the last quarter. Institutional investors own 90.28% of the company’s stock.

Wall Street Analyst Weigh In

GDDY has been the topic of a number of recent analyst reports. Piper Sandler raised their target price on GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a report on Friday. Wells Fargo & Company initiated coverage on GoDaddy in a report on Monday, February 3rd. They set an “equal weight” rating and a $198.00 target price on the stock. Raymond James raised their target price on GoDaddy from $185.00 to $230.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 21st. Royal Bank of Canada restated an “outperform” rating and set a $230.00 target price (up previously from $190.00) on shares of GoDaddy in a report on Wednesday, December 4th. Finally, Robert W. Baird raised their target price on GoDaddy from $200.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $213.20.

GoDaddy Stock Down 14.1 %

NYSE GDDY traded down $29.96 during trading on Friday, hitting $182.58. The stock had a trading volume of 4,395,394 shares, compared to its average volume of 1,094,305. The company has a market capitalization of $25.63 billion, a PE ratio of 14.11 and a beta of 1.15. The company’s 50-day moving average price is $204.20 and its two-hundred day moving average price is $180.30. The company has a debt-to-equity ratio of 10.61, a quick ratio of 0.56 and a current ratio of 0.56. GoDaddy has a 12 month low of $108.02 and a 12 month high of $216.00.

GoDaddy (NYSE:GDDY) last released its earnings results on Thursday, February 13th. The technology company reported $1.42 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.01). The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.18 billion. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. As a group, sell-side analysts forecast that GoDaddy will post 4.96 EPS for the current 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.