Todays Report: The Sit Investment Associates Inc. reduces its investment in GoDaddy Inc. (GDDY)

The Sit Investment Associates Inc. reduces its investment in GoDaddy Inc. (GDDY)

Sit Investment Associates Inc. cut its position in shares of GoDaddy Inc. (NYSE:GDDY) by 31.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,900 shares of the company’s stock after selling 9,600 shares during the period. Sit Investment Associates Inc.’s holdings in GoDaddy were worth $652,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GDDY. Wellington Management Group LLP increased its stake in shares of GoDaddy by 266.8% in the first quarter. Wellington Management Group LLP now owns 776,803 shares of the company’s stock worth $25,114,000 after buying an additional 565,022 shares during the period. RS Investment Management Co. LLC increased its stake in shares of GoDaddy by 19.7% in the second quarter. RS Investment Management Co. LLC now owns 1,311,389 shares of the company’s stock worth $40,902,000 after buying an additional 215,732 shares during the period. TIAA CREF Investment Management LLC increased its stake in shares of GoDaddy by 83.1% in the first quarter. TIAA CREF Investment Management LLC now owns 241,785 shares of the company’s stock worth $7,817,000 after buying an additional 109,760 shares during the period. Aperio Group LLC increased its stake in shares of GoDaddy by 1.0% in the first quarter. Aperio Group LLC now owns 9,907 shares of the company’s stock worth $320,000 after buying an additional 98 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of GoDaddy by 8.9% in the first quarter. Franklin Resources Inc. now owns 1,078,380 shares of the company’s stock worth $34,864,000 after buying an additional 88,490 shares during the period.

Shares of GoDaddy Inc. (NYSE:GDDY) traded up 0.126% during midday trading on Thursday, hitting $35.825. The stock had a trading volume of 708,475 shares. The firm has a 50 day moving average of $33.70 and a 200-day moving average of $31.83. GoDaddy Inc. has a one year low of $23.88 and a one year high of $36.03. The company’s market cap is $5.46 billion.

GoDaddy (NYSE:GDDY) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.04. GoDaddy had a negative return on equity of 3.30% and a negative net margin of 1.26%. The business earned $456.20 million during the quarter, compared to the consensus estimate of $450.51 million. During the same period in the prior year, the business earned ($0.46) EPS. The business’s revenue was up 15.6% on a year-over-year basis. On average, analysts forecast that GoDaddy Inc. will post ($0.04) earnings per share for the current fiscal year.

A number of analysts have issued reports on GDDY shares. Vetr downgraded GoDaddy from a “strong-buy” rating to a “buy” rating and set a $39.00 price target for the company. in a report on Thursday, October 6th. Zacks Investment Research upgraded GoDaddy from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research report on Wednesday, October 5th. Piper Jaffray Cos. set a $40.00 target price on GoDaddy and gave the stock a “buy” rating in a research report on Monday, September 19th. Summit Redstone began coverage on GoDaddy in a research report on Monday, October 3rd. They set a “buy” rating and a $41.00 target price on the stock. Finally, Deutsche Bank AG lifted their target price on GoDaddy from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $37.63.

In other GoDaddy news, EVP Nima Kelly sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $36.00, for a total value of $360,000.00. Following the sale, the executive vice president now owns 34,023 shares in the company, valued at $1,224,828. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Scott Wagner sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $28.86, for a total transaction of $230,880.00. Following the completion of the sale, the chief operating officer now owns 9,309 shares in the company, valued at approximately $268,657.74. The disclosure for this sale can be found here. 25.70% of the stock is currently owned by company insiders.

GoDaddy Company Profile

GoDaddy Inc is a technology provider to small businesses, Web design professionals and individuals. The Company delivers cloud-based products and personalized customer care. The Company operates a domain marketplace, where its customers can find the digital real estate that matches their idea. It provides Website building, hosting and security tools to help customers construct and protect online presence.

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