Short interest in GoDaddy Inc. (NYSE: GDDY) grows significantly

GoDaddy Inc. (NYSE: GDDY – Rated) was the beneficiary of a sharp increase in short interest in October. As of Oct. 15, short interest totaled 2,570,000 shares, an increase of 9.4% from 2,350,000 shares on Sept. 30. Based on an average daily volume of 842,200 shares, the current short interest rate is 3.1 days. Currently, 1.7% of the stock is sold short.

GoDaddy stock performance

GoDaddy shares rose $1.25 to $81.13 in Friday’s session. The company exchanged a total of 862,521 shares against its average trading volume of 750,086 shares. GoDaddy has a 1-year low of $64.81 and a 1-year high of $88.32. The stock has a 50-day moving average of $75.57 and a 200-day moving average of $75.21. The company has a market cap of $12.71 billion, a price-to-earnings ratio of 39.19, a PEG ratio of 2.42, and a beta of 0.93.

GoDaddy (NYSE: GDDY – Get Rating) last released its earnings results on Wednesday, August 3rd. The tech company reported earnings per share of $0.56 for the quarter, beating the consensus estimate of $0.47 by $0.09. The company’s revenue for the quarter was $1.02 billion, compared with analysts’ estimates of $1.02 billion. GoDaddy’s ROE is 147.44% and its net profit margin is 8.58%. Research analysts expect GoDaddy to earn 2.2 per share for the year.

Analyst Rating Changes

Several research analysts have recently weighed in on GDDY stock. Raymond James lowered his price target on GoDaddy to $100.00 from $108.00 in a report on Thursday, Aug. 4, with a “strong buy” rating on the stock. Barclays raised its price target on GoDaddy to $107.00 from $104.00 in a Thursday, Aug. 4 report, and gave the stock an “overweight” rating. Evercore ISI raised its price target on GoDaddy to $91.00 in a report on Tuesday, Aug. 9. StockNews.com began covering GoDaddy in a report on Wednesday, October 12. They have a “buy” rating on the stock. Finally, Morgan Stanley raised its price target on GoDaddy from $91.00 to $93.00 in a Thursday, Aug. 4 report, and gave the company an “equal weight” rating. One investment analyst has a hold rating on the stock, four have a buy rating and one has a strong buy rating. According to MarketBeat.com, the stock currently has an average Buy rating and a consensus price target of $101.00.

GoDaddy’s internal activities

In related news, insider Michele Lau sold 7,274 GoDaddy shares in trading on Tuesday, Aug. 2. The stock sold at an average price of $73.88 for a total value of $537,403.12. Following the transaction, the insider now owns 63,009 shares of the company, worth approximately $4,655,104.92. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. In other GoDaddy news, insider Michele Lau sold 7,274 shares of the company in a deal that took place on Tuesday, Aug. 2. The stock sold at an average price of $73.88 for a total volume of $537,403.12. Following the sale, the insider now directly owns 63,009 shares of the company, worth approximately $4,655,104.92. The transaction was disclosed in an SEC filing, which is available at this link. In addition, CAO Nick Daddario sold 600 shares of the company in a transaction that took place on Monday, August 15. The stock sold at an average price of $82.00 for a total value of $49,200.00. After the sale, the chief accounting officer now owns 15,608 shares of the company’s stock, worth $1,279,856. Disclosures for this sale can be found here. Insiders sold a total of 13,566 company shares worth $1,008,092 in the past 90 days. Company insiders own 0.37% of the company.

Hedge Funds Weigh GoDaddy

Several large investors have recently bought and sold GDDY stock. IFM Investors Pty Ltd increased its stake in GoDaddy by 23.1% in the first quarter. IFM Investors Pty Ltd now owns 26,675 shares in the technology company worth $2,233,000 after buying an additional 5,013 shares in the previous quarter. Ellevest Inc. increased its stake in GoDaddy by 1,340.9% in the first quarter. Ellevest Inc. now owns 317 shares of the tech company’s stock, valued at $27,000, after buying an additional 295 shares in the previous quarter. Xponance Inc. increased its stake in GoDaddy by 8.2% in the first quarter. Xponance Inc. now owns 3,767 shares of the tech company’s stock, valued at $315,000, after buying an additional 284 shares in the previous quarter. Virginia Retirement Systems ET AL increased its stake in GoDaddy by 17.4% in the first quarter. Virginia Retirement Systems ET AL now owns 132,900 shares of the technology company’s stock valued at $11,124,000 after buying an additional 19,700 shares in the previous quarter. Finally, Exane Derivatives acquired GoDaddy’s new position for $67,000 in the first quarter. Hedge funds and other institutional investors own 96.50% of the company.

About GoDaddy

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GoDaddy Inc designs and develops cloud-based technology products in the United States and internationally. The company offers domain registration products that can attract customers in the initial stages of establishing a digital identity. It also offers shared website hosting products that offer a variety of applications and products such as web analytics, Secure Sockets Layer certificates, and WordPress; websites hosted on virtual private servers and virtual private server products, allowing customers to choose the applications, requirements, and growing server configurations; managed products, which are used to set up, monitor, maintain, secure and patch software and servers for customers; and security products, a suite of tools designed to help protect customers’ online presence.

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