OP Asset Management Ltd Makes New Investment in GoDaddy Inc. $GDDY

OP Asset Management Ltd bought a new stake in GoDaddy Inc. (NYSE:GDDY) during the first quarter, HoldingsChannel reports. The institutional investor bought 14,289 shares of the technology company’s stock, valued at approximately $1,181,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. American Century Companies Inc. lifted its holdings in GoDaddy by 130.5% during the third quarter. American Century Companies Inc. now owns 151,432 shares of the technology company’s stock valued at $20,720,000 after purchasing an additional 85,733 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of GoDaddy in the third quarter worth about $30,575,000. BNP Paribas Financial Markets increased its stake in shares of GoDaddy by 5.7% in the fourth quarter. BNP Paribas Financial Markets now owns 945,202 shares of the technology company’s stock worth $117,281,000 after purchasing an additional 50,959 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of GoDaddy by 22,341.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 117,142 shares of the technology company’s stock valued at $14,535,000 after purchasing an additional 116,620 shares during the period. Finally, Swedbank AB raised its position in shares of GoDaddy by 433.9% in the fourth quarter. Swedbank AB now owns 645,754 shares of the technology company’s stock valued at $80,125,000 after purchasing an additional 524,811 shares during the period. 90.28% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Mark Mccaffrey sold 3,958 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value of $355,665.88. Following the sale, the chief financial officer owned 109,228 shares in the company, valued at approximately $9,815,228.08. This trade represents a 3.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Phontip Palitwanon sold 542 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value of $48,704.12. Following the completion of the sale, the chief accounting officer owned 19,995 shares in the company, valued at $1,796,750.70. This trade represents a 2.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 16,751 shares of company stock valued at $1,480,228 in the last quarter. 0.93% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on GDDY. Wells Fargo & Company raised their price objective on shares of GoDaddy from $77.00 to $83.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. UBS Group began coverage on shares of GoDaddy in a report on Tuesday, May 5th. They set a “neutral” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. Finally, Piper Sandler started coverage on GoDaddy in a research report on Thursday, March 12th. They issued a “neutral” rating and a $93.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $118.43.

GoDaddy Trading Up 0.8%

Shares of GoDaddy stock opened at $85.24 on Tuesday. The company’s 50-day moving average price is $84.84 and its 200-day moving average price is $93.99. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 15.86. GoDaddy Inc. has a 12-month low of $71.59 and a 12-month high of $181.49. The company has a market cap of $11.29 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 0.77 and a beta of 0.90.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.53 by $0.07. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.26 billion. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. GoDaddy’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.51 earnings per share. On average, equities analysts expect that GoDaddy Inc. will post 7.13 earnings per share for the current fiscal year.

GoDaddy Company Profile

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.