Assenagon Asset Management S.A. Sells 520,670 Shares of GoDaddy Inc. $GDDY

Key Points

• Assenagon Asset Management cut its GoDaddy stake by 53.6%, selling 520,670 shares in the second quarter and retaining 449,873 shares worth approximately $38.2 million. Institutional investors still own 90.28% of the company.
• GoDaddy reported quarterly earnings of $1.83 per share, beating estimates of $1.69, while revenue rose 6.6% year over year to $1.30 billion. The stock opened at $90.93, with a market capitalization of about $12.04 billion.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $110.33, although several firms recently lowered their targets. Multiple law firms are also investigating potential securities-law claims, introducing additional litigation and reputational risks.

Assenagon Asset Management S.A. lessened its holdings in GoDaddy Inc. (NYSE:GDDY - Free Report) by 53.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 449,873 shares of the technology company's stock after selling 520,670 shares during the period. Assenagon Asset Management S.A. owned 0.34% of GoDaddy worth $38,185,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of GoDaddy in the fourth quarter worth about $250,020,000. AQR Capital Management LLC lifted its holdings in GoDaddy by 117.5% in the 4th quarter. AQR Capital Management LLC now owns 2,989,931 shares of the technology company's stock worth $370,991,000 after purchasing an additional 1,615,005 shares in the last quarter. Two Sigma Investments LP lifted its holdings in GoDaddy by 99.7% in the 3rd quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company's stock worth $223,183,000 after purchasing an additional 814,360 shares in the last quarter. Swedbank AB boosted its stake in GoDaddy by 433.9% in the 4th quarter. Swedbank AB now owns 645,754 shares of the technology company's stock worth $80,125,000 after purchasing an additional 524,811 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in GoDaddy by 67.0% in the 4th quarter. Pacer Advisors Inc. now owns 1,256,998 shares of the technology company's stock worth $155,968,000 after purchasing an additional 504,374 shares during the period. 90.28% of the stock is owned by institutional investors.

GoDaddy Stock Performance

NYSE:GDDY opened at $90.93 on Friday. The company has a debt-to-equity ratio of 561.10, a current ratio of 0.63 and a quick ratio of 0.67. GoDaddy Inc. has a 1 year low of $71.59 and a 1 year high of $150.47. The stock's 50 day simple moving average is $86.91 and its two-hundred day simple moving average is $88.16. The company has a market cap of $12.04 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 0.82 and a beta of 0.90.

GoDaddy (NYSE:GDDY - Get Free Report) 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. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.29 billion. GoDaddy had a net margin of 17.83% and a return on equity of 660.96%. GoDaddy's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.41 earnings per share. As a group, equities analysts anticipate that GoDaddy Inc. will post 7.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on GDDY shares. Piper Sandler reiterated a "neutral" rating and set a $95.00 price objective (up from $93.00) on shares of GoDaddy in a research report on Friday, July 31st. Wells Fargo & Company lowered their target price on shares of GoDaddy from $83.00 to $80.00 and set an "equal weight" rating on the stock in a report on Friday, July 31st. JPMorgan Chase & Co. dropped their target price on shares of GoDaddy from $154.00 to $124.00 and set an "overweight" rating for the company in a research report on Thursday, June 18th. Benchmark cut their target price on shares of GoDaddy from $185.00 to $140.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Finally, UBS Group started coverage on shares of GoDaddy in a report on Tuesday, May 5th. They issued a "neutral" rating and a $100.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $110.33.

Key GoDaddy News

Here are the key news stories impacting GoDaddy this week:

• Positive Sentiment: Valuation remains a potential support. Zacks identified GoDaddy as a top value stock for the long term, highlighting its valuation and investment-style characteristics. The company trades at roughly 13.5 times earnings, while analysts’ average price target remains above the current trading range. Zacks GoDaddy Value Stock Article
• Neutral Sentiment: CEO share sale was made under a preset trading plan. Chief Executive Officer Amanpal Singh Bhutani sold 4,500 shares for approximately $374,000, reducing his direct holdings by 0.86%. Because the transaction occurred under a Rule 10b5-1 plan and represented a small portion of his holdings, it is a limited indicator of management’s outlook. SEC Insider Trading Filing
• Negative Sentiment: Multiple law firms are investigating GoDaddy. Rosen Law Firm and Kaplan Fox & Kilsheimer said they are examining potential securities claims and alleged misleading business disclosures. The announcements largely seek to recruit affected investors and do not establish wrongdoing, but they introduce potential litigation, financial and reputational risks that may weigh on sentiment. Rosen Law Firm Investigation Kaplan Fox Investigation

Insider Activity

In other news, CFO Mark Mccaffrey sold 3,500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $82.92, for a total value of $290,220.00. Following the sale, the chief financial officer directly owned 105,728 shares in the company, valued at approximately $8,766,965.76. This represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sigal Zarmi sold 350 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $87.84, for a total value of $30,744.00. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 21,251 shares of company stock worth $1,854,403 in the last ninety days. 0.93% of the stock is currently owned by company insiders.

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.

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