Bank of New York Mellon Corp Sells 37,923 Shares of GoDaddy Inc. $GDDY

Key Points

• Bank of New York Mellon Corp reduced its GoDaddy stake by 4.9% in the fourth quarter, selling 37,923 shares and ending with 735,054 shares valued at about $91.2 million.
• Several analysts recently cut their price targets on GoDaddy, though the stock still carries a Moderate Buy consensus rating with an average target price of $120.57.
• GoDaddy reported better-than-expected Q1 results, with EPS of $1.60 versus estimates of $1.53 and revenue of $1.27 billion, up 6.1% year over year.

Bank of New York Mellon Corp trimmed its stake in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 735,054 shares of the technology company's stock after selling 37,923 shares during the quarter. Bank of New York Mellon Corp owned 0.54% of GoDaddy worth $91,205,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GDDY. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of GoDaddy during the 4th quarter valued at $25,000. Rachor Investment Advisory Services LLC purchased a new position in GoDaddy during the fourth quarter worth about $25,000. Activest Wealth Management grew its position in GoDaddy by 6,600.0% during the fourth quarter. Activest Wealth Management now owns 201 shares of the technology company's stock worth $25,000 after buying an additional 198 shares in the last quarter. Harbour Investments Inc. grew its position in GoDaddy by 191.0% during the fourth quarter. Harbour Investments Inc. now owns 259 shares of the technology company's stock worth $32,000 after buying an additional 170 shares in the last quarter. Finally, Entrust Financial LLC purchased a new position in GoDaddy during the fourth quarter worth about $35,000. 90.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GDDY has been the subject of several recent analyst reports. Jefferies Financial Group reduced their target price on GoDaddy from $140.00 to $100.00 and set a "hold" rating for the company in a research report on Monday, February 23rd. Piper Sandler initiated coverage on GoDaddy in a research report on Thursday, March 12th. They set a "neutral" rating and a $93.00 target price for the company. Barclays reduced their target price on GoDaddy from $200.00 to $118.00 and set an "overweight" rating for the company in a research report on Thursday, February 26th. JPMorgan Chase & Co. reduced their target price on GoDaddy from $167.00 to $154.00 and set an "overweight" rating for the company in a research report on Friday, May 1st. Finally, Benchmark reduced their target price on GoDaddy from $195.00 to $185.00 and set a "buy" rating for the company in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $120.57.

GoDaddy Price Performance

GDDY opened at $80.76 on Tuesday. The stock has a market capitalization of $10.69 billion, a P/E ratio of 12.78, a PEG ratio of 0.76 and a beta of 0.90. GoDaddy Inc. has a 12-month low of $73.06 and a 12-month high of $182.95. The stock has a 50-day moving average price of $85.68 and a 200-day moving average price of $99.10. 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 (NYSE:GDDY - Get Free Report) last issued its earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share 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 return on equity of 366.90% and a net margin of 17.32%.GoDaddy's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.51 EPS. Equities analysts predict that GoDaddy Inc. will post 7.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Sigal Zarmi sold 350 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $87.84, for a total transaction of $30,744.00. Following the completion of the sale, the director directly owned 5,708 shares in the company, valued at $501,390.72. This represents a 5.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total value of $752,397.78. Following the sale, the chief executive officer owned 521,747 shares of the company's stock, valued at $46,884,185.42. This represents a 1.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 13,251 shares of company stock valued at $1,190,008. 0.93% of the stock is owned by 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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