GoDaddy Inc. (NYSE:GDDY) Shares Sold by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia significantly reduced its stake in GoDaddy Inc. by selling 161,244 shares, representing an 84.1% decrease in its holdings, now valued at approximately $5.5 million.
• Insider selling has been reported, with COO Roger Chen and CEO Amanpal Singh Bhutani both selling shares in recent transactions, indicating a slight decrease in their respective ownership stakes.
• Analysts have mixed views on GoDaddy, with ratings ranging from "strong buy" to "hold," and an average price target of $214.86, reflecting varying expectations for the company's performance.

Bank of Nova Scotia trimmed its stake in GoDaddy Inc. (NYSE:GDDY - Free Report) by 84.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 30,513 shares of the technology company's stock after selling 161,244 shares during the period. Bank of Nova Scotia's holdings in GoDaddy were worth $5,497,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of GDDY. Banco Santander S.A. acquired a new position in GoDaddy in the first quarter valued at approximately $1,138,000. PNC Financial Services Group Inc. lifted its stake in GoDaddy by 27.2% in the first quarter. PNC Financial Services Group Inc. now owns 9,281 shares of the technology company's stock valued at $1,672,000 after buying an additional 1,986 shares during the last quarter. Commerce Bank lifted its stake in GoDaddy by 1.7% in the first quarter. Commerce Bank now owns 41,593 shares of the technology company's stock valued at $7,493,000 after buying an additional 682 shares during the last quarter. Alberta Investment Management Corp lifted its stake in GoDaddy by 66.9% in the first quarter. Alberta Investment Management Corp now owns 19,700 shares of the technology company's stock valued at $3,549,000 after buying an additional 7,900 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in GoDaddy by 1,938.3% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 27,008 shares of the technology company's stock valued at $4,865,000 after buying an additional 25,683 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Price Performance

GoDaddy stock traded down $16.87 during trading hours on Friday, hitting $133.38. The stock had a trading volume of 5,238,112 shares, compared to its average volume of 1,721,502. The company has a debt-to-equity ratio of 18.91, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $19.01 billion, a price-to-earnings ratio of 27.72 and a beta of 1.08. GoDaddy Inc. has a 1-year low of $132.73 and a 1-year high of $216.00. The stock's fifty day moving average is $171.43 and its two-hundred day moving average is $179.84.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its earnings results on Thursday, August 7th. The technology company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.07. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. GoDaddy had a return on equity of 188.09% and a net margin of 17.01%. GoDaddy's revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share. As a group, analysts predict that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GDDY. Morgan Stanley reduced their price objective on GoDaddy from $228.00 to $206.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Raymond James Financial reduced their price objective on GoDaddy from $225.00 to $175.00 and set a "strong-buy" rating for the company in a research note on Friday. Royal Bank Of Canada reduced their price objective on GoDaddy from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday. Citigroup cut their price target on GoDaddy from $234.00 to $214.00 and set a "buy" rating for the company in a research note on Friday. Finally, Wall Street Zen cut GoDaddy from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, GoDaddy has an average rating of "Moderate Buy" and an average price target of $202.43.

Insider Buying and Selling

In other GoDaddy news, Director Brian Sharples sold 500 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $160.47, for a total transaction of $80,235.00. Following the completion of the transaction, the director owned 21,457 shares of the company's stock, valued at approximately $3,443,204.79. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Amanpal Singh Bhutani sold 6,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $159.46, for a total value of $956,760.00. Following the sale, the chief executive officer directly owned 419,015 shares in the company, valued at approximately $66,816,131.90. The trade was a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,257 shares of company stock valued at $5,827,280 in the last three months. 0.61% of the stock is owned by insiders.

About GoDaddy

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.