Citigroup Inc. Grows Stock Position in GoDaddy Inc. (NYSE:GDDY)

Key Points

• Citigroup Inc. has significantly increased its stake in GoDaddy Inc. by 69.1%, acquiring an additional 95,569 shares and owning a total of 233,973 shares worth approximately $42.1 million.
• Multiple hedge funds have also increased their holdings in GoDaddy, with Cornerstone Planning Group expanding its stake by 123.4% in the first quarter.
• GoDaddy reported an earnings per share (EPS) of $1.41 for the most recent quarter, surpassing analyst expectations and reflecting an 8.3% increase in revenue compared to the previous year.

Citigroup Inc. increased its position in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 69.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 233,973 shares of the technology company's stock after buying an additional 95,569 shares during the quarter. Citigroup Inc. owned about 0.17% of GoDaddy worth $42,148,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GDDY. Cornerstone Planning Group LLC raised its stake in shares of GoDaddy by 123.4% in the first quarter. Cornerstone Planning Group LLC now owns 143 shares of the technology company's stock worth $25,000 after purchasing an additional 79 shares during the last quarter. Park Square Financial Group LLC purchased a new stake in shares of GoDaddy in the first quarter worth approximately $27,000. Private Trust Co. NA raised its stake in shares of GoDaddy by 591.3% in the first quarter. Private Trust Co. NA now owns 159 shares of the technology company's stock worth $29,000 after purchasing an additional 136 shares during the last quarter. GW&K Investment Management LLC raised its stake in shares of GoDaddy by 307.9% in the first quarter. GW&K Investment Management LLC now owns 257 shares of the technology company's stock worth $46,000 after purchasing an additional 194 shares during the last quarter. Finally, City Holding Co. raised its stake in shares of GoDaddy by 30.0% in the first quarter. City Holding Co. now owns 260 shares of the technology company's stock worth $47,000 after purchasing an additional 60 shares during the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GDDY. JPMorgan Chase & Co. increased their price objective on GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada decreased their price target on GoDaddy from $225.00 to $200.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Morgan Stanley decreased their price target on GoDaddy from $228.00 to $206.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Wall Street Zen downgraded GoDaddy from a "buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Citigroup decreased their price target on GoDaddy from $234.00 to $214.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $202.43.

GoDaddy Stock Performance

Shares of GoDaddy stock traded up $0.31 during trading hours on Thursday, reaching $143.63. The company had a trading volume of 2,641,136 shares, compared to its average volume of 1,579,502. GoDaddy Inc. has a one year low of $132.51 and a one year high of $216.00. The business has a fifty day simple moving average of $168.91 and a 200 day simple moving average of $178.46. The company has a debt-to-equity ratio of 9.33, a current ratio of 0.64 and a quick ratio of 0.56. The firm has a market cap of $20.47 billion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.52 and a beta of 1.08.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.07. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.21 billion. GoDaddy had a return on equity of 189.42% and a net margin of 17.01%. The firm's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $1.01 earnings per share. On average, analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Insider Activity at GoDaddy

In related news, CFO Mark Mccaffrey sold 625 shares of GoDaddy stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $177.08, for a total transaction of $110,675.00. Following the completion of the sale, the chief financial officer owned 73,459 shares of the company's stock, valued at approximately $13,008,119.72. This trade represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amanpal Singh Bhutani sold 6,000 shares of GoDaddy 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 of the company's stock, valued at $66,816,131.90. This represents a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,257 shares of company stock valued at $5,639,070 in the last ninety days. 0.70% of the stock is currently owned by corporate insiders.

GoDaddy Company Profile

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.