GoDaddy Inc. $GDDY Shares Bought by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its GoDaddy stake by 11% in the fourth quarter, owning about 3.22 million shares worth roughly $399 million, or 2.38% of the company.
• GoDaddy reported better-than-expected first-quarter results, with EPS of $1.60 versus estimates of $1.53 and revenue of $1.27 billion, up 6.1% year over year.
• Despite the strong earnings, the stock was trading around $80.42, near its 52-week low range, while insiders including the CEO and a director recently sold shares.

JPMorgan Chase & Co. boosted its stake in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 11.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 3,216,382 shares of the technology company's stock after purchasing an additional 319,515 shares during the period. JPMorgan Chase & Co. owned approximately 2.38% of GoDaddy worth $399,089,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Los Angeles Capital Management LLC purchased a new stake in shares of GoDaddy during the 4th quarter worth about $80,000. Havemeyer Place LP purchased a new stake in shares of GoDaddy during the 4th quarter worth about $381,000. Pinebridge Investments LLC purchased a new stake in shares of GoDaddy during the 4th quarter worth about $7,808,000. Prudential PLC boosted its stake in shares of GoDaddy by 1.9% during the 4th quarter. Prudential PLC now owns 48,985 shares of the technology company's stock worth $6,078,000 after acquiring an additional 904 shares in the last quarter. Finally, State of Wyoming boosted its stake in shares of GoDaddy by 113.7% during the 4th quarter. State of Wyoming now owns 3,227 shares of the technology company's stock worth $400,000 after acquiring an additional 1,717 shares in the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GDDY. JPMorgan Chase & Co. lowered their target price on shares of GoDaddy from $167.00 to $154.00 and set an "overweight" rating on the stock in a research note on Friday, May 1st. Piper Sandler began coverage on shares of GoDaddy in a research note on Thursday, March 12th. They set a "neutral" rating and a $93.00 target price on the stock. Jefferies Financial Group lowered their target price on shares of GoDaddy from $140.00 to $100.00 and set a "hold" rating on the stock in a research note on Monday, February 23rd. Citigroup lowered their target price on shares of GoDaddy from $195.00 to $110.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. Finally, Wells Fargo & Company increased their target price on shares of GoDaddy from $77.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, GoDaddy currently has an average rating of "Moderate Buy" and an average price target of $120.57.

GoDaddy Trading Down 1.4%

Shares of GoDaddy stock opened at $80.42 on Thursday. The firm has a market capitalization of $10.65 billion, a PE ratio of 12.72, a P/E/G ratio of 0.73 and a beta of 0.90. GoDaddy Inc. has a twelve month low of $73.06 and a twelve month high of $181.49. The firm's 50-day moving average price is $85.68 and its 200 day moving average price is $98.49. 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 quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, beating analysts' consensus estimates of $1.53 by $0.07. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. GoDaddy's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the company posted $1.51 EPS. On average, sell-side analysts predict that GoDaddy Inc. will post 7.17 EPS for the current fiscal year.

Insider Activity at GoDaddy

In related news, Director Sigal Zarmi sold 350 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $87.84, for a total value of $30,744.00. Following the transaction, the director directly owned 5,708 shares of the company's stock, valued at approximately $501,390.72. This trade represents a 5.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the transaction, the chief executive officer directly owned 521,747 shares in the company, 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 90 days, insiders sold 16,751 shares of company stock valued at $1,480,228. 0.93% of the stock is owned by corporate insiders.

GoDaddy 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.

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