Panagora Asset Management Inc. Boosts Stake in GoDaddy Inc. $GDDY

Key Points

• Panagora Asset Management Inc. has significantly increased its stake in GoDaddy by 402.2%, owning approximately $67 million worth of shares following the acquisition of 298,051 additional shares.
• Analysts have set varied price targets for GoDaddy, with Piper Sandler proposing a target of $182.00 and JPMorgan Chase raising it to $240.00, reflecting strong investor interest in the stock.
• GoDaddy reported Q2 earnings per share (EPS) of $1.41, which exceeded expectations by $0.07, alongside a revenue of $1.22 billion, marking an 8.3% increase from the previous year.

Panagora Asset Management Inc. raised its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 402.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 372,154 shares of the technology company's stock after purchasing an additional 298,051 shares during the period. Panagora Asset Management Inc. owned 0.26% of GoDaddy worth $67,040,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GDDY. Cornerstone Planning Group LLC increased its position in GoDaddy by 123.4% during the 1st quarter. Cornerstone Planning Group LLC now owns 143 shares of the technology company's stock valued at $25,000 after buying an additional 79 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of GoDaddy during the first quarter worth about $27,000. Private Trust Co. NA increased its holdings in shares of GoDaddy by 591.3% during the first quarter. Private Trust Co. NA now owns 159 shares of the technology company's stock valued at $29,000 after acquiring an additional 136 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in GoDaddy in the 1st quarter worth approximately $30,000. Finally, GW&K Investment Management LLC grew its position in GoDaddy by 307.9% during the 1st 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. Hedge funds and other institutional investors own 90.28% of the company's stock.

Insiders Place Their Bets

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 6,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $159.46, for a total transaction of $956,760.00. Following the completion of the transaction, the chief executive officer owned 419,015 shares of the company's stock, valued at $66,816,131.90. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Sharples sold 500 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $160.47, for a total value of $80,235.00. Following the completion of the transaction, the director owned 21,457 shares in the company, valued at approximately $3,443,204.79. This trade represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,448 shares of company stock valued at $3,266,423. 0.70% of the stock is owned by company insiders.

GoDaddy Price Performance

GDDY stock traded down $3.82 during mid-day trading on Tuesday, reaching $144.49. 1,803,390 shares of the company's stock were exchanged, compared to its average volume of 1,590,532. The company has a market cap of $20.00 billion, a price-to-earnings ratio of 25.80, a price-to-earnings-growth ratio of 1.60 and a beta of 1.02. GoDaddy Inc. has a 12-month low of $132.51 and a 12-month high of $216.00. The stock's 50 day moving average is $160.02 and its 200 day moving average is $172.15. The company has a debt-to-equity ratio of 9.33, a current ratio of 0.64 and a quick ratio of 0.64.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its earnings results on Thursday, August 7th. The technology company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.07. The firm had revenue of $1.22 billion for 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 business's revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 EPS. GoDaddy has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, research analysts expect that GoDaddy Inc. will post 6.63 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of GoDaddy from $198.00 to $157.00 and set an "equal weight" rating on the stock in a report on Friday, August 8th. Piper Sandler set a $182.00 price target on GoDaddy and gave the company an "overweight" rating in a research note on Friday, August 8th. Citigroup reduced their price objective on GoDaddy from $234.00 to $214.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Royal Bank Of Canada cut their price target on shares of GoDaddy from $225.00 to $200.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Finally, Barclays decreased their price objective on shares of GoDaddy from $235.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $202.43.

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.