GoDaddy Inc. $GDDY Shares Sold by Corsair Capital Management L.P.

Key Points

• Corsair Capital Management cut its GoDaddy stake by 90.7% in the first quarter, selling 84,618 shares and retaining 8,662 shares valued at approximately $716,000.
• Despite Corsair’s reduction, other institutions increased their positions, and institutional investors collectively own 90.28% of GoDaddy’s stock.
• GoDaddy’s latest quarterly results beat expectations, with EPS of $1.60 and revenue of $1.27 billion, while analysts maintain a “Moderate Buy” consensus and an average price target of $118.43.

Corsair Capital Management L.P. reduced its position in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 90.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,662 shares of the technology company's stock after selling 84,618 shares during the period. Corsair Capital Management L.P.'s holdings in GoDaddy were worth $716,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of GoDaddy in the 4th quarter worth approximately $250,020,000. AQR Capital Management LLC lifted its stake in GoDaddy by 117.5% during the fourth quarter. AQR Capital Management LLC now owns 2,989,931 shares of the technology company's stock valued at $370,991,000 after purchasing an additional 1,615,005 shares during the last quarter. Two Sigma Investments LP lifted its stake in GoDaddy by 99.7% during the third quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company's stock valued at $223,183,000 after purchasing an additional 814,360 shares during the last quarter. Swedbank AB boosted its holdings in GoDaddy by 433.9% during the fourth quarter. Swedbank AB now owns 645,754 shares of the technology company's stock worth $80,125,000 after buying an additional 524,811 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in GoDaddy by 67.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,256,998 shares of the technology company's stock worth $155,968,000 after buying an additional 504,374 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors.

Key Stories Impacting GoDaddy

Here are the key news stories impacting GoDaddy this week:

• Positive Sentiment: Several recent articles highlight GoDaddy’s valuation as potentially attractive after its sharp pullback, with some coverage arguing the stock may be mispriced and pointing to improving long-term fundamentals. GoDaddy NYSE: GDDY Looks Mispriced After Its Steep Drop
• Positive Sentiment: Investor interest is also being supported by expectations for upcoming earnings, with some analysts still projecting revenue and earnings growth ahead of GoDaddy’s next report. GoDaddy (GDDY) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Positive Sentiment: GoDaddy has also drawn attention for its developer-platform push, which some articles frame as a potential catalyst if the strategy expands the company’s growth opportunities. GoDaddy’s Pricing Misstep and Developer Push Could Be A Game Changer For GoDaddy (GDDY)
• Neutral Sentiment: GoDaddy released its quarterly results recently, and the company previously beat analyst estimates on earnings and revenue, which continues to anchor investor expectations heading into the next report. GoDaddy (GDDY) Launches Developer Platform As Fair Value Narrative Stays In Focus
• Negative Sentiment: Multiple law firms, including Rosen Law Firm and Kaplan Fox & Kilsheimer, announced or reiterated investigations into possible securities-law violations and potentially misleading disclosures at GoDaddy, increasing legal overhang and uncertainty for shareholders. ROSEN, TRUSTED INVESTOR COUNSEL, Encourages GoDaddy Inc. Investors to Inquire About Securities Class Action Investigation - GDDY

Insiders Place Their Bets

In other GoDaddy news, CFO Mark Mccaffrey sold 3,958 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $355,665.88. Following the completion of the sale, the chief financial officer directly owned 109,228 shares in the company, valued at approximately $9,815,228.08. This trade represents a 3.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of GoDaddy 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 transaction, the chief executive officer directly owned 521,747 shares in the company, valued at approximately $46,884,185.42. This trade represents a 1.58% decrease in their position. 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 three months, insiders have sold 16,751 shares of company stock worth $1,480,228. 0.93% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GDDY. UBS Group began coverage on GoDaddy in a report on Tuesday, May 5th. They issued a "neutral" rating and a $100.00 price target on the stock. Weiss Ratings reissued a "hold (c-)" rating on shares of GoDaddy in a research note on Tuesday, June 16th. Benchmark decreased their target price on GoDaddy from $195.00 to $185.00 and set a "buy" rating on the stock in a report on Tuesday, April 28th. JPMorgan Chase & Co. cut their target price on GoDaddy from $154.00 to $124.00 and set an "overweight" rating on the stock in a research report on Thursday, June 18th. Finally, Wells Fargo & Company upped their target price on GoDaddy from $77.00 to $83.00 and gave the company an "equal weight" rating in a report on Friday, May 1st. One research 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $118.43.

GoDaddy Trading Down 0.1%

GoDaddy stock opened at $93.08 on Monday. GoDaddy Inc. has a 52 week low of $71.59 and a 52 week high of $168.13. The company has a debt-to-equity ratio of 15.86, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market capitalization of $12.32 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 0.84 and a beta of 0.89. The company has a 50 day moving average price of $86.03 and a 200 day moving average price of $89.27.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.07. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.26 billion. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The company's revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.51 EPS. Research analysts forecast that GoDaddy Inc. will post 7.15 EPS for the current year.

GoDaddy Company 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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