GoDaddy Inc. $GDDY Stake Lifted by Wealthfront Advisers LLC

Key Points

• Wealthfront Advisers LLC increased its GoDaddy stake by 111.2% in the first quarter, adding 33,240 shares to bring its total to 63,123 shares worth about $5.2 million.
• Analysts remain mixed on GDDY: the stock carries a consensus rating of Moderate Buy with an average price target of $118.43, though several firms recently trimmed or adjusted their targets.
• GoDaddy reported better-than-expected quarterly results, with EPS of $1.60 versus the $1.53 estimate and revenue of $1.27 billion, while revenue rose 6.1% year over year.

Wealthfront Advisers LLC raised its position in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 111.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 63,123 shares of the technology company's stock after purchasing an additional 33,240 shares during the quarter. Wealthfront Advisers LLC's holdings in GoDaddy were worth $5,218,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Sivia Capital Partners LLC grew its position in GoDaddy by 90.3% in the second quarter. Sivia Capital Partners LLC now owns 3,271 shares of the technology company's stock worth $589,000 after buying an additional 1,552 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of GoDaddy by 50.0% in the 2nd quarter. Cerity Partners LLC now owns 27,189 shares of the technology company's stock valued at $4,896,000 after purchasing an additional 9,062 shares during the period. Treasurer of the State of North Carolina increased its stake in GoDaddy by 83.0% in the 2nd quarter. Treasurer of the State of North Carolina now owns 155,593 shares of the technology company's stock valued at $28,016,000 after buying an additional 70,585 shares during the period. Osterweis Capital Management Inc. acquired a new position in shares of GoDaddy in the second quarter worth $152,000. Finally, Main Street Financial Solutions LLC raised its stake in shares of GoDaddy by 1.0% during the 2nd quarter. Main Street Financial Solutions LLC now owns 12,136 shares of the technology company's stock worth $2,185,000 after purchasing an additional 119 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company's stock.

Analysts Set New Price Targets

GDDY has been the topic of a number of recent research reports. Weiss Ratings restated a "hold (c-)" rating on shares of GoDaddy in a report on Tuesday, June 16th. JPMorgan Chase & Co. dropped their price target on GoDaddy from $154.00 to $124.00 and set an "overweight" rating on the stock in a research report on Thursday, June 18th. Wells Fargo & Company upped their price objective on shares of GoDaddy from $77.00 to $83.00 and gave the company an "equal weight" rating in a research report on Friday, May 1st. Benchmark cut their target price on GoDaddy from $195.00 to $185.00 and set a "buy" rating for the company in a research note on Tuesday, April 28th. Finally, UBS Group started coverage on shares of GoDaddy in a research report on Tuesday, May 5th. They issued a "neutral" rating and a $100.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, GoDaddy presently has a consensus rating of "Moderate Buy" and an average target price of $118.43.

Insider Transactions at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 8,373 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value of $752,397.78. Following the transaction, the chief executive officer owned 521,747 shares of the company's stock, valued at $46,884,185.42. This represents a 1.58% decrease in their position. The transaction was disclosed in a document filed 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, CFO Mark Mccaffrey sold 3,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $82.92, for a total value of $290,220.00. Following the completion of the transaction, the chief financial officer directly owned 105,728 shares in the company, valued at $8,766,965.76. The trade was a 3.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 16,751 shares of company stock valued at $1,480,228. 0.93% of the stock is owned by company insiders.

GoDaddy Stock Performance

Shares of NYSE:GDDY opened at $94.35 on Friday. GoDaddy Inc. has a twelve month low of $71.59 and a twelve month high of $171.42. The firm has a market cap of $12.49 billion, a PE ratio of 14.93, a price-to-earnings-growth ratio of 0.85 and a beta of 0.89. 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 business has a fifty day moving average of $85.53 and a 200-day moving average of $90.61.

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, topping analysts' consensus estimates of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the business earned $1.51 earnings per share. GoDaddy's quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts predict that GoDaddy Inc. will post 7.15 EPS for the current fiscal year.

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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