GoDaddy Inc. $GDDY Stock: Brighton Jones LLC Raises Stake

Key Points

• Brighton Jones increased its GoDaddy stake by 68.8% in the third quarter, bringing its holdings to 23,260 shares worth about $2.22 million. Institutional investors collectively own 90.28% of the company’s stock.
• GoDaddy beat quarterly earnings expectations, reporting EPS of $2.08 versus the $1.90 consensus and revenue of $1.34 billion, up 6.1% year over year.
• Analyst views are mixed: nine rate the stock a Buy, eight a Hold, and one a Sell; the average price target is $113.62. Recent insider sales totaled 29,097 shares over three months.

Brighton Jones LLC raised its stake in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 68.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,260 shares of the technology company's stock after buying an additional 9,481 shares during the quarter. Brighton Jones LLC's holdings in GoDaddy were worth $2,222,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GDDY. Counterpoint Mutual Funds LLC purchased a new position in GoDaddy during the third quarter valued at approximately $9,306,000. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in GoDaddy during the 2nd quarter worth approximately $28,938,000. Renaissance Technologies LLC lifted its stake in GoDaddy by 27.0% in the 1st quarter. Renaissance Technologies LLC now owns 553,300 shares of the technology company's stock worth $45,741,000 after purchasing an additional 117,800 shares in the last quarter. Swiss National Bank lifted its stake in GoDaddy by 4.5% in the 1st quarter. Swiss National Bank now owns 396,500 shares of the technology company's stock worth $32,779,000 after purchasing an additional 17,100 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new stake in GoDaddy in the 3rd quarter worth approximately $3,086,000. 90.28% of the stock is currently owned by institutional investors.

GoDaddy Trading Down 2.5%

Shares of GDDY opened at $111.55 on Tuesday. The firm's 50 day simple moving average is $103.58 and its 200 day simple moving average is $92.43. The company has a market capitalization of $14.13 billion, a P/E ratio of 15.26 and a beta of 0.94. The company has a debt-to-equity ratio of 561.10, a current ratio of 0.61 and a quick ratio of 0.63. GoDaddy Inc. has a 1-year low of $71.59 and a 1-year high of $133.34.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its earnings results on Thursday, October 29th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.18. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.33 billion. GoDaddy had a net margin of 18.56% and a return on equity of 1,200.87%. GoDaddy's revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.51 earnings per share. Sell-side analysts forecast that GoDaddy Inc. will post 7.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Royal Bank Of Canada lowered shares of GoDaddy from an "outperform" rating to a "sector perform" rating and set a $95.00 price target for the company. in a research report on Sunday, October 11th. Citigroup upped their price target on shares of GoDaddy from $105.00 to $135.00 and gave the stock a "buy" rating in a report on Monday, November 2nd. Piper Sandler reiterated a "neutral" rating and issued a $95.00 price objective (up from $93.00) on shares of GoDaddy in a research report on Friday, July 31st. Benchmark dropped their price objective on GoDaddy from $185.00 to $140.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Finally, B. Riley Financial dropped their price objective on GoDaddy from $190.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $113.62.

Insider Activity at GoDaddy

In related news, Director Leah Sweet sold 325 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $97.44, for a total value of $31,668.00. Following the completion of the transaction, the director directly owned 13,689 shares in the company, valued at approximately $1,333,856.16. The trade was a 2.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Amanpal Bhutani sold 4,500 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $117.80, for a total value of $530,100.00. Following the completion of the transaction, the chief executive officer directly owned 495,553 shares in the company, valued at approximately $58,376,143.40. This represents a 0.90% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 29,097 shares of company stock worth $2,980,173 in the last three months. 0.93% of the stock is owned by insiders.

About GoDaddy

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