National Bank of Canada FI Buys 472,805 Shares of GoDaddy Inc. (NYSE:GDDY)

Key Points

• National Bank of Canada FI significantly increased its holdings in GoDaddy by 719.5% during the first quarter, owning 538,514 shares valued at approximately $97 million.
• Several analysts have revised their price targets for GoDaddy, with Citigroup reducing its target to $214 and Royal Bank of Canada to $200, indicating a generally cautious sentiment about the stock's performance.
• GoDaddy's recent earnings report surpassed estimates, with an EPS of $1.41 and revenue of $1.22 billion, marking an 8.3% increase year-over-year.

National Bank of Canada FI increased its position in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 719.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 538,514 shares of the technology company's stock after buying an additional 472,805 shares during the quarter. National Bank of Canada FI owned about 0.38% of GoDaddy worth $97,008,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in shares of GoDaddy by 257.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,236,850 shares of the technology company's stock worth $402,946,000 after purchasing an additional 1,610,890 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of GoDaddy by 1,412.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,347,434 shares of the technology company's stock worth $242,727,000 after purchasing an additional 1,258,324 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in GoDaddy by 107.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company's stock valued at $273,582,000 after purchasing an additional 719,000 shares during the period. Pacer Advisors Inc. grew its holdings in GoDaddy by 893.4% during the first quarter. Pacer Advisors Inc. now owns 647,747 shares of the technology company's stock valued at $116,685,000 after purchasing an additional 582,539 shares during the period. Finally, GAMMA Investing LLC grew its holdings in GoDaddy by 18,248.7% during the first quarter. GAMMA Investing LLC now owns 513,579 shares of the technology company's stock valued at $92,516,000 after purchasing an additional 510,780 shares during the period. 90.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GDDY shares. Wells Fargo & Company cut their price target on GoDaddy from $198.00 to $157.00 and set an "equal weight" rating for the company in a report on Friday. Wall Street Zen lowered GoDaddy from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Morgan Stanley lowered their price target on GoDaddy from $228.00 to $206.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Benchmark reiterated a "buy" rating on shares of GoDaddy in a report on Monday, April 28th. Finally, Barclays decreased their price objective on GoDaddy from $235.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $202.43.

GoDaddy Stock Up 1.7%

Shares of GDDY traded up $2.28 during mid-day trading on Monday, reaching $135.63. The company had a trading volume of 4,309,378 shares, compared to its average volume of 1,900,707. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.56 and a current ratio of 0.64. The firm has a 50-day moving average price of $170.51 and a 200 day moving average price of $178.98. GoDaddy Inc. has a 52 week low of $132.51 and a 52 week high of $216.00. The company has a market capitalization of $19.33 billion, a price-to-earnings ratio of 24.60 and a beta of 1.08.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.07. GoDaddy had a net margin of 17.01% and a return on equity of 189.42%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the business earned $1.01 EPS. The firm's revenue for the quarter was up 8.3% on a year-over-year basis. On average, sell-side analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current year.

Insider Buying and Selling at GoDaddy

In other news, Director Brian Sharples sold 500 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $160.47, for a total value of $80,235.00. Following the completion of the sale, the director directly owned 21,457 shares in the company, valued at $3,443,204.79. This represents a 2.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Phontip Palitwanon sold 2,173 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $177.87, for a total transaction of $386,511.51. Following the completion of the transaction, the chief accounting officer directly owned 21,198 shares of the company's stock, valued at $3,770,488.26. This represents a 9.30% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,257 shares of company stock worth $5,827,280. 0.70% of the stock is owned by corporate insiders.

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.