Goldman Sachs Group Inc. Grows Position in GoDaddy Inc. (NYSE:GDDY)

Key Points

• Goldman Sachs Group Inc. increased its stake in GoDaddy by 257.3%, holding approximately 2.2 million shares worth around $402.9 million as of its latest SEC filing.
• GoDaddy reported $1.41 earnings per share for its latest quarter, surpassing estimates and showing an 8.3% increase in year-over-year revenue.
• Despite mixed ratings from analysts, the stock currently holds an average rating of "Moderate Buy" with a target price of approximately $214.86.

Goldman Sachs Group Inc. grew its stake in GoDaddy Inc. (NYSE:GDDY - Free Report) by 257.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,236,850 shares of the technology company's stock after acquiring an additional 1,610,890 shares during the quarter. Goldman Sachs Group Inc. owned 1.58% of GoDaddy worth $402,946,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Assenagon Asset Management S.A. grew 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 acquiring an additional 1,258,324 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of GoDaddy by 107.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company's stock valued at $273,582,000 after buying an additional 719,000 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of GoDaddy by 893.4% in the 1st quarter. Pacer Advisors Inc. now owns 647,747 shares of the technology company's stock valued at $116,685,000 after buying an additional 582,539 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of GoDaddy by 18,248.7% in the 1st quarter. GAMMA Investing LLC now owns 513,579 shares of the technology company's stock valued at $92,516,000 after buying an additional 510,780 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of GoDaddy by 88.2% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,082,381 shares of the technology company's stock valued at $213,630,000 after buying an additional 507,374 shares during the last quarter. 90.28% of the stock is owned by institutional investors.

GoDaddy Stock Performance

GDDY stock traded down $16.87 during midday trading on Friday, hitting $133.38. The company's stock had a trading volume of 5,238,112 shares, compared to its average volume of 1,721,502. The stock's 50-day moving average price is $171.43 and its 200 day moving average price is $179.67. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 18.91. GoDaddy Inc. has a 1 year low of $132.73 and a 1 year high of $216.00. The stock has a market cap of $19.01 billion, a price-to-earnings ratio of 23.82 and a beta of 1.08.

GoDaddy (NYSE:GDDY - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.07. GoDaddy had a return on equity of 188.09% and a net margin of 17.01%. The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.21 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The business's revenue for the quarter was up 8.3% compared to the same quarter last year. On average, equities analysts forecast that GoDaddy Inc. will post 6.63 EPS for the current year.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $169.59, for a total value of $169,590.00. Following the transaction, the chief operating officer directly owned 253,949 shares in the company, valued at $43,067,210.91. This represents a 0.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Phontip Palitwanon sold 2,173 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $177.87, for a total value of $386,511.51. Following the completion of the transaction, the chief accounting officer owned 21,198 shares in the company, valued at $3,770,488.26. This represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,257 shares of company stock worth $5,827,280 in the last three months. 0.61% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GDDY has been the topic of several recent research reports. Raymond James Financial lowered their price objective on GoDaddy from $225.00 to $175.00 and set a "strong-buy" rating on the stock in a research report on Friday. Wall Street Zen cut GoDaddy from a "buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Wells Fargo & Company lowered their price objective on GoDaddy from $198.00 to $157.00 and set an "equal weight" rating on the stock in a research report on Friday. Citigroup lowered their price objective on GoDaddy from $234.00 to $214.00 and set a "buy" rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $202.43.

GoDaddy Profile

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.