Hsbc Holdings PLC Cuts Stock Position in GoDaddy Inc. $GDDY

Key Points

• HSBC Holdings PLC cut its GoDaddy stake by 20.4% in the fourth quarter, selling 162,023 shares and leaving it with 633,127 shares worth about $78.6 million.
• Several other institutional investors also adjusted their positions, and about 90.28% of GoDaddy’s stock is now held by hedge funds and other institutions.
• GoDaddy’s latest quarter beat expectations, with EPS of $1.60 versus $1.53 expected and revenue of $1.27 billion; analysts currently rate the stock a Moderate Buy with an average price target of $118.43.

Hsbc Holdings PLC decreased its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 20.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 633,127 shares of the technology company's stock after selling 162,023 shares during the quarter. Hsbc Holdings PLC owned about 0.47% of GoDaddy worth $78,616,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its position in GoDaddy by 29.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,049 shares of the technology company's stock valued at $502,000 after purchasing an additional 912 shares during the period. Corient Private Wealth LLC boosted its position in shares of GoDaddy by 12.9% in the fourth quarter. Corient Private Wealth LLC now owns 9,779 shares of the technology company's stock worth $1,213,000 after buying an additional 1,116 shares during the period. Pacer Advisors Inc. grew its stake in shares of GoDaddy by 67.0% in the fourth quarter. Pacer Advisors Inc. now owns 1,256,998 shares of the technology company's stock valued at $155,968,000 after buying an additional 504,374 shares in the last quarter. Invesco Ltd. grew its stake in shares of GoDaddy by 9.3% in the fourth quarter. Invesco Ltd. now owns 2,209,899 shares of the technology company's stock valued at $274,204,000 after buying an additional 187,839 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its holdings in shares of GoDaddy by 85.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 30,531 shares of the technology company's stock valued at $3,788,000 after buying an additional 14,053 shares during the period. 90.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at GoDaddy

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 8,373 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the transaction, the chief executive officer directly owned 521,747 shares of the company's stock, valued at $46,884,185.42. This trade represents a 1.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sigal Zarmi sold 350 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $87.84, for a total transaction of $30,744.00. Following the completion of the sale, the director directly owned 5,708 shares of the company's stock, valued at $501,390.72. The trade was a 5.78% 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. Over the last quarter, insiders have sold 16,751 shares of company stock valued at $1,480,228. 0.93% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GDDY has been the topic of several recent research reports. Benchmark reduced their price target on GoDaddy from $195.00 to $185.00 and set a "buy" rating on the stock in a research report on Tuesday, April 28th. JPMorgan Chase & Co. lowered their price objective on shares of GoDaddy from $154.00 to $124.00 and set an "overweight" rating for the company in a research report on Thursday, June 18th. Wells Fargo & Company lifted their price objective on shares of GoDaddy from $77.00 to $83.00 and gave the company an "equal weight" rating in a research note on Friday, May 1st. Piper Sandler started coverage on shares of GoDaddy in a research report on Thursday, March 12th. They set a "neutral" rating and a $93.00 target price on the stock. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of GoDaddy in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $118.43.

GoDaddy Stock Performance

Shares of GDDY opened at $88.42 on Friday. The firm has a market cap of $11.71 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 0.80 and a beta of 0.89. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 15.86. The business's 50 day moving average is $84.81 and its two-hundred day moving average is $93.12. GoDaddy Inc. has a 52-week low of $71.59 and a 52-week high of $179.61.

GoDaddy (NYSE:GDDY - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.53 by $0.07. The business had revenue of $1.27 billion during 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 business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 earnings per share. Analysts forecast that GoDaddy Inc. will post 7.13 EPS for the current fiscal 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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