Hsbc Holdings PLC Increases Holdings in GoDaddy Inc. $GDDY

Key Points

• HSBC Holdings PLC increased its stake in GoDaddy by 4.2% in the first quarter, bringing its position to 659,664 shares worth about $54.5 million.
• Wall Street sentiment is mixed but still constructive: GoDaddy has a consensus rating of “Moderate Buy” with a target price of $118.43, even as several analysts trimmed price targets recently.
• GoDaddy reported solid quarterly results, beating earnings estimates with $1.60 EPS and slightly topping revenue expectations at $1.27 billion, while quarterly revenue rose 6.1% year over year.

Hsbc Holdings PLC grew its holdings in GoDaddy Inc. (NYSE:GDDY - Free Report) by 4.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 659,664 shares of the technology company's stock after acquiring an additional 26,537 shares during the quarter. Hsbc Holdings PLC owned about 0.49% of GoDaddy worth $54,520,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. BNP Paribas Financial Markets lifted its position in GoDaddy by 5.7% during the 4th quarter. BNP Paribas Financial Markets now owns 945,202 shares of the technology company's stock worth $117,281,000 after acquiring an additional 50,959 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of GoDaddy in the fourth quarter valued at approximately $9,303,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of GoDaddy by 22,341.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 117,142 shares of the technology company's stock valued at $14,535,000 after purchasing an additional 116,620 shares during the period. Swedbank AB raised its stake in shares of GoDaddy by 433.9% during the fourth quarter. Swedbank AB now owns 645,754 shares of the technology company's stock worth $80,125,000 after purchasing an additional 524,811 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of GoDaddy during the fourth quarter worth $250,020,000. Hedge funds and other institutional investors own 90.28% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GDDY shares. Benchmark dropped their price objective on shares of GoDaddy from $195.00 to $185.00 and set a "buy" rating on the stock in a research note on Tuesday, April 28th. JPMorgan Chase & Co. dropped their price target on shares of GoDaddy from $154.00 to $124.00 and set an "overweight" rating on the stock in a research note on Thursday, June 18th. Wells Fargo & Company raised 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. UBS Group initiated coverage on GoDaddy in a report on Tuesday, May 5th. They issued a "neutral" rating and a $100.00 price objective on the stock. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of GoDaddy in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, GoDaddy has a consensus rating of "Moderate Buy" and a consensus target price of $118.43.

Insider Transactions at GoDaddy

In other news, Director Sigal Zarmi sold 350 shares of GoDaddy stock in a transaction on 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 transaction, the director 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the sale, the chief executive officer owned 521,747 shares in the company, valued at $46,884,185.42. This represents a 1.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 16,751 shares of company stock worth $1,480,228. Corporate insiders own 0.93% of the company's stock.

GoDaddy Trading Up 0.6%

Shares of GDDY opened at $94.89 on Tuesday. GoDaddy Inc. has a twelve month low of $71.59 and a twelve month high of $171.42. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 15.86. The firm has a market capitalization of $12.56 billion, a P/E ratio of 15.01, a PEG ratio of 0.85 and a beta of 0.89. The firm's 50-day moving average is $85.67 and its two-hundred day moving average is $90.14.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, topping the consensus estimate of $1.53 by $0.07. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the company earned $1.51 EPS. The company's quarterly revenue was up 6.1% on a year-over-year basis. On average, research analysts predict that GoDaddy Inc. will post 7.15 earnings per share 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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