JPMorgan Chase & Co. Has $439.53 Million Stake in GoDaddy Inc. (NYSE:GDDY)

Key Points

• JPMorgan Chase & Co. increased its stake in GoDaddy Inc. by 41.1%, now holding approximately $439.53 million worth of shares, which accounts for about 1.73% of the company's total shares.
• GoDaddy achieved earnings per share of $1.41 for its latest quarter, surpassing analysts' expectations of $1.34, with a revenue of $1.22 billion.
• Multiple hedge funds have recently increased their holdings in GoDaddy, with institutional investors collectively owning 90.28% of the company's stock.

JPMorgan Chase & Co. boosted its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 41.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,439,905 shares of the technology company's stock after buying an additional 710,842 shares during the quarter. JPMorgan Chase & Co. owned about 1.73% of GoDaddy worth $439,525,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Cornerstone Planning Group LLC boosted its holdings in GoDaddy by 123.4% during the first quarter. Cornerstone Planning Group LLC now owns 143 shares of the technology company's stock valued at $25,000 after acquiring an additional 79 shares during the period. Park Square Financial Group LLC bought a new stake in GoDaddy during the first quarter valued at about $27,000. Private Trust Co. NA boosted its holdings in GoDaddy by 591.3% during the first quarter. Private Trust Co. NA now owns 159 shares of the technology company's stock valued at $29,000 after acquiring an additional 136 shares during the period. Zions Bancorporation National Association UT bought a new stake in GoDaddy during the first quarter valued at about $30,000. Finally, GW&K Investment Management LLC boosted its holdings in GoDaddy by 307.9% during the first quarter. GW&K Investment Management LLC now owns 257 shares of the technology company's stock valued at $46,000 after acquiring an additional 194 shares during the period. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Stock Performance

Shares of GoDaddy stock opened at $135.63 on Tuesday. The company has a debt-to-equity ratio of 9.33, a current ratio of 0.64 and a quick ratio of 0.56. The firm has a market cap of $19.33 billion, a P/E ratio of 24.22 and a beta of 1.08. The firm has a 50 day simple moving average of $170.51 and a 200 day simple moving average of $178.98. GoDaddy Inc. has a fifty-two week low of $132.51 and a fifty-two week high of $216.00.

GoDaddy (NYSE:GDDY - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.07. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.21 billion. GoDaddy had a net margin of 17.01% and a return on equity of 189.42%. GoDaddy's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 earnings per share. Sell-side analysts predict that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GoDaddy news, CAO Phontip Palitwanon sold 2,173 shares of GoDaddy stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $177.87, for a total transaction of $386,511.51. Following the completion of the sale, the chief accounting officer owned 21,198 shares of the company's stock, valued at approximately $3,770,488.26. The trade was a 9.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction on Friday, August 1st. The stock was sold at an average price of $160.47, for a total transaction of $80,235.00. Following the sale, the director directly owned 21,457 shares of the company's stock, valued at $3,443,204.79. This represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,257 shares of company stock valued at $5,827,280 over the last quarter. Company insiders own 0.70% of the company's stock.

Wall Street Analyst Weigh In

GDDY has been the subject of a number of recent analyst reports. Piper Sandler set a $182.00 price target on shares of GoDaddy and gave the company an "overweight" rating in a report on Friday. Benchmark restated a "buy" rating on shares of GoDaddy in a report on Monday, April 28th. Citigroup reduced their target price on shares of GoDaddy from $234.00 to $214.00 and set a "buy" rating for the company in a research note on Friday. Royal Bank Of Canada reduced their target price on shares of GoDaddy from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday. Finally, Raymond James Financial reduced their target price on shares of GoDaddy from $225.00 to $175.00 and set a "strong-buy" rating for the company in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $202.43.

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.

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