Mitsubishi UFJ Asset Management Co. Ltd. Increases Stake in GoDaddy Inc. (NYSE:GDDY)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in GoDaddy Inc. by 17.3%, acquiring an additional 38,039 shares in the first quarter, bringing its total ownership to 0.18% worth about $46.5 million.
• GoDaddy's stock performance has been subject to varying analyst ratings, with Wells Fargo lowering its target price from $198 to $157, while JPMorgan raised theirs from $231 to $240, amid mixed sentiment from analysts.
• GoDaddy shares recently opened at $133.38 and have seen an 11.2% decline, despite reporting a $1.41 EPS for the last quarter, exceeding analyst expectations.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 17.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 258,154 shares of the technology company's stock after purchasing an additional 38,039 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of GoDaddy worth $46,504,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in GDDY. Deutsche Bank AG grew its position in GoDaddy by 54.4% during the first quarter. Deutsche Bank AG now owns 1,290,982 shares of the technology company's stock valued at $232,557,000 after buying an additional 455,121 shares during the period. Charles Schwab Investment Management Inc. grew its position in GoDaddy by 4.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 965,378 shares of the technology company's stock valued at $173,903,000 after buying an additional 43,745 shares during the period. ASR Vermogensbeheer N.V. bought a new stake in GoDaddy during the first quarter valued at approximately $1,926,000. Vanguard Group Inc. grew its position in GoDaddy by 2.6% during the first quarter. Vanguard Group Inc. now owns 18,134,214 shares of the technology company's stock valued at $3,266,697,000 after buying an additional 462,807 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in GoDaddy by 257.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,236,850 shares of the technology company's stock valued at $402,946,000 after buying an additional 1,610,890 shares during the period. 90.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GDDY shares. Piper Sandler set a $182.00 target price on shares of GoDaddy and gave the company an "overweight" rating in a research report on Friday. Benchmark restated a "buy" rating on shares of GoDaddy in a research report on Monday, April 28th. Wall Street Zen lowered shares of GoDaddy from a "buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Citigroup dropped their price target on shares of GoDaddy from $234.00 to $214.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. 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 stock. According to data from MarketBeat.com, GoDaddy presently has a consensus rating of "Moderate Buy" and a consensus target price of $202.43.

GoDaddy Price Performance

Shares of GDDY stock traded up $2.14 during mid-day trading on Wednesday, hitting $142.55. The company had a trading volume of 170,634 shares, compared to its average volume of 1,556,482. GoDaddy Inc. has a 52-week low of $132.51 and a 52-week high of $216.00. The stock's 50 day moving average price is $169.68 and its 200-day moving average price is $178.71. 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 company has a market capitalization of $20.31 billion, a P/E ratio of 25.50 and a beta of 1.08.

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

Insider Activity at GoDaddy

In related news, CAO Phontip Palitwanon sold 2,173 shares of the company's 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 sale, the chief accounting officer owned 21,198 shares of the company's stock, valued at $3,770,488.26. This represents a 9.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Amanpal Singh Bhutani sold 6,932 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $179.81, for a total transaction of $1,246,442.92. Following the sale, the chief executive officer directly owned 431,015 shares in the company, valued at approximately $77,500,807.15. The trade was a 1.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,257 shares of company stock worth $5,827,280 over the last ninety days. 0.70% of the stock is owned by corporate insiders.

GoDaddy Company 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.