Nuveen LLC Takes $78.76 Million Position in GoDaddy Inc. $GDDY

Key Points

• Nuveen LLC has made a new investment of approximately $78.76 million in GoDaddy Inc., acquiring 437,212 shares during the first quarter, representing about 0.31% of the company.
• GoDaddy's recent quarterly earnings report exceeded analysts' expectations, with an EPS of $1.41 and revenue of $1.22 billion, marking an 8.3% year-over-year growth.
• Numerous institutional investors have recently adjusted their positions in GoDaddy, with over 90% of the stock currently owned by institutional investors and hedge funds.

Nuveen LLC acquired a new stake in GoDaddy Inc. (NYSE:GDDY - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 437,212 shares of the technology company's stock, valued at approximately $78,759,000. Nuveen LLC owned about 0.31% of GoDaddy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Invesco Ltd. grew its position in shares of GoDaddy by 13.8% in the 1st quarter. Invesco Ltd. now owns 3,315,848 shares of the technology company's stock worth $597,317,000 after acquiring an additional 401,918 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in GoDaddy by 41.1% during the first quarter. JPMorgan Chase & Co. now owns 2,439,905 shares of the technology company's stock worth $439,525,000 after purchasing an additional 710,842 shares during the last quarter. MUFG Securities EMEA plc boosted its holdings in GoDaddy by 88.0% in the first quarter. MUFG Securities EMEA plc now owns 47,000 shares of the technology company's stock worth $8,467,000 after purchasing an additional 22,001 shares during the period. Zions Bancorporation National Association UT bought a new stake in GoDaddy during the first quarter valued at $30,000. Finally, Founders Financial Alliance LLC acquired a new stake in shares of GoDaddy during the first quarter worth $213,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GDDY shares. Barclays decreased their price target on shares of GoDaddy from $235.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Wall Street Zen downgraded GoDaddy from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Raymond James Financial dropped their price target on GoDaddy from $225.00 to $175.00 and set a "strong-buy" rating on the stock in a research report on Friday, August 8th. Citigroup reduced their price objective on 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 objective on GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a research note 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. According to data from MarketBeat.com, GoDaddy presently has an average rating of "Moderate Buy" and a consensus price target of $202.43.

GoDaddy Price Performance

GoDaddy stock traded down $2.32 during trading hours on Monday, hitting $143.64. 701,158 shares of the company traded hands, compared to its average volume of 1,583,790. GoDaddy Inc. has a 1-year low of $132.51 and a 1-year high of $216.00. The firm has a market cap of $19.89 billion, a P/E ratio of 25.65, a P/E/G ratio of 1.58 and a beta of 1.08. The firm's 50-day simple moving average is $167.44 and its two-hundred day simple moving average is $177.07. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 9.33.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.07. The business had revenue of $1.22 billion for 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%. The business's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the business earned $1.01 earnings per share. As a group, analysts forecast that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, CAO Phontip Palitwanon sold 2,173 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $177.87, for a total value of $386,511.51. Following the completion of the sale, the chief accounting officer directly owned 21,198 shares of the company's stock, valued at approximately $3,770,488.26. This represents a 9.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 6,932 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total transaction of $1,246,442.92. Following the completion of the sale, the chief executive officer owned 431,015 shares in the company, valued at $77,500,807.15. The trade was a 1.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,881 shares of company stock valued at $5,725,860. Corporate insiders own 0.70% of the company's stock.

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.