Oppenheimer & Co. Inc. Grows Stake in GoDaddy Inc. (NYSE:GDDY)

Oppenheimer & Co. Inc. lifted its stake in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 127.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 10,351 shares of the technology company's stock after acquiring an additional 5,809 shares during the period. Oppenheimer & Co. Inc.'s holdings in GoDaddy were worth $1,865,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Crewe Advisors LLC bought a new position in GoDaddy during the first quarter valued at approximately $53,000. Cambridge Investment Research Advisors Inc. boosted its stake in shares of GoDaddy by 7.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,356 shares of the technology company's stock valued at $424,000 after purchasing an additional 160 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of GoDaddy during the 1st quarter valued at $732,000. Intact Investment Management Inc. purchased a new position in GoDaddy in the 1st quarter worth $72,000. Finally, Praxis Investment Management Inc. purchased a new stake in GoDaddy during the first quarter valued at about $630,000. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

GoDaddy Trading Down 0.9%

NYSE GDDY traded down $1.69 during trading on Tuesday, hitting $178.37. The company had a trading volume of 1,268,359 shares, compared to its average volume of 1,334,150. The company's fifty day moving average is $181.87 and its 200-day moving average is $186.53. GoDaddy Inc. has a one year low of $140.11 and a one year high of $216.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 18.91. The company has a market cap of $25.42 billion, a price-to-earnings ratio of 34.30 and a beta of 1.05.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.08). GoDaddy had a net margin of 16.20% and a return on equity of 211.09%. The company had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter in the prior year, the firm earned $2.76 EPS. GoDaddy's quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts predict that GoDaddy Inc. will post 6.63 earnings per share for the current year.

Insider Transactions at GoDaddy

In related news, CAO Phontip Palitwanon sold 2,173 shares of the business's stock in a transaction dated 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. The trade was a 9.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Amanpal Singh Bhutani sold 6,932 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 431,015 shares of the company's stock, valued at $77,500,807.15. This represents a 1.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,632 shares of company stock worth $10,983,985. 0.61% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GDDY has been the topic of several analyst reports. Jefferies Financial Group decreased their price objective on GoDaddy from $200.00 to $185.00 and set a "hold" rating on the stock in a report on Monday, April 7th. Citigroup decreased their price target on GoDaddy from $260.00 to $234.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Barclays dropped their price objective on GoDaddy from $243.00 to $235.00 and set an "overweight" rating for the company in a research note on Friday, May 2nd. Morgan Stanley decreased their target price on shares of GoDaddy from $228.00 to $206.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $225.00 price target on shares of GoDaddy in a report on Monday, June 23rd. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $214.86.

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.