Pacer Advisors Inc. Increases Stake in GoDaddy Inc. (NYSE:GDDY)

Key Points

• Pacer Advisors Inc. significantly increased its holdings in GoDaddy Inc. by 893.4% in the first quarter, owning approximately $116.69 million worth of shares after acquiring an additional 582,539 shares.
• GoDaddy has seen various institutional investors altering their stakes, with entities like Norges Bank acquiring $356 million worth of shares and Assenagon Asset Management boosting its stake by >1,400%.
• Despite recent insider sales by both a director and the CEO, analysts maintain a consensus rating of "Moderate Buy" for GoDaddy, with a price target set at $214.86.

Pacer Advisors Inc. grew its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 893.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 647,747 shares of the technology company's stock after buying an additional 582,539 shares during the quarter. Pacer Advisors Inc. owned 0.46% of GoDaddy worth $116,685,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its position in shares of GoDaddy by 11.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,808,975 shares of the technology company's stock valued at $751,778,000 after purchasing an additional 395,160 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of GoDaddy by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 3,514,432 shares of the technology company's stock valued at $692,245,000 after purchasing an additional 90,810 shares in the last quarter. WCM Investment Management LLC lifted its position in shares of GoDaddy by 2.0% during the first quarter. WCM Investment Management LLC now owns 3,471,218 shares of the technology company's stock valued at $620,931,000 after purchasing an additional 67,152 shares in the last quarter. Invesco Ltd. lifted its position in shares of GoDaddy by 11.6% during the fourth quarter. Invesco Ltd. now owns 2,913,930 shares of the technology company's stock valued at $575,122,000 after purchasing an additional 304,033 shares in the last quarter. Finally, Norges Bank bought a new position in shares of GoDaddy during the fourth quarter valued at about $356,038,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at GoDaddy

In other news, CAO Phontip Palitwanon sold 2,173 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $177.87, for a total value of $386,511.51. Following the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Roger Chen sold 1,000 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $175.96, for a total transaction of $175,960.00. Following the completion of the transaction, the chief operating officer directly owned 254,949 shares in the company, valued at $44,860,826.04. The trade was a 0.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,757 shares of company stock worth $12,243,920 over the last quarter. 0.61% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GDDY shares. Piper Sandler raised their price target on shares of GoDaddy from $177.00 to $180.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Royal Bank Of Canada reissued an "outperform" rating and set a $225.00 target price on shares of GoDaddy in a research report on Monday, June 23rd. Wall Street Zen downgraded shares of GoDaddy from a "buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Barclays reduced their target price on shares of GoDaddy from $243.00 to $235.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Finally, Benchmark reissued a "buy" rating on shares of GoDaddy in a research report on Monday, April 28th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $214.86.

GoDaddy Stock Performance

Shares of NYSE GDDY traded down $1.36 during midday trading on Tuesday, hitting $164.68. The company's stock had a trading volume of 478,566 shares, compared to its average volume of 1,465,828. The stock has a fifty day moving average price of $176.38 and a 200 day moving average price of $182.36. 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 firm has a market capitalization of $23.47 billion, a price-to-earnings ratio of 31.67 and a beta of 1.05. GoDaddy Inc. has a one year low of $140.51 and a one year high of $216.00.

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

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.