Pallas Capital Advisors LLC Raises Stake in GoDaddy Inc. $GDDY

Key Points

• Pallas Capital Advisors LLC increased its stake in GoDaddy Inc. by 51.4% in Q2 2023, owning a total of 7,271 shares valued at $1,309,000.
• CEO Amanpal Singh Bhutani sold 6,000 shares of GoDaddy stock for $900,000, reducing his ownership by 1.46%.
• GoDaddy's Q2 2023 earnings report showed $1.41 EPS, surpassing estimates, with a revenue of $1.22 billion, an 8.3% increase year-over-year.

Pallas Capital Advisors LLC grew its position in GoDaddy Inc. (NYSE:GDDY - Free Report) by 51.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,271 shares of the technology company's stock after acquiring an additional 2,469 shares during the period. Pallas Capital Advisors LLC's holdings in GoDaddy were worth $1,309,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GDDY. Vident Advisory LLC boosted its stake in shares of GoDaddy by 50.9% in the 4th quarter. Vident Advisory LLC now owns 2,169 shares of the technology company's stock valued at $428,000 after purchasing an additional 732 shares during the last quarter. Woodline Partners LP bought a new position in GoDaddy during the fourth quarter worth about $2,616,000. City National Bank of Florida MSD purchased a new stake in GoDaddy in the fourth quarter valued at approximately $659,000. Vise Technologies Inc. purchased a new stake in GoDaddy in the fourth quarter valued at approximately $255,000. Finally, Invst LLC raised its stake in shares of GoDaddy by 1.0% during the fourth quarter. Invst LLC now owns 7,521 shares of the technology company's stock worth $1,484,000 after acquiring an additional 74 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

GoDaddy Price Performance

Shares of NYSE:GDDY traded down $1.43 on Friday, hitting $144.93. The company had a trading volume of 3,507,130 shares, compared to its average volume of 1,405,050. The company has a market cap of $20.07 billion, a PE ratio of 25.88, a PEG ratio of 1.58 and a beta of 1.02. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 9.33. The business has a 50 day moving average of $152.05 and a 200 day moving average of $169.36. GoDaddy Inc. has a 52-week low of $132.51 and a 52-week high of $216.00.

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 analysts' consensus estimates of $1.34 by $0.07. GoDaddy had a return on equity of 189.42% and a net margin of 17.01%.The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the business posted $1.01 EPS. GoDaddy's quarterly revenue was up 8.3% compared to the same quarter last year. GoDaddy has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 6,950 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $142.21, for a total transaction of $988,359.50. Following the transaction, the chief executive officer owned 412,065 shares of the company's stock, valued at $58,599,763.65. The trade was a 1.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Mccaffrey sold 3,326 shares of GoDaddy stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $142.21, for a total transaction of $472,990.46. Following the completion of the transaction, the chief financial officer directly owned 70,133 shares in the company, valued at $9,973,613.93. This trade represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,828 shares of company stock worth $5,394,638 over the last ninety days. 0.70% of the stock is owned by insiders.

Analyst Ratings Changes

GDDY has been the topic of several recent analyst reports. Wells Fargo & Company cut their price target on shares of GoDaddy from $198.00 to $157.00 and set an "equal weight" rating on the stock in a report on Friday, August 8th. Citigroup cut their target price on shares of GoDaddy from $234.00 to $214.00 and set a "buy" rating for the company in a report on Friday, August 8th. Royal Bank Of Canada decreased their price objective on GoDaddy from $225.00 to $200.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Raymond James Financial cut their price objective on shares of GoDaddy from $225.00 to $175.00 and set a "strong-buy" rating on the stock in a report on Friday, August 8th. Finally, Piper Sandler set a $182.00 price objective on GoDaddy and gave the stock an "overweight" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $202.43.

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.