PNC Financial Services Group Inc. Buys 1,986 Shares of GoDaddy Inc. (NYSE:GDDY)

Key Points

• PNC Financial Services Group Inc. has increased its stake in GoDaddy Inc. by 27.2%, now holding 9,281 shares valued at approximately $1.67 million.
• During the first quarter, a number of institutional investors, including Alberta Investment Management Corp and Empirical Financial Services LLC, significantly increased their holdings in GoDaddy, indicating a strong institutional interest.
• GoDaddy reported a quarterly earnings per share (EPS) of $1.41, exceeding analyst expectations, and marked an 8.3% increase in revenue year-over-year.

PNC Financial Services Group Inc. increased its holdings in shares of GoDaddy Inc. (NYSE:GDDY - Free Report) by 27.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,281 shares of the technology company's stock after purchasing an additional 1,986 shares during the quarter. PNC Financial Services Group Inc.'s holdings in GoDaddy were worth $1,672,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in GoDaddy during the 4th quarter valued at $44,668,000. FIL Ltd acquired a new stake in shares of GoDaddy during the fourth quarter worth $5,920,000. Advisory Services Network LLC acquired a new stake in shares of GoDaddy during the fourth quarter worth $1,485,000. Bessemer Group Inc. lifted its holdings in shares of GoDaddy by 19.0% during the fourth quarter. Bessemer Group Inc. now owns 22,617 shares of the technology company's stock worth $4,464,000 after buying an additional 3,607 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of GoDaddy by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 83,971 shares of the technology company's stock worth $16,573,000 after buying an additional 855 shares in the last quarter. 90.28% of the stock is owned by institutional investors.

Insider Transactions at GoDaddy

In other news, CFO Mark Mccaffrey sold 3,317 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total transaction of $596,429.77. Following the completion of the transaction, the chief financial officer owned 74,084 shares in the company, valued at approximately $13,321,044.04. This represents a 4.29% decrease in their position. The transaction 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 stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total value of $1,246,442.92. Following the transaction, the chief executive officer owned 431,015 shares of the company's stock, valued at $77,500,807.15. The trade was a 1.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,257 shares of company stock worth $5,639,070 over the last 90 days. 0.70% of the stock is owned by insiders.

GoDaddy Stock Up 0.2%

Shares of NYSE:GDDY traded up $0.31 during trading on Thursday, reaching $143.63. 3,028,190 shares of the stock were exchanged, compared to its average volume of 1,584,229. The company has a debt-to-equity ratio of 9.33, a current ratio of 0.64 and a quick ratio of 0.56. GoDaddy Inc. has a 1-year low of $132.51 and a 1-year high of $216.00. The stock has a fifty day moving average of $168.91 and a two-hundred day moving average of $178.46. The firm has a market cap of $20.47 billion, a price-to-earnings ratio of 25.65, a price-to-earnings-growth ratio of 1.52 and a beta of 1.08.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.07. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.21 billion. GoDaddy had a return on equity of 189.42% and a net margin of 17.01%. The business's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. Research analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GDDY has been the subject of a number of analyst reports. Morgan Stanley dropped their price target on GoDaddy from $228.00 to $206.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Wall Street Zen cut GoDaddy from a "buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Piper Sandler set a $182.00 target price on GoDaddy and gave the company an "overweight" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. boosted their price target on GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, Wells Fargo & Company cut their price objective on GoDaddy from $198.00 to $157.00 and set an "equal weight" rating on the stock in a research note on Friday, August 8th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, GoDaddy presently has an average rating of "Moderate Buy" and an average target price of $202.43.

About GoDaddy

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.