Public Sector Pension Investment Board Has $44.65 Million Position in GoDaddy Inc. (NYSE:GDDY)

Key Points

• The Public Sector Pension Investment Board has reduced its stake in GoDaddy Inc. by 48.4%, now holding approximately 0.17% of the company, worth about $44.6 million.
• Several hedge funds have recently adjusted their positions in GoDaddy, with notable increases from Advisors Capital Management and BNP Paribas, indicating a mix of sentiment among institutional investors.
• Despite insider selling, GoDaddy reported strong earnings of $1.41 EPS, beating analysts' expectations and reflecting a year-over-year revenue growth of 8.3%.

Public Sector Pension Investment Board decreased its holdings in GoDaddy Inc. (NYSE:GDDY - Free Report) by 48.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 247,839 shares of the technology company's stock after selling 232,828 shares during the quarter. Public Sector Pension Investment Board owned 0.17% of GoDaddy worth $44,646,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of GDDY. Raymond James Financial Inc. acquired a new stake in shares of GoDaddy in the fourth quarter valued at $44,668,000. FIL Ltd acquired a new stake in GoDaddy in the 4th quarter valued at about $5,920,000. Advisory Services Network LLC bought a new position in shares of GoDaddy during the 4th quarter valued at about $1,485,000. Bessemer Group Inc. boosted its position in shares of GoDaddy by 19.0% during the 4th quarter. Bessemer Group Inc. now owns 22,617 shares of the technology company's stock valued at $4,464,000 after purchasing an additional 3,607 shares in the last quarter. Finally, Townsquare Capital LLC grew its stake in shares of GoDaddy by 84.8% in the 4th quarter. Townsquare Capital LLC now owns 26,033 shares of the technology company's stock worth $5,138,000 after purchasing an additional 11,948 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GDDY has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of GoDaddy from $235.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Raymond James Financial cut their price target 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. Royal Bank Of Canada decreased their price objective on shares of GoDaddy from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Citigroup lowered their price objective on shares of GoDaddy from $234.00 to $214.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Finally, Wall Street Zen lowered GoDaddy from a "buy" rating to a "hold" rating in a report on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $202.43.

Insider Buying and Selling

In other news, CAO Phontip Palitwanon sold 2,173 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $177.87, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brian Sharples sold 500 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $160.47, for a total transaction of $80,235.00. Following the transaction, the director owned 21,457 shares in the company, valued at approximately $3,443,204.79. The trade was a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,257 shares of company stock valued at $5,639,070 in the last 90 days. 0.70% of the stock is owned by corporate insiders.

GoDaddy Price Performance

NYSE GDDY traded up $0.31 during trading on Thursday, reaching $143.63. 3,028,190 shares of the company traded hands, compared to its average volume of 1,584,229. GoDaddy Inc. has a 1-year low of $132.51 and a 1-year high of $216.00. The company has a market cap of $20.47 billion, a price-to-earnings ratio of 25.65, a P/E/G ratio of 1.52 and a beta of 1.08. The stock's 50 day moving average price is $168.91 and its two-hundred day moving average price is $178.46. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.56 and a current ratio of 0.64.

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

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.