Arrowstreet Capital Limited Partnership lessened its holdings in shares of GoDaddy Inc. (NYSE:GDDY – Free Report) by 5.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,677,439 shares of the technology company’s stock after selling 143,940 shares during the period. Arrowstreet Capital Limited Partnership owned 2.02% of GoDaddy worth $221,344,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in GDDY. Norges Bank bought a new position in shares of GoDaddy in the fourth quarter worth about $250,020,000. AQR Capital Management LLC grew its stake in shares of GoDaddy by 117.5% during the fourth quarter. AQR Capital Management LLC now owns 2,989,931 shares of the technology company’s stock valued at $370,991,000 after purchasing an additional 1,615,005 shares during the last quarter. Two Sigma Investments LP increased its holdings in shares of GoDaddy by 99.7% in the third quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company’s stock valued at $223,183,000 after purchasing an additional 814,360 shares in the last quarter. Swedbank AB increased its holdings in shares of GoDaddy by 433.9% in the fourth quarter. Swedbank AB now owns 645,754 shares of the technology company’s stock valued at $80,125,000 after purchasing an additional 524,811 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in GoDaddy by 67.0% in the 4th quarter. Pacer Advisors Inc. now owns 1,256,998 shares of the technology company’s stock worth $155,968,000 after purchasing an additional 504,374 shares during the last quarter. 90.28% of the stock is owned by institutional investors.
Key Headlines Impacting GoDaddy
Here are the key news stories impacting GoDaddy this week:
- Positive Sentiment: Several recent articles highlight GoDaddy’s valuation as potentially attractive after its sharp pullback, with some coverage arguing the stock may be mispriced and pointing to improving long-term fundamentals. GoDaddy (NYSE:GDDY) Looks Mispriced After Its Steep Drop
- Positive Sentiment: Investor interest is also being supported by expectations for upcoming earnings, with some analysts still projecting revenue and earnings growth ahead of GoDaddy’s next report. GoDaddy (GDDY) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
- Positive Sentiment: GoDaddy has also drawn attention for its developer-platform push, which some articles frame as a potential catalyst if the strategy expands the company’s growth opportunities. GoDaddy’s Pricing Misstep and Developer Push Could Be A Game Changer For GoDaddy (GDDY)
- Neutral Sentiment: GoDaddy released its quarterly results recently, and the company previously beat analyst estimates on earnings and revenue, which continues to anchor investor expectations heading into the next report. GoDaddy (GDDY) Launches Developer Platform As Fair Value Narrative Stays In Focus
- Negative Sentiment: Multiple law firms, including Rosen Law Firm and Kaplan Fox & Kilsheimer, announced or reiterated investigations into possible securities-law violations and potentially misleading disclosures at GoDaddy, increasing legal overhang and uncertainty for shareholders. ROSEN, TRUSTED INVESTOR COUNSEL, Encourages GoDaddy Inc. Investors to Inquire About Securities Class Action Investigation – GDDY
GoDaddy Price Performance
GoDaddy (NYSE:GDDY – Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.07. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.26 billion. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The business’s revenue was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.51 earnings per share. As a group, sell-side analysts forecast that GoDaddy Inc. will post 7.15 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of brokerages have commented on GDDY. Wells Fargo & Company increased their price objective on GoDaddy from $77.00 to $83.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. UBS Group started coverage on GoDaddy in a research report on Tuesday, May 5th. They set a “neutral” rating and a $100.00 target price for the company. JPMorgan Chase & Co. cut their price target on GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research note on Thursday, June 18th. Weiss Ratings reiterated a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. Finally, Benchmark dropped their price objective on GoDaddy from $195.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, GoDaddy presently has an average rating of “Moderate Buy” and a consensus price target of $118.43.
Read Our Latest Research Report on GDDY
Insider Activity
In other news, CEO Amanpal Singh Bhutani sold 8,373 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $752,397.78. Following the transaction, the chief executive officer directly owned 521,747 shares in the company, valued at $46,884,185.42. The trade was a 1.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sigal Zarmi sold 350 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $87.84, for a total transaction of $30,744.00. Following the completion of the sale, the director directly owned 5,708 shares in the company, valued at approximately $501,390.72. The trade was a 5.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 16,751 shares of company stock worth $1,480,228. 0.93% of the stock is owned by insiders.
GoDaddy Company Profile
GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.
Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.
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