GoDaddy Inc. $GDDY Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia grew its position in GoDaddy Inc. (NYSE:GDDY) by 14.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 165,679 shares of the technology company’s stock after purchasing an additional 20,820 shares during the quarter. Bank of Nova Scotia owned about 0.13% of GoDaddy worth $13,697,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of GoDaddy in the 4th quarter worth $25,000. Rachor Investment Advisory Services LLC acquired a new position in GoDaddy during the 4th quarter valued at about $25,000. Activest Wealth Management raised its stake in GoDaddy by 6,600.0% in the fourth quarter. Activest Wealth Management now owns 201 shares of the technology company’s stock valued at $25,000 after buying an additional 198 shares during the last quarter. International Assets Investment Management LLC raised its stake in GoDaddy by 93.8% in the first quarter. International Assets Investment Management LLC now owns 372 shares of the technology company’s stock valued at $30,000 after buying an additional 180 shares during the last quarter. Finally, Harbour Investments Inc. boosted its holdings in GoDaddy by 191.0% in the fourth quarter. Harbour Investments Inc. now owns 259 shares of the technology company’s stock worth $32,000 after acquiring an additional 170 shares in the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

Key Stories 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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GDDY shares. UBS Group began coverage on GoDaddy in a research note on Tuesday, May 5th. They set a “neutral” rating and a $100.00 price target on the stock. Wells Fargo & Company lifted their target price on shares of GoDaddy from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Benchmark dropped their target price on shares of GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, April 28th. JPMorgan Chase & Co. cut their price target on shares of GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research note on Thursday, June 18th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $118.43.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 8,373 shares of GoDaddy stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the sale, the chief executive officer directly owned 521,747 shares in the company, valued at approximately $46,884,185.42. The trade was a 1.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Mccaffrey sold 3,958 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $355,665.88. Following the completion of the sale, the chief financial officer directly owned 109,228 shares in the company, valued at $9,815,228.08. This trade represents a 3.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 16,751 shares of company stock valued at $1,480,228. 0.93% of the stock is owned by corporate insiders.

GoDaddy Stock Up 6.2%

Shares of GDDY stock opened at $93.08 on Friday. The stock’s 50-day simple moving average is $86.03 and its 200-day simple moving average is $89.47. The company has a debt-to-equity ratio of 15.86, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market capitalization of $12.32 billion, a PE ratio of 14.73, a P/E/G ratio of 0.84 and a beta of 0.89. GoDaddy Inc. has a fifty-two week low of $71.59 and a fifty-two week high of $168.13.

GoDaddy (NYSE:GDDY) last released its earnings results on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, topping 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 company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.51 earnings per share. Equities analysts expect that GoDaddy Inc. will post 7.15 earnings per share for the current year.

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.