Bank of New York Mellon Corp Grows Position in GoDaddy Inc. $GDDY

Bank of New York Mellon Corp lifted its position in shares of GoDaddy Inc. (NYSE:GDDY) by 2.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 754,994 shares of the technology company’s stock after purchasing an additional 19,940 shares during the quarter. Bank of New York Mellon Corp owned 0.57% of GoDaddy worth $62,415,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GDDY. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of GoDaddy by 9.8% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 47,103 shares of the technology company’s stock worth $3,893,000 after acquiring an additional 4,223 shares during the period. Hillsdale Investment Management Inc. grew its position in shares of GoDaddy by 138.2% during the 1st quarter. Hillsdale Investment Management Inc. now owns 11,670 shares of the technology company’s stock valued at $965,000 after acquiring an additional 6,770 shares during the period. Principal Financial Group Inc. grew its position in shares of GoDaddy by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 181,582 shares of the technology company’s stock valued at $15,011,000 after acquiring an additional 5,880 shares during the period. J. Safra Sarasin Holding AG increased its stake in shares of GoDaddy by 19.2% in the 1st quarter. J. Safra Sarasin Holding AG now owns 11,464 shares of the technology company’s stock valued at $947,000 after purchasing an additional 1,847 shares in the last quarter. Finally, Procyon Advisors LLC raised its holdings in GoDaddy by 19.9% in the 1st quarter. Procyon Advisors LLC now owns 5,118 shares of the technology company’s stock worth $423,000 after purchasing an additional 850 shares during the period. 90.28% of the stock is owned by hedge funds and other institutional investors.

GoDaddy Price Performance

NYSE:GDDY opened at $89.30 on Thursday. GoDaddy Inc. has a one year low of $71.59 and a one year high of $169.61. The stock has a market cap of $11.82 billion, a PE ratio of 14.13, a P/E/G ratio of 0.83 and a beta of 0.89. 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 stock has a 50 day moving average price of $85.86 and a 200 day moving average price of $89.67.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.07. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the company posted $1.51 earnings per share. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts expect that GoDaddy Inc. will post 7.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their price target on GoDaddy from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of GoDaddy in a research note on Tuesday, June 16th. JPMorgan Chase & Co. decreased their target price on GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Benchmark dropped their price target on shares of GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, April 28th. Finally, UBS Group assumed coverage on shares of GoDaddy in a report on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 price target for the company. One 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.43.

Insider Activity

In other news, CAO Phontip Palitwanon sold 542 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total value of $48,704.12. Following the completion of the sale, the chief accounting officer owned 19,995 shares of the company’s stock, valued at $1,796,750.70. This represents a 2.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Mccaffrey sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $82.92, for a total transaction of $290,220.00. Following the sale, the chief financial officer owned 105,728 shares of the company’s stock, valued at $8,766,965.76. This represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,751 shares of company stock valued at $1,480,228 in the last ninety days. 0.93% of the stock is currently owned by company 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.