Bank of New York Mellon Corp Sells 37,923 Shares of GoDaddy Inc. $GDDY

Bank of New York Mellon Corp decreased its holdings in shares of GoDaddy Inc. (NYSE:GDDY) by 4.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 735,054 shares of the technology company’s stock after selling 37,923 shares during the period. Bank of New York Mellon Corp’s holdings in GoDaddy were worth $91,205,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GDDY. Norges Bank bought a new position in GoDaddy during the 4th quarter valued at approximately $250,020,000. Ameriprise Financial Inc. raised its position in shares of GoDaddy by 47.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock worth $483,360,000 after acquiring an additional 1,128,646 shares in the last quarter. Two Sigma Investments LP raised its position in shares of GoDaddy by 99.7% in the 3rd quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company’s stock worth $223,183,000 after acquiring an additional 814,360 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of GoDaddy by 318.6% in the 3rd quarter. Victory Capital Management Inc. now owns 735,452 shares of the technology company’s stock worth $100,632,000 after acquiring an additional 559,757 shares in the last quarter. Finally, Swedbank AB raised its position in shares of GoDaddy by 433.9% in the 4th quarter. Swedbank AB now owns 645,754 shares of the technology company’s stock worth $80,125,000 after acquiring an additional 524,811 shares in the last quarter. Institutional investors own 90.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GDDY shares. Evercore set a $95.00 target price on GoDaddy in a research report on Wednesday, February 25th. Jefferies Financial Group decreased their target price on GoDaddy from $140.00 to $100.00 and set a “hold” rating for the company in a research report on Monday, February 23rd. JPMorgan Chase & Co. decreased their target price on GoDaddy from $167.00 to $154.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Raymond James Financial reissued a “strong-buy” rating and issued a $100.00 target price on shares of GoDaddy in a research report on Wednesday, February 25th. Finally, UBS Group started coverage on GoDaddy in a research report on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, GoDaddy has an average rating of “Moderate Buy” and an average price target of $120.57.

Insider Transactions at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 8,373 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value 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. This trade represents a 1.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value of $355,665.88. Following the completion of the transaction, the chief financial officer owned 109,228 shares in the company, valued at approximately $9,815,228.08. This trade represents a 3.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 13,251 shares of company stock valued at $1,190,008. Corporate insiders own 0.93% of the company’s stock.

GoDaddy Stock Performance

GDDY stock opened at $80.76 on Tuesday. The company has a market cap of $10.69 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 0.76 and a beta of 0.90. GoDaddy Inc. has a 1 year low of $73.06 and a 1 year high of $182.95. The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67. The stock’s fifty day moving average price is $85.68 and its 200-day moving average price is $99.10.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.07. The firm had revenue of $1.27 billion for 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 for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the business posted $1.51 EPS. On average, equities analysts forecast that GoDaddy Inc. will post 7.17 earnings per share for the current year.

GoDaddy 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.