Bank of Nova Scotia Increases Stake in GoDaddy Inc. $GDDY

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

A number of other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its position in GoDaddy by 5.7% during the fourth quarter. BNP Paribas Financial Markets now owns 945,202 shares of the technology company’s stock worth $117,281,000 after purchasing an additional 50,959 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of GoDaddy during the 4th quarter worth approximately $9,303,000. Swedbank AB raised its stake in shares of GoDaddy by 433.9% during the 4th quarter. Swedbank AB now owns 645,754 shares of the technology company’s stock worth $80,125,000 after buying an additional 524,811 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in GoDaddy by 22,341.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 117,142 shares of the technology company’s stock valued at $14,535,000 after acquiring an additional 116,620 shares during the period. Finally, Norges Bank acquired a new stake in GoDaddy in the 4th quarter valued at $250,020,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

GoDaddy Stock Performance

GDDY opened at $93.08 on Friday. GoDaddy Inc. has a twelve month low of $71.59 and a twelve month high of $168.13. The firm has a market capitalization of $12.32 billion, a PE ratio of 14.73, a PEG ratio of 0.84 and a beta of 0.89. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 15.86. The firm’s 50-day moving average price is $86.03 and its 200 day moving average price is $89.47.

GoDaddy (NYSE:GDDY) last released its earnings results 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. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $1.51 EPS. As a group, sell-side analysts expect that GoDaddy Inc. will post 7.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GDDY. Benchmark decreased their price objective on shares of GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. JPMorgan Chase & Co. decreased 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. Wells Fargo & Company boosted their price objective on GoDaddy from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. Finally, UBS Group started coverage on GoDaddy in a research note on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 price target on the stock. One investment 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 stock. According to data from MarketBeat.com, GoDaddy currently has a consensus rating of “Moderate Buy” and an average price target of $118.43.

Trending Headlines about 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

Insider Buying and Selling

In other GoDaddy news, CAO Phontip Palitwanon sold 542 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 $48,704.12. Following the completion of the sale, the chief accounting officer directly owned 19,995 shares of the company’s stock, valued at $1,796,750.70. This trade represents a 2.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sigal Zarmi sold 350 shares of GoDaddy stock in a transaction on Monday, June 1st. The stock was sold at an average price of $87.84, for a total value of $30,744.00. Following the transaction, the director owned 5,708 shares in the company, valued at approximately $501,390.72. This represents a 5.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 16,751 shares of company stock worth $1,480,228. 0.93% of the stock is currently owned by corporate insiders.

About GoDaddy

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.