Bank of New York Mellon Corp Raises Stock Holdings in GoDaddy Inc. $GDDY

Bank of New York Mellon Corp raised its stake in GoDaddy Inc. (NYSE:GDDY) by 2.7% during the first quarter, HoldingsChannel reports. The institutional investor 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’s holdings in GoDaddy were worth $62,415,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GDDY. Harel Insurance Investments & Financial Services Ltd. boosted its stake in GoDaddy by 9.8% during 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 buying an additional 4,223 shares during the period. Hillsdale Investment Management Inc. raised its stake in shares of GoDaddy by 138.2% in 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. raised its stake in shares of GoDaddy by 3.3% in 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 lifted its holdings 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 worth $947,000 after acquiring an additional 1,847 shares during the last quarter. Finally, Procyon Advisors LLC lifted its holdings in shares of 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 acquiring an additional 850 shares during the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on GDDY shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. JPMorgan Chase & Co. decreased 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. Benchmark lowered their price target on GoDaddy from $195.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, April 28th. Wells Fargo & Company lifted their price objective on GoDaddy from $77.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Finally, UBS Group assumed coverage on GoDaddy in a report on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $118.43.

Insider Activity

In related news, CAO Phontip Palitwanon sold 542 shares of the business’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 $48,704.12. Following the completion of the transaction, the chief accounting officer owned 19,995 shares in the company, valued at approximately $1,796,750.70. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 3,500 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $82.92, for a total value of $290,220.00. Following the completion of the transaction, the chief financial officer directly owned 105,728 shares in the company, valued at $8,766,965.76. This trade represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,751 shares of company stock valued at $1,480,228 over the last quarter. Company insiders own 0.93% of the company’s stock.

GoDaddy Stock Down 3.3%

GDDY stock opened at $89.30 on Thursday. The company’s 50 day moving average price is $85.86 and its 200 day moving average price is $89.67. The firm has a market capitalization of $11.82 billion, a price-to-earnings ratio of 14.13, a PEG ratio of 0.83 and a beta of 0.89. GoDaddy Inc. has a fifty-two week low of $71.59 and a fifty-two week high of $169.61. The company has a debt-to-equity ratio of 15.86, a quick ratio of 0.67 and a current ratio of 0.67.

GoDaddy (NYSE:GDDY) last issued 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. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts anticipate that GoDaddy Inc. will post 7.15 EPS for the current fiscal 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.