Amanpal Singh Bhutani Sells 8,373 Shares of GoDaddy (NYSE:GDDY) Stock

GoDaddy Inc. (NYSE:GDDY) CEO Amanpal Singh Bhutani sold 8,373 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total value of $752,397.78. Following the completion of the transaction, the chief executive officer directly owned 521,747 shares in the company, valued at approximately $46,884,185.42. This represents a 1.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

GoDaddy Stock Down 0.3%

NYSE GDDY opened at $84.59 on Friday. 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 has a market capitalization of $11.20 billion, a PE ratio of 13.38, a PEG 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 $183.34. The business’s 50-day moving average is $85.70 and its 200 day moving average is $99.60.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, topping the consensus estimate of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the business posted $1.51 earnings per share. GoDaddy’s quarterly revenue was up 6.1% compared to the same quarter last year. Sell-side analysts forecast that GoDaddy Inc. will post 7.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GDDY shares. Wells Fargo & Company lifted their target price on shares of GoDaddy from $77.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Benchmark cut their price target 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. Jefferies Financial Group dropped their target price on shares of GoDaddy from $140.00 to $100.00 and set a “hold” rating on the stock in a research note on Monday, February 23rd. Piper Sandler began coverage on shares of GoDaddy in a research report on Thursday, March 12th. They issued a “neutral” rating and a $93.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price target on shares of GoDaddy from $167.00 to $154.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $120.57.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC raised its position in GoDaddy by 49.6% in the 1st quarter. NewEdge Advisors LLC now owns 4,422 shares of the technology company’s stock valued at $366,000 after purchasing an additional 1,466 shares during the last quarter. Henshaw Capital LLC increased its holdings in shares of GoDaddy by 19.4% in the 1st quarter. Henshaw Capital LLC now owns 36,064 shares of the technology company’s stock valued at $2,981,000 after purchasing an additional 5,871 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in GoDaddy by 26.1% during the 1st quarter. Glenmede Trust Co. NA now owns 3,787 shares of the technology company’s stock valued at $313,000 after acquiring an additional 783 shares in the last quarter. Groupama Asset Managment purchased a new position in GoDaddy during the 1st quarter valued at about $204,000. Finally, Bank of America Corp DE increased its holdings in GoDaddy by 27.9% during the 1st quarter. Bank of America Corp DE now owns 1,383,615 shares of the technology company’s stock valued at $114,383,000 after acquiring an additional 302,126 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

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.