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

GoDaddy Inc. (NYSE:GDDY) CEO Amanpal Singh Bhutani sold 8,373 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the sale, the chief executive officer owned 521,747 shares in the company, valued at approximately $46,884,185.42. This trade represents a 1.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

GoDaddy Stock Up 1.1%

GDDY traded up $0.89 during midday trading on Thursday, reaching $84.87. The company’s stock had a trading volume of 3,525,584 shares, compared to its average volume of 2,325,239. The firm has a market capitalization of $11.24 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 0.80 and a beta of 0.90. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 15.86. GoDaddy Inc. has a 1 year low of $73.06 and a 1 year high of $183.34. The stock’s 50-day moving average is $85.54 and its 200-day moving average is $100.02.

GoDaddy (NYSE:GDDY) last issued its earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate 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 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 quarter in the prior year, the firm posted $1.51 earnings per share. As a group, research analysts expect that GoDaddy Inc. will post 7.17 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GDDY shares. Cantor Fitzgerald lowered their price objective on shares of GoDaddy from $130.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Piper Sandler started coverage on shares of GoDaddy in a research report on Thursday, March 12th. They set a “neutral” rating and a $93.00 price objective on the stock. Barclays lowered their price objective on shares of GoDaddy from $200.00 to $118.00 and set an “overweight” rating on the stock in a research report on Thursday, February 26th. Benchmark decreased their price target on shares of GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, April 28th. Finally, Royal Bank Of Canada decreased their price target on shares of GoDaddy from $200.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $120.57.

Hedge Funds Weigh In On GoDaddy

Several institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC grew its stake in GoDaddy by 49.6% during the first quarter. NewEdge Advisors LLC now owns 4,422 shares of the technology company’s stock valued at $366,000 after acquiring an additional 1,466 shares in the last quarter. Henshaw Capital LLC grew its stake in GoDaddy by 19.4% during the first quarter. Henshaw Capital LLC now owns 36,064 shares of the technology company’s stock valued at $2,981,000 after acquiring an additional 5,871 shares in the last quarter. Glenmede Trust Co. NA grew its stake in GoDaddy by 26.1% during the first 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 shares of GoDaddy in the 1st quarter worth $204,000. Finally, Bank of America Corp DE grew its stake in shares of GoDaddy by 27.9% in the 1st quarter. Bank of America Corp DE now owns 1,383,615 shares of the technology company’s stock worth $114,383,000 after buying an additional 302,126 shares in the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

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.