May 21, 2023 – Ruffer LLP, a leading investment management firm based in London, has recently sold a significant portion of its holdings in GoDaddy Inc. (NYSE:GDDY), according to the company’s most recent SEC filing. The sale amounted to a reduction of 32.9% of shares owned by Ruffer LLP during the fourth quarter, with the firm owning 392,440 shares after selling 192,314 shares. As of the latest SEC filing disclosed by Ruffer LLP, GoDaddy made up 2.0% of its investment portfolio and was ranked as its 18th largest holding with a total value of $29,448,000.
GoDaddy Inc. is an American technology company that offers domain name registration and web hosting services to individuals and businesses worldwide. Its core business segments include Applications and Commerce (A&C) and Core Platform (Core). The A&C segment comprises sales of proprietary software products, commerce solutions, and third-party email and productivity tools.
Although GoDaddy’s stock traded down $0.46 during trading on May 21, reaching $71.98 per share with a trading volume of 589,721 shares compared to the average daily trading volume of approximately one million shares, it remains one of the leading names in its industry. Over the past year alone, GoDaddy’s stock price has ranged from a low point of $64.65 to a high point of $85.32.
The move by Ruffer LLP to reduce its holdings in GoDaddy comes at a time when investors are keeping a keen eye on developments within the technology sector as companies continue seeking innovative ways to leverage technology for growth opportunities amid ever-changing market conditions.
Overall though, given that GoDaddy operates in an industry that is acutely sensitive to technological advancements both in terms of offering superior hosting services and user experience unlike any other site, this company has ample room to continue growing its business even in the face of uncertain economic times. Its unique marketing strategy and customer service that certainly is hard to beat can guarantee that GoDaddy will remain one of the most sought-after technology solutions providers for years to come.
GoDaddy: Recent Transactions and Performance Analysis
GoDaddy, Inc. is a technology company that provides domain name registration and web hosting services to individuals and small businesses. The company operates through two segments, Applications and Commerce (A&C) and Core Platform (Core). GoDaddy has been making headlines recently due to various share transactions by hedge funds and institutional investors.
Rice Hall James & Associates LLC increased its stake in shares of GoDaddy by 49.4% in the first quarter of 2023. They now own approximately 211,463 shares of the technology company’s stock worth $17,699,000 after acquiring an additional 69,944 shares during the period. HighTower Advisors LLC also lifted its stake in shares of GoDaddy by 7.9% in the same quarter. They now hold around 16,959 shares of the technology company’s stock worth $1,422,000 after acquiring an additional 1,246 shares during the period.
GoDaddy also acquired new stakeholders recently with MetLife Investment Management LLC entering into a new stake worth $345,000 during the first quarter.
Rhumbline Advisers lifted its stake in shares of GoDaddy by 3.2% to approximately 138,312 shares worth $11,577,000 after acquiring an additional 4,315 shares during the same period.
Raymond James Trust N.A also raised their stake by 30.8% in the first quarter by purchasing an additional 757 shares worth $269,000.
According to data from Bloomberg.com as at May 21st2023 out of all GoDaddy’s outstanding stocks available to retail investors only around approximtaely97 percent is owned by hedge funds and other institutional investors.
Several analysts have weighed in on GDDY’s value within this timeframe as well. StockNews.com issued a “buy” rating for GoDaddy while Robert W.Baird also initiated coverage and issued an “outperform” rating with a $95.00 price objective.
However, Piper Sandler reduced GoDaddy’s price objective from $88.00 to $84.00 in a research note on May 5th 2023 and Barclays reduced their price objective as well from $100.00 to $98.00 on the same day of analysis.
Finally, Raymond James raised its target price on shares of GoDaddy from $88.00 to $94.00 and gave the company a “strong-buy” rating in February this year.
In terms of financial performance, GoDaddy (NYSE:GDDY) recently announced its quarterly earnings results last week showing that it earned earnings per share of $0.30 for the quarter which is lower than analysts’ consensus estimates of $0.52 by ($0.22). The miss was attributed to higher sales, marketing and technology expenses emanating mainly from investments in growth-oriented initiatives aimed at driving business value through mid-to-long term gains.
GoDaddy had a net margin of 8.03% during the period alongside negative return on equity rate of -95%.
Although revenue came in at approximately$1.04 billion, failing to meet analyst projections for 1QFY23 which had been expected to come in at around the same figure.
As company executives continue working out ways to improve financial performances amid challenges arising towards growth objectives due intense rivalry or competition then being encountered especially within domestic scene, it remains unclear whether investors will have increased confidence about future prospects at the firm.
It seems that cautious optimism reigns supreme among industry observers given GoDaddy’s extraordinary ability over years , coupled with prior accomplishments through sharp focus on driving innovation while building valuable outcomes across all core operations . It therefore appears likely that we’ll see continued interest among both fundamental traders looking for low-risk opportunities near-term but also more speculative investors willing to place bets on GoDaddy advancements still to come.