JPMorgan Chase & Co. has been making waves in the stock market recently, particularly with its latest addition to its growing list of holdings – GoDaddy Inc. The financial giant increased its ownership stake in the technology company by 11.2% during the fourth quarter, according to the latest regulatory filing with the Securities & Exchange Commission.
With JPMorgan’s additional purchase of 214,222 shares, it now holds around 2,132,628 shares of GoDaddy worth $159,563,000 as of the end of December last year. This is equivalent to a 1.37% ownership stake in the company’s current portfolio.
GoDaddy Inc., known for providing reliable and efficient domain name registration and web hosting services worldwide, has two core segments where it operates: Applications and Commerce (A&C) and Core Platform (Core). Its A&C segment houses sales operations involving products that contain proprietary software alongside other third-party solutions intended for commerce and email productivity.
In other headlines surrounding GoDaddy, its Chief Financial Officer Mark Mccaffrey sold a total of 5,000 stocks on Thursday March 9th at an average price of $75.81 per share; this amounts to $379,050 in total revenue from this sale.
Following this transaction by CFO Mccaffrey on that day earlier in March and just one month later in April (04/04), CEO Amanpal Singh Bhutani also sold a group of shares in a separate filing with the SEC. The CEO managed to sell 1,987 pieces at an average cost of $77.41 per share – a total value hovering around $153.8k approximately.
Insiders have now reportedly unloaded approximately 8269 company equities or an overall amount nearing $631204 during Q4 alone; insiders holding over .037% stakes in aggregate for GDY shares according to reports currently available.
JPMorgan’s latest move is part of its wider effort to diversify and strengthen its portfolio base with promising growth stocks. Despite the current market uncertainty, it has continuously been able to maximize profits and provide investors with handsome returns on investment, driven by its strategic moves in buying shares of high-performing companies like GoDaddy Inc. And, as company insiders continue selling thousands of shares each month, outsiders now have more of an idea about GoDaddy’s larger strategic concerns moving forward – whether acquiring more traditional software segments as custom integration operatives or streamlining platform holdings towards a centralized interface with augmented services offered within these app suites.
Updated on: 07/12/2023
Debt to equity ratio: Strong Sell
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Sell
DCF: Strong Buy
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GoDaddy Attracts Major Investor Interest in the Face of COVID-19 Challenges
GoDaddy, a leading domain name registration and web hosting services provider, has recently experienced shifts in majority shareholder stakes. According to reports, several hedge funds and institutional investors have sold, bought, or enhanced their positions in GoDaddy’s stock. Notably, Starboard Value LP raised its stake in the technology company by 21.5% during Q1 2021 and now holds over 8 million shares worth about $690 million. Similarly, Goldman Sachs Group Inc. boosted its holdings by 108.7% to own 1.4 million shares valued at nearly $117 million.
Additionally, Assenagon Asset Management S.A., California Public Employees Retirement System (CalPERS), and National Pension Service have bought or increased their stakes in GoDaddy during the last few quarters. These recent investments suggest positive long-term prospects for the company despite the COVID-19 pandemic’s economic challenges.
Several research firms also recently commented on GoDaddy’s growth potential. Raymond James upgraded its rating to “strong buy” from “outperform,” while Benchmark reaffirmed its “buy” rating with a price objective of $100 per share. Recently featured on StockNews.com as a recommended buy, Robert W. Baird assigned an “outperform” rating with a target price of $95 per share.
GoDaddy operates through two segments: Applications and Commerce (A&C) and Core Platform (Core). The A&C segment specializes in the sales of third-party email/productivity solutions as well as proprietary software products for commerce purposes such as website building aids and security tools.
GoDaddy currently trades at around $75 per share, with market capitalization totaling $11.7 billion, a P/E ratio of 36.23, and beta of 0.97- indicating lower volatility than average market risk trends.The current moving average prices for GoDaddy sit at approximately 74 dollars for the short-term 50-day moving average and $75.72 for the long-term 200-day average.
Despite a recent slip in earnings, GoDaddy remains one of the leading companies in its market. While many industries were hindered by pandemic-related difficulties, GoDaddy ended the first quarter of 2021 with $1.04 billion in revenue, and Industry analysts maintain an encouraging EPS growth estimate for the company averaging at 2.37 per share this year.
These developments suggest that despite temporary dips in quarterly performance, GoDaddy is well-positioned to navigate future market fluctuations and witness stable growth thanks to its significant investments from multiple institutional investors across a range of industries and steady ratings from several research firms.