Mercer Global Advisors Inc. ADV has recently increased its position in shares of GoDaddy Inc., a technology company that provides domain name registration and web hosting services. According to the company’s recent filing with the Securities and Exchange Commission, Mercer Global Advisors Inc. ADV acquired an additional 5,290 shares during Q4, increasing their position by 122.4%. At the end of this most recent reporting period, Mercer Global Advisors Inc. ADV held 9,612 shares of GoDaddy’s stock, with a total value of $719,000.
GoDaddy operates through two main segments – Applications and Commerce (A&C) and Core Platform (Core). The A&C segment is responsible for the sales of products containing proprietary software, commerce products and third-party email and productivity solutions. In terms of its stock performance, several equities research analysts have issued reports on GoDaddy’s financials. Raymond James increased their target price on shares from $88 to $94 while rating it as a “strong-buy.” Robert W. Baird also rated it as an “outperform” while setting a target price at $95. StockNews.com initiated coverage with a “buy” rating for the company; buoyed by Benchmark who gave it a “buy” recommendation with a $100 price objective.
While these ratings may vary depending on analyst outlooks for GoDaddy’s growth prospects in general, based on Bloomberg projections, the consensus opinion remains at “Moderate Buy” with a consensus price target of $93.10 as per May 2021 data.
In conclusion, GoDaddy is continuing to earn support from investors who see its potential as an attractive investment opportunity in tech-related stocks that cater to online users’ growing demands for web-hosting services and applications. Furthermore, this increase in Mercer Global Advisors Inc.’s ADV position indicates that they too believe there will be future opportunities for growth in this domain, with the move reflecting a trending optimism in GoDaddy’s market performance.
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Investors show interest in GoDaddy as company faces financial challenges
GoDaddy, Inc. has been in the news lately with several large investors modifying their holdings of the company. Achmea Investment Management B.V. bought a new stake in GoDaddy in the 1st quarter valued at $31,000; Allworth Financial LP increased its position by 56.7% during the 4th quarter and now owns 456 shares of GoDaddy’s stock worth $34,000 after purchasing an additional 165 shares in the last quarter; Cullen Frost Bankers Inc. also increased its position by 152.5% during the 3rd quarter, and now owns 505 shares worth $36,000 after purchasing an additional 305 shares; Edmond DE Rothschild Holding S.A. added a new stake during the 3rd quarter worth approximately $64,000; and Psagot Value Holdings Ltd. Israel acquired a new stake during the 4th quarter worth about $75,000.
Currently, institutional investors own a whopping majority of GoDaddy’s stock-96.32%. Moreover, CEO Amanpal Singh Bhutani sold some of his stocks on March 2nd-the transaction involved selling nearly $595,932 worth of stocks (7,950). Following this sale and including it into calculations marked him with over $21 million of shareable revenue-280,245 remaining shares to be exact.
CFO Mark Mccaffrey also sold some shares on March 2nd-about $243K interestingly enough following Bhutani’s deal again selling at an average price of $74.96.
But what does GoDaddy do? Well, it provides domain name registration and web hosting services with website building tools as well as security products under its brand name for everyone that needs them-basically what every internet-based business requires nowadays! Currently listed through NYSE:GDDY stocks for those seeking tangible ways to invest.
Stock price-wise, GoDaddy opened at $71.54 on Friday with a one year low of $64.65 and a one year high of $85.32 according to Yahoo Finance data. The company has been moving around quite a bit with its 50-day moving average being around $74.34 and 200-day moving average at approximately $75.62 for those interested in technical analysis.
However, GoDaddy missed earnings estimates on May 4th, which caused its stock’s tumble as it reported an EPS of $0.30 instead of the anticipated consensus estimate of $0.52, resulting in negative return equity figures that couldn’t have helped investor confidence too much especially since analysts were expecting revenues to match or exceed last year’s totals at just over roughly a billion ($1B) but came in flat growth wise at 3.3%. Current ROI stands nearly negative as well-95 percent exactly-an issue raised during this past earnings period.
In conclusion, we will be watching closely to see what other moves will take place within GoDaddy’s management as shares are expected to grow by roughly another dollar per share in the coming weeks throughout the rest of summer- of course dependent upon how they perform financially ( scheduled August release).
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