Raymond James & Associates made a bold move in the fourth quarter of 2022 by selling 16,340 shares of GoDaddy Inc. As per their most recent disclosure to the Securities and Exchange Commission (SEC), the technology company’s stockholding was reduced to 186,984 shares, indicating an 8.0% reduction. At its current value, Raymond James & Associates’ shares are worth a whopping $13,990,000.
GoDaddy Inc. is one of the leading players in the domain name registration and web hosting market with a stronghold in website building, hosting, and security tools. Its offerings are distributed across two primary business segments: Applications and Commerce (A and C) and Core Platform (Core). While A and C cater to sales of products containing proprietary software, commerce products, and third-party email and productivity solutions; Core enables customers access to its renowned domain name registration services.
Intriguingly, on May 17th, 2023 GoDaddy opened up trading at $71.86 on the NYSE stock exchange market with a significant market capitalization worth $11.10 billion alongside earnings per share ratio of 34.38 P/E ratio proving their returns to scale. Although there is no denying that this firm is facing some tough competition in all domains owing to rising startups trying to dethrone incumbents like themselves.
Investors have been keeping a close eye on GoDaddy’s financial performance over the past year due to its tumultuous ups-and-downs within the aggressively fast-paced tech industry which has had trouble maintaining high growth rates along with increasing profitability due to competitor pricing strategies affecting revenue streams from different channels provided by them.
As per recent data reports from Yahoo finance websites indicates that Godaddy’s stock performance has been dipping since mid-2021 with an overall low both pointed at through out the year in October of $63.00 leading investors to believe in rough waters ahead, however the company has managed to maintain steady gains ever since trudging through traditional means of marketing by partnering up with local dealerships in promoting their product lines leading not just retaining but expanding customer base and alliances.
In any case, GoDaddy’s ability to dominate and innovate within the industry is evident from its beta value of 0.98 along with a PEG ratio of 1.97 further bolstering investor confidence in the newly appointed management with high expectations from them for upcoming quarters potentially changing the tide for companies wide spread operations increasing prospect value behind higher profitability and stronger marketing campaigns paving way for a new era at the firm leading towards all-round growth as it aims to cement its leadership position among web hosting providers.
Institutional Investors and Hedge Funds Increasingly Invest in GoDaddy Inc.
GoDaddy Inc., one of the leading domain name registration and web hosting companies, has attracted attention from various institutional investors and hedge funds. Achmea Investment Management B.V, for instance, acquired a new position in GoDaddy during the first quarter of 2023 worth $31,000. Similarly, Wipfli Financial Advisors LLC purchased GoDaddy shares worth $33,000 during the third quarter. Allworth Financial LP raised its holdings in GoDaddy by 56.7% during the fourth quarter. Cullen Frost Bankers Inc. also raised its stake in GoDaddy to over 152% during the third quarter.
Tobam raised its holdings in GoDaddy by 105% during Q3 hence becoming one of the most significant investors in the technology company with an ownership of 839 shares valued at $59,000 after investing an additional 431 shares in that particular quarter alone. Institutional investors and hedge funds own over 97% of GoDaddy’s stock.
In recent news about insider trading activities involving GoDaddy’s Chief Accounting Officer Nick Daddario sold 548 shares at an average price of $74.96 on March 2nd for a total transaction value exceeding more than 40,000 USD while the Chief Financial officer Mark Mccaffrey sold 915 shares on April 4th for almost seventy-one thousand dollars.
GoDaddy is famous for providing several essential services like website creation tools and hosting services that continue making it lucrative to many investors worldwide despite challenges presented like reporting lower than expected earnings per share (EPS), according to last year’s reports where they only reported $0.30 EPS compared to analyst expectations pegged at $0.52 EPS for Q1 this year.
Several analysts recently gave their views on how well they project GDDY will perform going forward; Raymond James lifted their price objective to around $94 while Evercore ISS suggested investment in it at a target price of $103. Besides, Benchmark remains bullish and recommends a “buy” rating with an estimated $100. Lastly, StockNews.com began coverage on GoDaddy in March 2023 with a “buy” rating for the stock.