In a recent disclosure filed with the Securities and Exchange Commission (SEC), Raymond James & Associates has disclosed an increase in its holdings in GoDaddy Inc. (NYSE: GDDY ) by 9.6% during the first quarter. The move further cements Raymond James & Associates’ commitment to investing in the tech giant as it bought an additional 17,948 shares, bringing its total ownership to 204,932 shares. The value of this stake is an impressive $15,927,000.
GoDaddy Inc., a leading player in the design and development of cloud-based products, operates in two key segments: Applications and Commerce, as well as the core platform. The Apps & Commerce segment focuses on providing customers with innovative app products such as Websites + Marketing and Managed WordPress. The former includes an easy-to-use online tool that helps businesses create mobile-optimized websites and e-commerce-enabled online stores. Meanwhile, Managed WordPress offers customers a simplified hosting platform designed specifically for building and managing fast and secure WordPress sites. In addition to these services, GoDaddy also offers marketing tools such as search engine optimization and email and social media marketing aimed at helping businesses attract and engage customers.
When looking at GoDaddy’s financial performance on the stock market, we note that shares of NYSE GDDY opened at $75.13 on Monday. Over the past year, the company has fluctuated between $64.65 and $85.32 per share. GoDaddy currently has a market cap of an impressive $11.61 billion.
Considering various investment metrics gives us more insight into GoDaddy’s stock performance and potential value for investors. The technology company currently has a price-to-earnings ratio of 35.95, implying that investors are willing to pay approximately 36 times its earnings per share (EPS). Additionally, the price-to-earnings-to-growth (PEG) ratio stands at 2.06, suggesting that investors anticipate relatively strong future growth prospects for the company. A beta of 0.97 indicates that GoDaddy stock is slightly less volatile than the broader market, which may be attractive to risk-conscious investors.
In conclusion, Raymond James & Associates’ recent increase in its investment in GoDaddy Inc. it means a vote of confidence in the future potential and value of the technology company as an investment opportunity. With a wide range of cloud-based products and cutting-edge marketing tools at their disposal, GoDaddy continues to occupy a prominent position within the industry. As the company strives to empower businesses with easy-to-use solutions for their online presence, investors have an opportunity to capitalize on the promising track record of this cloud-based technology giant.
GoDaddy Inc.
GDDY
neutral
Updated on: 07/04/2023
target price
current
agreed
down
average
High
Show more
Social feelings
We found no social sentiment data for this value
Analyst ratings
Show more
Institutional investors increase stakes in GoDaddy, indicating growing interest in company’s growth potential
GoDaddy’s institutional investors, including Achmea Investment Management BV, Allworth Financial LP, Penserra Capital Management LLC, Psagot Value Holdings Ltd. Israel and Tobam, have made significant additions or reductions to their holdings in the company. These investments indicate the growing interest in GoDaddy and its growth potential.
Achmea Investment Management BV recently bought a new position in GoDaddy during the first quarter, growing its stake in the company. The position was valued at approximately $31,000. This investment highlights Achmea’s belief in GoDaddy’s future prospects and its confidence in the company’s ability to generate returns.
Similarly, Allworth Financial LP grew its position in GoDaddy by 56.7% in the 4th quarter of last year. The financial management firm now owns 456 shares of GoDaddy’s stock worth $34,000 after buying an additional 165 shares during the last quarter.
Penserra Capital Management LLC also acquired a new position in GoDaddy during the fourth quarter, investing approximately $62,000. This move demonstrates Penserra’s confidence in GoDaddy’s business model and its potential for future growth.
In addition, Psagot Value Holdings Ltd. Israel entered a new position with GoDaddy during the same period with an investment of about $75,000. This serves as another testament to high-profile institutions recognizing GoDaddy as an attractive investment opportunity.
Finally, Tobam increased its position in shares of GoDaddy by an impressive 80.8% during the fourth quarter. He now owns 1,517 shares of the technology company’s stock worth $114,000 after buying an additional 678 shares during the period.
With these investments from various hedge funds and institutional investors owning about 93.73% of the company’s shares, GoDaddy appears to be a highly sought-after investment option for those looking to capitalize on the growth potential of product-based in cloud
A number of research analysts have also recently issued reports on GoDaddy, providing additional insight into its future performance. Piper Sandler cut their price objective on GoDaddy from $88.00 to $84.00 and Royal Bank of Canada gave the company a “sector perform” rating with a price objective of 80.00 dollars StockNews.com initiated coverage with a “buy” rating, while Robert W. Baird provided an “outperform” rating and a $95.00 price target for the company. Barclays cut its price target to $98.00.
According to Bloomberg data, GoDaddy currently has an average rating of “Moderate Buy” and an average price target of $92.75, further bolstering positive sentiment toward the company’s potential.
GoDaddy Inc., known for its design and development of cloud-based products in the United States and internationally, operates through two segments: Applications and Commerce and Core Platform.
The Applications and Commerce segment offers several application products such as Websites + Marketing, a tool for building e-commerce-enabled websites and online stores that are optimized for mobile; Managed WordPress, a hosting platform optimized for faster and more secure WordPress sites; marketing tools and services such as search engine optimization, email marketing, social media marketing designed to help businesses acquire customers.
On May 4, GoDaddy reported its quarterly earnings data, which showed that it had achieved results below market expectations. The technology company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 per share. Additionally, GoDaddy experienced a negative return on equity of 95% during this period.
However, despite these challenges faced during the fourth quarter of last year compared to the fourth quarter of the previous year, GoDaddy managed to increase its revenue by 3.3%, generating $1.04 billion. Analysts predict that GoDaddy Inc. will post an EPS of 2.4 for the current year, indicating that the company is expected to perform well in the future.
In recent insider trading news, CFO Nick Daddario sold 341 shares of GoDaddy stock on June 2nd at an average price of $75.37 per share, resulting in a total value of transaction of $25,701.17. As a result of this transaction, Daddario now directly owns 20,722 shares of GoDaddy stock, valued at approximately $1,561,817.14.
Also, CFO Mark McCaffrey sold 812 shares on the same day at an average price of $75.37 per share, with a total transaction value of $61,200.44. Following this sale transaction, McCaffrey now owns 92,609 shares of the GoDaddy stock valued at approximately $6,979,940.33.
It is worth noting that only during the last ninety days the insiders have completed transactions consisting of selling more than 8 thousand shares by value
[ad_2]
Source link
