Riverbridge Partners LLC, a well-known institutional investor, recently reported a reduction in its holdings of GoDaddy Inc. (NYSE:GDDY) during the first quarter of this year. According to the company’s most recent 13F filing with the Securities and Exchange Commission (SEC), Riverbridge Partners LLC sold 8,852 shares of GoDaddy stock, a decrease of 1.5% of its position. The institutional investor now owns 599,753 shares of the technology company’s stock, reflecting approximately 0.39% stake in GoDaddy. Based on current valuations, the market value of these shares amounts to $46,613,000.
GoDaddy Inc., a leading player in the design and development of cloud-based products, is dedicated to providing innovative solutions both in the United States and internationally. The company operates under two main business segments: Apps and Commerce, as well as the Core Platform. The Apps and Commerce segment focuses on offering customers a range of app products, such as Websites + Marketing, an online tool designed for mobile optimization that allows users to build websites and set up stores in line enabled for e-commerce.
Managed WordPress is another popular GoDaddy offering that streamlines website hosting to ensure faster performance while improving security features. This platform allows users to create and manage their WordPress websites seamlessly while combining with WooCommerce, an e-commerce plugin, that allows customers to sell products online effortlessly. In addition, GoDaddy offers marketing tools and services such as the GoDaddy Studio mobile app, search engine optimization support, Meta and Google My Business listing management, email marketing solutions and promotion strategies in the social networks. These comprehensive offerings are dedicated to helping businesses acquire new customers, engage with existing customers effectively, as well as create engaging content that resonates with their target audience.
In recent trading activity on Wednesday, GDDY stock traded down $0.51 per share during mid-day trading, reaching $74.88. The total number of shares traded during the day amounted to 93,642, a number that does not compare to its average daily trading volume of 1,147,700 shares. According to the most recent assessment, GoDaddy Inc. is listed as a company with a market capitalization of $11.57 billion and has a relatively high price-to-earnings (P/E) ratio of 36.07. Additionally, the stock has a P/E/G ratio of 2.09 and a beta score of 0.96.
It is worth noting that shares of GoDaddy Inc. show some volatility in their performance as reflected by their 52-week range between $64.65 and $85.32 respectively. The stock currently appears to be trending lower as it nears its lowest point in this timeframe; however, future developments and market dynamics could cause changes in this pattern.
In conclusion, the recent reduction in holdings of GoDaddy Inc. of Riverbridge Partners LLC, albeit a modest 1.5%, illuminates the evolution of investment strategies used by institutional investors like them amid changing market conditions in the technology industry. How these adjustments will affect GoDaddy’s overall growth trajectory remains to be seen, but with its industry-leading products and services serving businesses globally, GoDaddy continues to position itself as a key player within the design and development industry. cloud based products.
References:
– SEC filing: https://www.sec.gov/Archives/edgar/data/1576683/000157668321000002/xslForm13F_X01/Form13F201593134_052721.xml
– GoDaddy Inc.: https://www.godaddy.com/about-us/institutional-investor?isc=GDDYXS50&utm_source=NYSE&utm_medium=gsa&utm_content=investment_institutions&utm_campaign=GDDY
– GoDaddy Inc. stock:
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Updated on: 07/05/2023
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Major investors increase ownership of GoDaddy, creating waves of change
In an unprecedented turn of events, GoDaddy Inc., a renowned technology company, has witnessed significant activity among its investors. Several large investors have bought and sold shares of the company, creating a wave of changes in its ownership landscape.
One such investor, Whittier Trust Co., increased its stake in GoDaddy by a staggering 113.8% during the first quarter of this year. As a result, Whittier Trust Co. now owns 2,794 shares of the GoDaddy stock with an estimated value of $217,000. This increase in shares has been possible thanks to the acquisition of 1,487 additional shares during the last quarter.
Another notable investor, AustralianSuper Pty Ltd, also showed enthusiasm for GoDaddy by increasing its position in the company by 57.9%. The move makes AustralianSuper Pty Ltd a whopping 518,296 shares valued at approximately $40,282,000 after acquiring an additional 190,154 shares in the first quarter.
Forsta AP Fonden followed suit, increasing its stake in GoDaddy by 2.5% over the same period. With the move, Forsta AP Fonden now owns 108,600 shares valued at $8,440,000 after recently acquiring an additional 2,700 shares.
Main Street Financial Solutions LLC which increased its position in GoDaddy by 4.0% is a notable contributor to the activity among investors. The firm now owns 11,282 shares of the company’s stock worth $877,000 after acquiring an additional 430 shares in the last quarter.
Hennion & Walsh Asset Management Inc., not wanting to be left behind either, contributed enthusiastically to this rally as they increased their position in GoDaddy by a remarkable 41%. The firm now owns 4,942 shares worth $384,000 after recently acquiring an additional 1,438 shares.
It is important to note that institutional investors own a significant 93.73% of GoDaddy shares, indicating a higher level of interest and confidence in the company.
In other company news, Chief Financial Officer (CFO) Mark McCaffrey participated in a stock transaction where he sold 812 shares on June 2nd. These shares were sold at an average price of $75.37, resulting in a total value of $61,200.44. As a result of this sale, Mark McCaffrey now directly owns 92,609 shares of GoDaddy stock, valued at approximately $6,979,940.33. This transaction was properly disclosed according to Securities & Exchange Commission filings available on its website.
Additionally, CEO Amanpal Singh Bhutani also engaged in similar stock transactions by selling 3,117 shares on June 2. The shares were sold at an average price of $75.37 with a total value of $234,928.29. Following the sale, the CEO now owns 275,141 shares valued at $20,737,377.17.
Notably, over the past three months through July 5th, insiders have sold a collective total of 5,257 shares of GoDaddy stock worth $395,894, indicating potential changes in the ownership structure of the company. company
GoDaddy Inc., known for its cloud-based products and services both in the United States and internationally, operates through two distinct segments: Applications and Commerce along with the Core Platform division.
The Apps and Commerce segment focuses on providing customers with various app products, including mobile-optimized online tools such as Websites + Marketing, which enable users to create e-commerce-enabled websites and online stores without effort Managed WordPress is another streamlined hosting platform offered by GoDaddy that allows customers to develop and manage faster and more secure WordPress sites along with WooCommerce integration for seamless online sales opportunities.
In addition, the company offers marketing tools and services such as the GoDaddy Studio mobile app, search engine optimization strategies, Meta and Google My Business listings, and email and social media marketing solutions designed to help companies to improve customer engagement, acquire new customers and generate engaging content.
GoDaddy last reported earnings on May 4th with the technology company posting earnings of $0.30 per share for the quarter. That number fell short of analysts’ consensus estimates of $0.52 ($0.22). Despite this setback, GoDaddy’s revenue for the quarter remained strong at $1.04 billion versus analysts’ expectations of $1.04 billion.
On a year-over-year basis, GoDaddy’s quarterly revenue grew by 3.3%. However, compared to the same quarter last year, when it posted earnings per share of $0.41, there was a decline.
Sell-side analysts predict that GoDaddy Inc. will post 2.4 earnings per share in the current fiscal year.
This development within GoDaddy has caught the attention of several brokerages who have commented on the situation. One such brokerage, Barclays, cut their price target on GoDaddy from $100.00 to $98.00.
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