FORSTA AP Fonden, a Swedish pension fund, recently increased its stake in GoDaddy Inc., a prominent technology company specializing in cloud-based products. FORSTA AP Fonden now owns 108,600 shares of GoDaddy stock, up 2.5% from the previous quarter, according to the company’s most recent filing with the Securities and Exchange Commission (SEC). That makes the pension fund’s ownership roughly 0.07% of GoDaddy’s total value, which is an impressive $8.44 billion.
GoDaddy Inc. operates in two main segments: applications and commerce, as well as the core platform. The Apps and Commerce segment offers various products, including Websites + Marketing, Managed WordPress, and marketing tools and services aimed at helping businesses with website development, online sales, customer engagement, and content creation.
Websites + Marketing is an online tool that enables clients to efficiently create mobile-optimized websites and e-commerce stores. Meanwhile, Managed WordPress is a hosting platform designed for faster and more secure WordPress sites. This platform also seamlessly integrates with WooCommerce, allowing users to sell their products or services online effectively. In addition, GoDaddy offers marketing tools such as GoDaddy Studio mobile app, search engine optimization services, Google My Business listing optimization, email marketing solutions along with social media marketing strategies, all helping businesses acquire customers while engaging them by creating engaging content.
As of July 6, 2023, the reference date for this article, GoDaddy stock was trading on the New York Stock Exchange under the symbol GDDY at a price of $75.40 per share. The company has a market capitalization of $11.65 billion and has a price-to-earnings ratio (PE ratio) of 36.08%. It also has a price-to-earnings growth ratio of 2.09 and a beta value of 0.96. Notably, GoDaddy shares have seen a 12-month low of $64.65 and a high of $85.32 during that period. This information provides investors with valuable information about the company’s financial position.
Also, it’s worth mentioning that shares of GoDaddy Inc. they have followed a moving average trend for the past few months. The company’s 50-day moving average price is $72.99, which indicates its performance during this particular period. Likewise, its two-hundred-day moving average price is recorded at $75.42, giving investors a broader perspective on the company’s long-term growth trajectory.
FORSTA AP Fonden’s decision to increase its stake in GoDaddy signifies the pension fund’s confidence in the technology company’s potential to generate returns and maintain sustained growth in the market. As the digital landscape continues to rapidly evolve, GoDaddy remains at the forefront of delivering innovative cloud-based solutions that empower businesses around the world.
In conclusion, FORSTA AP Fonden’s recent SEC filing indicates its largest investment in GoDaddy Inc., underscoring its belief in the company’s prospects for future success. Primarily dedicated to providing cloud-based products and services to businesses around the world, GoDaddy offers several applications designed to enhance website development, online sales capabilities, customer engagement tactics, as well as marketing strategies. marketing Investors can analyze key financial metrics such as market cap, PE ratio and price trends to better assess GoDaddy’s position within the technology sector. In light of these developments, both the shareholders of FORSTA AP Fonden and GoDaddy Inc. look forward to what’s in store for this innovative technology company on its path to sustained growth and profitability.
GoDaddy Inc.
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Updated on: 07/06/2023
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Institutional investors and insiders make moves on GoDaddy as confidence in growth potential remains high
GoDaddy Inc., a leading cloud-based product design and development company, has recently seen changes in its shareholder positions. Institutional investors including Vanguard Group Inc., Starboard Value LP, Morgan Stanley, State Street Corp and JPMorgan Chase & Co. have made significant adjustments to their stakes in GoDaddy.
Vanguard Group Inc. grew its stake in GoDaddy by 0.7% during the first quarter, and now owns 16,202,298 shares valued at $1,356,131,000. Meanwhile, Starboard Value LP raised its stake by 23.9% during the fourth quarter, giving it an ownership of 10,233,055 shares worth $765,637,000. Morgan Stanley also significantly increased its stake by 517.4% in the previous quarter to a total of 6,125,512 shares valued at $458,311,000.
State Street Corp followed suit and grew its stake by 2.3% owning 3,941,457 shares worth $329,900,000 after acquiring an additional 90,041 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake by 11.2% in the fourth quarter by owning 2,132,628 shares valued at $159563000 after buying an additional 214222 shares.
This shows that a large portion of GoDaddy shares are currently owned by institutional investors and hedge funds, totaling approximately 93.73%. This level of investment suggests confidence in the company’s potential for growth and profitability.
Aside from changes in shareholder positions and investments made in GoDaddy by various institutions and companies, there were also notable insider transactions that occurred in the company recently.
Chief Accounting Officer (CAO) Nick Daddario sold a total of 341 shares on June 2 at an average price of $75.37 per share, for a total transaction worth $25,701.17. Following the sale, Daddario now owns 20,722 shares in the company, valued at $1,561,817.14.
Also, on the same day in June, GoDaddy CEO Amanpal Singh Bhutani sold 3,117 shares of the company’s stock at an average price of $75.37 per share, for a total of $234,928.29. which reduced his personal ownership to 275,141 shares valued at 275,141 shares valued at $277,717.73.
These insider dealings were legally disclosed in filings with the Securities & Exchange Commission (SEC). Investors and companies can access these documents through the SEC’s website and use them for reference and analysis.
In terms of business activity and operations within GoDaddy itself, the company is engaged in designing and developing cloud-based products. It operates through two segments: Applications and Commerce and Basic Platform.
The Applications and Commerce segment offers several application products such as Websites + Marketing, an online tool that helps customers create e-commerce-enabled websites and online stores, and Managed WordPress, a hosting optimized for creating secure WordPress sites integrated with WooCommerce for online selling. .
GoDaddy also offers marketing tools and services such as its GoDaddy Studio mobile app, focused on content creation, as well as search engine optimization services, Meta listing management features and Google My Business, marketing tools for email and social media marketing assistance aimed at improving the customer. acquisition and commitment.
On May 4 of this year, GoDaddy released its quarterly earnings data with financial highlights, including an earnings per share (EPS) figure of $0.30 for the quarter, missing the consensus estimate for ($0.22). The company posted revenue of $1.04 billion compared to the consensus estimate of $1.04 billion.
However, it is important to note that GoDaddy experienced a negative return on equity of 95% and a net margin of 8.03%. While GoDaddy’s quarterly revenue rose 3.3% compared to the same quarter last year, it fell short of expectations.
For the current fiscal year, research analysts predict that GoDaddy will post 2.4 EPS number. These projections are based on extensive analysis and studies by industry experts who cover the stock and follow its performance closely.
In terms of analyst reports, GoDaddy has been covered by financial research firms and analysts who have issued their ratings and company ratings. StockNews.com initiated coverage of GoDaddy with a “buy” rating, expressing optimism about the company’s prospects.
Barclays reduced their price target on GoDaddy from $100.00 to $98.00 in a research report, while Royal Bank of Canada initiated coverage with a “sector perform” rating and set a price target of $80.00. Piper Sandler reduced their target price from $88.00 to $84.00 in another research report.
Additionally, Robert W. Baird issued a research report giving GoDaddy an “outperform” rating along with a $95.00 price target.
There is currently a consensus among analysts
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