JPMorgan Chase & Co. Buys 53,811 Shares of GoDaddy Inc. $GDDY

JPMorgan Chase & Co. grew its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 1.9% during the third quarter, HoldingsChannel.com reports. The fund owned 2,896,867 shares of the technology company’s stock after buying an additional 53,811 shares during the quarter. JPMorgan Chase & Co.’s holdings in GoDaddy were worth $396,378,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Sivia Capital Partners LLC lifted its position in GoDaddy by 90.3% during the second quarter. Sivia Capital Partners LLC now owns 3,271 shares of the technology company’s stock valued at $589,000 after purchasing an additional 1,552 shares during the period. Nordea Investment Management AB raised its stake in GoDaddy by 6.1% during the 2nd quarter. Nordea Investment Management AB now owns 12,730 shares of the technology company’s stock valued at $2,286,000 after buying an additional 735 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of GoDaddy by 11.4% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 39,722 shares of the technology company’s stock valued at $7,087,000 after buying an additional 4,068 shares during the period. Cookson Peirce & Co. Inc. boosted its stake in shares of GoDaddy by 7.0% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 5,868 shares of the technology company’s stock worth $1,057,000 after buying an additional 384 shares during the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in shares of GoDaddy in the second quarter worth $1,898,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Amanpal Singh Bhutani sold 6,932 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $127.94, for a total value of $886,880.08. Following the completion of the sale, the chief executive officer directly owned 399,133 shares of the company’s stock, valued at $51,065,076.02. This represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Phontip Palitwanon sold 2,397 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $128.44, for a total transaction of $307,870.68. Following the sale, the chief accounting officer owned 17,055 shares in the company, valued at $2,190,544.20. The trade was a 12.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,615 shares of company stock worth $1,743,102 over the last three months. 0.70% of the stock is currently owned by company insiders.

GoDaddy Trading Down 0.8%

Shares of NYSE:GDDY opened at $90.52 on Thursday. The stock has a 50 day moving average of $110.18 and a 200 day moving average of $127.69. The company has a market cap of $12.23 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 0.83 and a beta of 0.94. GoDaddy Inc. has a 12-month low of $87.13 and a 12-month high of $193.55. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 41.06.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on GoDaddy from $222.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, October 31st. Morgan Stanley reduced their price target on shares of GoDaddy from $159.00 to $145.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. Benchmark reissued a “buy” rating on shares of GoDaddy in a report on Thursday, December 4th. Evercore cut their target price on shares of GoDaddy from $180.00 to $145.00 and set an “in-line” rating for the company in a research report on Friday, October 31st. Finally, B. Riley Financial decreased their price target on shares of GoDaddy from $225.00 to $215.00 and set a “buy” rating on the stock in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $166.21.

GoDaddy Profile

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.