Insider Selling: GoDaddy (NYSE:GDDY) CEO Sells $752,397.78 in Stock

GoDaddy Inc. (NYSE:GDDY) CEO Amanpal Singh Bhutani sold 8,373 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value of $752,397.78. Following the sale, the chief executive officer directly owned 521,747 shares in the company, valued at approximately $46,884,185.42. This trade represents a 1.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

GoDaddy Stock Performance

GDDY opened at $84.59 on Friday. The firm has a market cap of $11.20 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 0.76 and a beta of 0.90. GoDaddy Inc. has a 52-week low of $73.06 and a 52-week high of $183.34. The company has a debt-to-equity ratio of 15.86, a quick ratio of 0.67 and a current ratio of 0.67. The business’s fifty day moving average is $85.70 and its 200-day moving average is $99.60.

GoDaddy (NYSE:GDDY) last released its earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.07. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.GoDaddy’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.51 EPS. Sell-side analysts expect that GoDaddy Inc. will post 7.17 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on GDDY shares. Barclays reduced their price objective on GoDaddy from $200.00 to $118.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Royal Bank Of Canada reduced their price objective on GoDaddy from $200.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. JPMorgan Chase & Co. reduced their price objective on GoDaddy from $167.00 to $154.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Wells Fargo & Company raised their price objective on GoDaddy from $77.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Finally, Benchmark reduced their price objective on GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.57.

Institutional Trading of GoDaddy

A number of hedge funds have recently made changes to their positions in GDDY. American Century Companies Inc. raised its position in shares of GoDaddy by 130.5% during the third quarter. American Century Companies Inc. now owns 151,432 shares of the technology company’s stock worth $20,720,000 after acquiring an additional 85,733 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of GoDaddy during the third quarter worth about $30,575,000. BNP Paribas Financial Markets raised its position in shares of GoDaddy by 5.7% during the fourth quarter. BNP Paribas Financial Markets now owns 945,202 shares of the technology company’s stock worth $117,281,000 after acquiring an additional 50,959 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of GoDaddy by 22,341.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 117,142 shares of the technology company’s stock worth $14,535,000 after acquiring an additional 116,620 shares during the last quarter. Finally, Swedbank AB raised its position in shares of GoDaddy by 433.9% during the fourth quarter. Swedbank AB now owns 645,754 shares of the technology company’s stock worth $80,125,000 after acquiring an additional 524,811 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

About GoDaddy

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.