Citigroup Inc. Buys 95,569 Shares of GoDaddy Inc. (NYSE:GDDY)

Citigroup Inc. lifted its stake in shares of GoDaddy Inc. (NYSE:GDDY) by 69.1% in the first quarter, HoldingsChannel reports. The fund owned 233,973 shares of the technology company’s stock after acquiring an additional 95,569 shares during the period. Citigroup Inc.’s holdings in GoDaddy were worth $42,148,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in GoDaddy by 17.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 258,154 shares of the technology company’s stock worth $46,504,000 after purchasing an additional 38,039 shares during the period. Deutsche Bank AG boosted its stake in GoDaddy by 54.4% in the 1st quarter. Deutsche Bank AG now owns 1,290,982 shares of the technology company’s stock worth $232,557,000 after purchasing an additional 455,121 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in GoDaddy by 4.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 965,378 shares of the technology company’s stock worth $173,903,000 after purchasing an additional 43,745 shares during the period. ASR Vermogensbeheer N.V. bought a new position in GoDaddy in the 1st quarter worth approximately $1,926,000. Finally, Vanguard Group Inc. boosted its stake in GoDaddy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 18,134,214 shares of the technology company’s stock worth $3,266,697,000 after purchasing an additional 462,807 shares during the period. 90.28% of the stock is currently owned by institutional investors.

GoDaddy Stock Performance

NYSE:GDDY opened at $133.38 on Monday. The stock’s fifty day moving average is $171.43 and its 200 day moving average is $179.48. GoDaddy Inc. has a fifty-two week low of $132.73 and a fifty-two week high of $216.00. The firm has a market capitalization of $19.01 billion, a PE ratio of 23.82 and a beta of 1.08. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.56 and a current ratio of 0.64.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.07. GoDaddy had a return on equity of 189.42% and a net margin of 17.01%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the firm posted $1.01 EPS. GoDaddy’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, sell-side analysts anticipate that GoDaddy Inc. will post 6.63 earnings per share for the current year.

Insider Activity at GoDaddy

In related news, COO Roger Chen sold 1,000 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $169.59, for a total transaction of $169,590.00. Following the sale, the chief operating officer owned 253,949 shares in the company, valued at approximately $43,067,210.91. This represents a 0.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Phontip Palitwanon sold 2,173 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $177.87, for a total value of $386,511.51. Following the completion of the sale, the chief accounting officer owned 21,198 shares in the company, valued at approximately $3,770,488.26. The trade was a 9.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,257 shares of company stock worth $5,827,280 in the last ninety days. Corporate insiders own 0.70% of the company’s stock.

Wall Street Analyst Weigh In

GDDY has been the subject of several recent analyst reports. Raymond James Financial dropped their price target on GoDaddy from $225.00 to $175.00 and set a “strong-buy” rating for the company in a research note on Friday. Citigroup dropped their price target on GoDaddy from $234.00 to $214.00 and set a “buy” rating for the company in a research note on Friday. Piper Sandler set a $182.00 price target on GoDaddy and gave the stock an “overweight” rating in a research note on Friday. Wall Street Zen downgraded GoDaddy from a “buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, Morgan Stanley lowered their target price on GoDaddy from $228.00 to $206.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GoDaddy has an average rating of “Moderate Buy” and a consensus target price of $202.43.

GoDaddy Company Profile

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.