Bank of Nova Scotia Reduces Equity Position in GoDaddy Inc. (NYSE: GDDY)



The Bank of Nova Scotia cut its stake in GoDaddy Inc. (NYSE: GDDY – Get Rating) by 99.0% in Q1, according to the company in its latest SEC filing. The institutional investor held 3,574 shares of the technology company after selling 358,370 shares during the quarter. The Bank of Nova Scotia holdings in GoDaddy were worth $299,000 at the end of the last reporting period.

Several other institutional investors and hedge funds have also recently increased or reduced their stakes in GDDY. Sepio Capital LP increased its holdings of GoDaddy shares by 28.6% in the first quarter. Sepio Capital LP now owns 15,833 shares of the technology company worth $1,325,000 after buying 3,517 additional shares last quarter. Principal Financial Group Inc. increased its holdings of GoDaddy shares by 26.6% in the first quarter. Principal Financial Group Inc. now owns 20,422 shares of the technology company worth $1,710,000 after buying 4,296 more shares last quarter. The Swiss National Bank increased its holdings of GoDaddy shares by 12.2% in the first quarter. The Swiss National Bank now owns 719,907 shares of the tech company worth $60,256,000 after buying an additional 78,200 shares last quarter. Ingalls & Snyder LLC increased its holdings of GoDaddy shares by 6.4% in the first quarter. Ingalls & Snyder LLC now owns 40,179 shares of the technology company worth $3,363,000 after buying 2,410 additional shares last quarter. Finally, Teacher Retirement System of Texas increased its holdings of GoDaddy shares by 3.4% in the first quarter. Teacher Retirement System of Texas now owns 49,386 shares of the technology company worth $4,134,000 after buying 1,624 additional shares last quarter. Hedge funds and other institutional investors hold 98.38% of the company’s shares.

GoDaddy Price Performance

GDDY opened at $81.08 on Friday. The stock’s 50-day moving average price is $73.17 and its 200-day moving average price is $77.19. GoDaddy Inc. has a 12 month minimum of $64.81 and a 12 month maximum of $88.32. The company has a market capitalization of $12.70 billion, a price-earnings ratio of 39.17 and a beta of 0.95. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt ratio of 46.37.

Insiders place their bets

In related news, CEO Amanpal Singh Bhutani sold 1,516 GoDaddy shares in a trade that took place on Thursday, June 2. The shares were sold at an average price of $73.76, for a total value of $111,820.16. Following completion of the transaction, the CEO now owns 222,535 shares of the company, valued at $16,414,181.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other GoDaddy news, CAO Nick Daddario sold 600 shares in a trade dated Monday, August 15. The stock was sold at an average price of $82.00, for a total value of $49,200.00. Following the sale, the accounting director now owns 15,608 shares of the company, valued at approximately $1,279,856. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, CEO Amanpal Singh Bhutani sold 1,516 shares of the company in a trade dated Thursday, June 2. The stock was sold at an average price of $73.76, for a total value of $111,820.16. As a result of the transaction, the CEO now directly owns 222,535 shares of the company, valued at $16,414,181.60. The disclosure of this sale can be found here. Insiders sold 21,291 shares of the company worth $1,530,361 in the past three months. Insiders of the company own 0.37% of the shares of the company.

Wall Street analysts predict growth

GDDY has been the subject of several recent analyst reports. Barclays raised its price target on GoDaddy shares from $104.00 to $107.00 and gave the stock an “overweight” rating in a Thursday, August 4 research report. Jefferies Financial Group cut its price target on GoDaddy from $110.00 to $100.00 in a Tuesday, May 31 report. Raymond James reduced its target price on GoDaddy from $108.00 to $100.00 and set a “Strong Buy” rating for the company in a Thursday, August 4 research note. Piper Sandler upgraded GoDaddy from a “neutral” rating to an “overweight” rating and raised its price target for the company from $94.00 to $110.00 in a Monday, April 25 research note. Finally, Benchmark raised its price target on GoDaddy from $102.00 to $106.00 and gave the stock a “buy” rating in a Thursday, May 5 research report. One equity research analyst gave the stock a hold rating, five gave the company a buy rating and one gave the company’s stock a strong buy rating. According to MarketBeat.com, GoDaddy currently has an average rating of “Buy” and a consensus price target of $100.75.

About GoDaddy

(Get a rating)

GoDaddy Inc engages in the design and development of cloud-based technology products in the United States and internationally. The Company provides a domain name registration product that engages customers in the initial stage of establishing a digital identity. It also offers shared website hosting products that provide various applications and products, such as web analytics, Secure Sockets Layer and WordPress certificates; Hosting websites on virtual private servers and dedicated virtual server products, which allow customers to select the right server configuration for their applications, needs and growth; managed hosting products to configure, monitor, maintain, secure and patch software and servers for customers; and security products, a suite of tools designed to help secure customers’ online presence.

Read more

Want to see what other hedge funds hold GDDY? Visit HoldingsChannel.com for the latest 13F filings and insider trading for GoDaddy Inc. (NYSE: GDDY – Get Rating).

Institutional ownership by quarter for GoDaddy (NYSE:GDDY)



Get news and reviews for GoDaddy Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for GoDaddy and related companies with MarketBeat.com’s FREE daily newsletter.

Previous How much should you tip at a fancy restaurant?
Next Bellingham's new website focuses on finding the perfect bike