Pacer Advisors Inc., a financial advisory firm, recently made significant changes to its investment portfolio by reducing its stake in GoDaddy Inc., a leading technology company. According to a filing with the Securities and Exchange Commission, Pacer Advisors Inc. sold approximately 776,967 shares of GoDaddy during the second quarter, which accounted for a 99.5% reduction in their holdings. As of the latest filing, the firm owned only 3,627 shares of GoDaddy’s stock, valued at $272,000.
This news comes after GoDaddy released its quarterly earnings data on August 3rd. The technology company reported an earnings per share (EPS) of $0.63 for the quarter, surpassing the consensus estimate of $0.55 by $0.08. Despite this positive outcome, GoDaddy experienced a negative return on equity (ROE) of 83.74% and a net margin of 7.78%. In terms of revenue, the company generated $1.05 billion during the same period, which aligned with analyst estimates.
Equities research analysts are anticipating that GoDaddy Inc. will achieve an EPS of 2.81 for the current year based on various factors such as market conditions and financial performance.
GoDaddy is renowned for providing domain registration and web hosting services to individuals and businesses worldwide since its inception in 1997. With over 20 million customers globally and a strong presence in emerging markets like India and Latin America, it has established itself as one of the largest players in its industry.
The technology sector continues to evolve rapidly with advancements in cloud computing, artificial intelligence, and cybersecurity influencing business strategies across various industries. As companies strive to establish their online footprint and effectively manage their digital presence, firms like GoDaddy play a crucial role in enabling businesses to build websites easily and securely.
While Pacer Advisors Inc.’s decision to reduce its investment in GoDaddy may indicate a shift in their investment strategy, it is important to analyze the broader market trends and performance of the company to gain a comprehensive understanding of the situation. Investors and analysts will closely monitor GoDaddy’s future developments and financial results as they assess its potential for long-term growth and profitability.
As of the reference date (October 2, 2023), it remains to be seen how this recent development will impact both GoDaddy’s stock performance and Pacer Advisors Inc.’s overall investment portfolio.
Adjustments in Holdings: Institutional Investors Show Confidence in GoDaddy’s Future
On October 2, 2023, several large investors made adjustments to their holdings in GoDaddy, a prominent technology company. SG Americas Securities LLC increased its stake in GoDaddy by 55.5% during the second quarter, bringing its total shares to 24,935 with a value of $1,873,000. Duality Advisers LP also raised its stake by a substantial amount of 255.9% during the first quarter, acquiring an additional 16,784 shares valued at $1,814,000. Ameriprise Financial Inc. increased its stake by 1.8% in the first quarter and now owns 4,934,195 shares worth $383,486,000. Similarly, JPMorgan Chase & Co. boosted its stake by 5.0% during the same period and currently holds 2,239,649 shares valued at $174,067,000. Lastly, Advisory Services Network LLC significantly raised its stake by an astounding 2,791.9% in the first quarter and now owns 3,557 shares worth $276,000.
It is worth noting that approximately 95.03% of GoDaddy’s stock is currently owned by institutional investors and hedge funds.
GoDaddy’s stock opened at $74.48 on Monday and has shown a range between a low of $64.65 and a high of $85.32 over the past year. The company boasts a market capitalization of around $10.96 billion with a price-to-earnings ratio of 35.98 and a beta value of 0.95. Currently, its 50-day moving average stands at $73.00 while its 200-day moving average is slightly higher at $73.89.
In recent news related to GoDaddy’s stock activity, insider Michele Lau sold off 5,…