Investing

Starboard Value Increases Position in GoDaddy (GDDY) After Q3 Results

Fintel Staff

Published: November 8, 2022 4:04 am

Last Updated: November 8, 2022 11:29 am

Starboard Value LP has filed a 13D/A form with the SEC disclosing ownership of 11,883,000 shares of Godaddy Inc (GDDY). This represents 7.7% of the company.

In their previous filing dated December 27, 2021 they reported 10,853,899 shares and 6.50% of the company, an increase in shares of 9.48% and an increase in total ownership of 1.20% (calculated as current – previous percent ownership).

Starboard Value has filed two 13D/G filings since December 27, 2021.

In their most recent earnings releases from earlier this week, the company reported:

“GoDaddy delivered solid results in the third quarter despite macroeconomic headwinds and foreign exchange rate pressure,” said GoDaddy CEO Aman Bhutani. Our market leadership, our strong customer retention and the increased value we deliver through product innovation enable us to weather the current economic environment from a position of strength. We look forward to finishing the year with a continued commitment to execute against our strategic priorities.”

“GoDaddy delivered another $1 billion revenue quarter, along with 2% year-over-year growth in net income and 15% year-over-year growth in operating profit,” said GoDaddy CFO Mark McCaffrey. “While foreign exchange rates and general macro headwinds are likely to remain a challenge in the near term, we remain confident in our ability to drive durable, compounding top and bottom line growth over the long-term based on our recurring revenue model and robust free cash flow.”

What are other large shareholders doing?

Wellington Management Group Llp holds 15,908,538 shares representing 10.17% ownership of the company. In it’s prior filing, the firm reported owning 13,754,555 shares, representing an increase of 13.54%. The firm increased its portfolio allocation in GDDY by 13.05% over the last quarter.

Vanguard Group Inc holds 15,540,238 shares representing 9.94% ownership of the company. In it’s prior filing, the firm reported owning 16,202,298 shares, representing a decrease of 4.26%. The firm decreased its portfolio allocation in GDDY by 5.27% over the last quarter.

Capital International Investors holds 14,690,296 shares representing 9.39% ownership of the company. In it’s prior filing, the firm reported owning 15,180,010 shares, representing a decrease of 3.33%. The firm decreased its portfolio allocation in GDDY by 4.05% over the last quarter.

BlackRock Inc. holds 8,499,471 shares representing 5.44% ownership of the company. In it’s prior filing, the firm reported owning 8,218,845 shares, representing an increase of 3.30%. The firm increased its portfolio allocation in GDDY by 2.34% over the last quarter.

Starboard Value LP holds 8,376,808 shares representing 5.36% ownership of the company. In it’s prior filing, the firm reported owning 8,250,420 shares, representing an increase of 1.51%. The firm increased its portfolio allocation in GDDY by 15.67% over the last quarter.

What is the overall institutional sentiment?

There are 874 funds or institutions reporting positions in Godaddy Inc. This is an increase of 7 owner(s) or 0.81%.

Average portfolio weight of all funds dedicated to Godaddy Inc is 0.4261%, an increase of 5.5730%. Total shares owned by institutions decreased in the last three months by 4.15% to 187,714,486 shares.

Based on this information, institutional sentiment is bullish.

This article originally appeared on Fintel