GoDaddy (NYSE:GDDY) Rating Increased to Strong-Buy at StockNews.com

GoDaddy (NYSE:GDDY) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday.

Several other research analysts have also commented on the company. Cantor Fitzgerald reiterated a “neutral” rating and issued a $170.00 price target on shares of GoDaddy in a research report on Monday, October 7th. Raymond James boosted their price objective on shares of GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Friday, August 2nd. Robert W. Baird increased their price target on GoDaddy from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday. Benchmark raised their price target on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, B. Riley boosted their price objective on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $170.23.

GoDaddy Stock Performance

Shares of GoDaddy stock traded up $5.08 during trading on Thursday, hitting $166.68. 2,680,623 shares of the company’s stock traded hands, compared to its average volume of 1,467,717. GoDaddy has a 1 year low of $72.14 and a 1 year high of $171.93. The business has a 50-day simple moving average of $159.08 and a 200-day simple moving average of $146.68. The stock has a market capitalization of $23.78 billion, a P/E ratio of 13.84 and a beta of 1.12. The company has a debt-to-equity ratio of 24.13, a current ratio of 0.48 and a quick ratio of 0.48.

GoDaddy (NYSE:GDDY) last announced its earnings results on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. GoDaddy had a negative return on equity of 709.73% and a net margin of 41.12%. GoDaddy’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the firm earned $0.89 EPS. As a group, analysts forecast that GoDaddy will post 5.07 EPS for the current year.

Insider Buying and Selling

In other GoDaddy news, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $164.16, for a total transaction of $164,160.00. Following the completion of the sale, the chief operating officer now owns 186,632 shares of the company’s stock, valued at approximately $30,637,509.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $164.16, for a total transaction of $164,160.00. Following the completion of the transaction, the chief operating officer now directly owns 186,632 shares in the company, valued at $30,637,509.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $166.91, for a total value of $500,730.00. Following the completion of the sale, the chief executive officer now owns 358,773 shares in the company, valued at $59,882,801.43. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,744 shares of company stock worth $4,089,571 in the last three months. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

Institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its holdings in GoDaddy by 94.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,655,994 shares of the technology company’s stock valued at $433,895,000 after acquiring an additional 1,775,708 shares during the last quarter. Kodai Capital Management LP acquired a new stake in shares of GoDaddy during the first quarter worth about $75,855,000. Federated Hermes Inc. boosted its stake in shares of GoDaddy by 35.6% in the second quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock valued at $209,743,000 after purchasing an additional 394,399 shares during the period. Wedge Capital Management L L P NC grew its holdings in shares of GoDaddy by 2,279.5% in the third quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock valued at $62,908,000 after purchasing an additional 384,386 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in GoDaddy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 14,733,764 shares of the technology company’s stock worth $1,748,603,000 after buying an additional 379,228 shares during the period. Institutional investors and hedge funds own 90.28% of the company’s stock.

About GoDaddy

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.