Barclays Increases GoDaddy (NYSE:GDDY) Price Target to $185.00

GoDaddy (NYSE:GDDY) had its price objective lifted by investment analysts at Barclays from $165.00 to $185.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Barclays‘s price target would indicate a potential upside of 16.65% from the stock’s previous close.

Several other equities analysts have also issued reports on GDDY. B. Riley raised their price objective on GoDaddy from $143.00 to $170.00 and gave the stock a “buy” rating in a report on Friday, July 12th. StockNews.com lowered GoDaddy from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. Piper Sandler reaffirmed a “neutral” rating and set a $172.00 price objective (up previously from $160.00) on shares of GoDaddy in a report on Monday. Benchmark raised their price objective on GoDaddy from $170.00 to $186.00 and gave the stock a “buy” rating in a report on Monday, August 26th. Finally, Robert W. Baird raised their price objective on GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and an average target price of $166.54.

GoDaddy Stock Up 0.5 %

Shares of NYSE GDDY traded up $0.83 during mid-day trading on Wednesday, hitting $158.60. The company had a trading volume of 173,087 shares, compared to its average volume of 1,541,023. The company has a market capitalization of $22.36 billion, a PE ratio of 13.17 and a beta of 1.13. 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 has a 1-year low of $71.15 and a 1-year high of $167.65. The business’s 50-day simple moving average is $154.79 and its 200 day simple moving average is $139.74.

GoDaddy (NYSE:GDDY) last posted its earnings results on Thursday, August 1st. The technology company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.06). The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. GoDaddy had a net margin of 41.12% and a negative return on equity of 709.73%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $0.63 EPS. On average, analysts predict that GoDaddy will post 5.06 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $152.17, for a total transaction of $152,170.00. Following the completion of the sale, the chief operating officer now directly owns 187,632 shares of the company’s stock, valued at approximately $28,551,961.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Amanpal Singh Bhutani sold 4,500 shares of GoDaddy stock in a transaction on Monday, July 1st. The shares were sold at an average price of $139.79, for a total transaction of $629,055.00. Following the transaction, the chief executive officer now owns 365,398 shares in the company, valued at approximately $51,078,986.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction on Monday, September 16th. The shares were sold at an average price of $152.17, for a total transaction of $152,170.00. Following the transaction, the chief operating officer now owns 187,632 shares in the company, valued at approximately $28,551,961.44. The disclosure for this sale can be found here. In the last three months, insiders sold 31,744 shares of company stock valued at $4,816,386. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

Several hedge funds and other institutional investors have recently made changes to their positions in GDDY. Plato Investment Management Ltd lifted its holdings in GoDaddy by 2,471.0% in the 1st quarter. Plato Investment Management Ltd now owns 6,479 shares of the technology company’s stock worth $769,000 after buying an additional 6,227 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in GoDaddy by 20.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 214,514 shares of the technology company’s stock worth $25,469,000 after buying an additional 35,703 shares in the last quarter. Forsta AP Fonden lifted its holdings in GoDaddy by 87.5% in the 1st quarter. Forsta AP Fonden now owns 84,000 shares of the technology company’s stock worth $9,969,000 after buying an additional 39,200 shares in the last quarter. Swedbank AB lifted its holdings in GoDaddy by 3.5% in the 2nd quarter. Swedbank AB now owns 153,353 shares of the technology company’s stock worth $21,425,000 after buying an additional 5,247 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in GoDaddy by 866.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,335 shares of the technology company’s stock worth $1,227,000 after buying an additional 9,266 shares in the last quarter. 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.