GoDaddy (NYSE:GDDY) Trading Up 0.1% on Analyst Upgrade

GoDaddy Inc. (NYSE:GDDY) traded up 0.1% during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $175.00 to $224.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. GoDaddy traded as high as $209.90 and last traded at $208.46. 223,601 shares were traded during trading, a decline of 85% from the average session volume of 1,460,944 shares. The stock had previously closed at $208.15.

Several other equities research analysts have also commented on GDDY. Royal Bank of Canada reaffirmed an “outperform” rating and set a $230.00 price target (up previously from $190.00) on shares of GoDaddy in a research report on Wednesday. B. Riley upped their price objective on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Barclays raised their target price on GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Jefferies Financial Group boosted their price target on GoDaddy from $170.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $170.00 price objective on shares of GoDaddy in a research note on Monday, October 7th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $181.57.

Insider Buying and Selling

In other news, CFO Mark Mccaffrey sold 2,678 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $196.64, for a total transaction of $526,601.92. Following the sale, the chief financial officer now directly owns 89,800 shares in the company, valued at approximately $17,658,272. This represents a 2.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $197.77, for a total value of $593,310.00. Following the completion of the transaction, the chief executive officer now owns 342,956 shares of the company’s stock, valued at approximately $67,826,408.12. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,925 shares of company stock valued at $4,237,184. Corporate insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

A number of large investors have recently made changes to their positions in GDDY. State Street Corp lifted its position in GoDaddy by 2.2% during the third quarter. State Street Corp now owns 6,892,134 shares of the technology company’s stock valued at $1,080,549,000 after purchasing an additional 147,105 shares during the period. Geode Capital Management LLC grew its holdings in GoDaddy by 2.5% during the third quarter. Geode Capital Management LLC now owns 3,423,622 shares of the technology company’s stock worth $535,153,000 after acquiring an additional 84,550 shares during the period. FMR LLC raised its position in GoDaddy by 19.8% during the third quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock valued at $260,299,000 after acquiring an additional 274,014 shares in the last quarter. Federated Hermes Inc. lifted its holdings in 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 acquiring an additional 394,399 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of GoDaddy by 17.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,368,693 shares of the technology company’s stock valued at $214,584,000 after purchasing an additional 203,909 shares during the period. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Price Performance

The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. The stock’s fifty day moving average is $175.50 and its 200-day moving average is $157.95. The stock has a market capitalization of $28.99 billion, a PE ratio of 15.96 and a beta of 1.15.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.25 by $0.07. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. GoDaddy’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. As a group, equities analysts predict that GoDaddy Inc. will post 4.98 earnings per share for the current fiscal year.

GoDaddy Company Profile

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.