GoDaddy (NYSE:GDDY) Stock Price Up 3.7% on Analyst Upgrade

GoDaddy Inc. (NYSE:GDDYGet Free Report)’s stock price shot up 3.7% on Wednesday 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 $205.78 and last traded at $205.73. 402,038 shares were traded during mid-day trading, a decline of 72% from the average session volume of 1,458,633 shares. The stock had previously closed at $198.36.

Several other research analysts have also weighed in on the stock. Piper Sandler lifted their price objective on shares of GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. B. Riley lifted their price target on shares of GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Robert W. Baird upped their price objective on shares of GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $230.00 price objective (up previously from $190.00) on shares of GoDaddy in a research note on Wednesday. Finally, Barclays boosted their target price on GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.57.

Read Our Latest Report on GoDaddy

Insiders Place Their Bets

In other news, CAO Nick Daddario sold 2,976 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $151.61, for a total value of $451,191.36. Following the transaction, the chief accounting officer now directly owns 14,728 shares of the company’s stock, valued at $2,232,912.08. This represents a 16.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $152.17, for a total transaction of $152,170.00. Following the sale, the chief operating officer now directly owns 187,632 shares of the company’s stock, valued at $28,551,961.44. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,925 shares of company stock valued at $4,237,184. 0.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GoDaddy

A number of hedge funds and other institutional investors have recently made changes to their positions in GDDY. Federated Hermes Inc. increased its holdings in GoDaddy by 35.6% in the 2nd quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock valued at $209,743,000 after buying an additional 394,399 shares during the period. Wedge Capital Management L L P NC lifted its stake in GoDaddy by 2,279.5% during the third quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock worth $62,908,000 after purchasing an additional 384,386 shares during the last quarter. Mizuho Securities USA LLC increased its stake in shares of GoDaddy by 3,227.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock valued at $56,709,000 after purchasing an additional 350,839 shares during the last quarter. FMR LLC lifted its position in shares of GoDaddy by 19.8% during the 3rd quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock worth $260,299,000 after buying an additional 274,014 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in GoDaddy by 37.7% in the second quarter. Dimensional Fund Advisors LP now owns 861,066 shares of the technology company’s stock valued at $120,305,000 after buying an additional 235,934 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

GoDaddy Stock Performance

The stock has a market cap of $29.28 billion, a P/E ratio of 16.12 and a beta of 1.15. 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 has a 50-day simple moving average of $174.49 and a 200-day simple moving average of $157.48.

GoDaddy (NYSE:GDDYGet Free Report) last posted its earnings results 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 firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the company earned $0.89 earnings per share. Research analysts forecast that GoDaddy Inc. will post 4.98 earnings per share for the current year.

GoDaddy Company Profile

(Get Free Report)

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.

Recommended Stories

Receive News & Ratings for GoDaddy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GoDaddy and related companies with MarketBeat.com's FREE daily email newsletter.