GoDaddy (NYSE:GDDY) Price Target Raised to $230.00

GoDaddy (NYSE:GDDY) had its price objective boosted by Raymond James from $185.00 to $230.00 in a report issued on Tuesday,Benzinga reports. Raymond James currently has a strong-buy rating on the technology company’s stock.

A number of other research analysts also recently commented on the company. Robert W. Baird boosted their price target on GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group increased their price target on shares of GoDaddy from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. StockNews.com cut shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and set a $230.00 target price (up from $190.00) on shares of GoDaddy in a research note on Wednesday, December 4th. Finally, B. Riley lifted their price target on GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Five investment 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’s stock. Based on data from MarketBeat, GoDaddy presently has an average rating of “Moderate Buy” and a consensus price target of $198.07.

GoDaddy Stock Performance

Shares of NYSE:GDDY opened at $206.70 on Tuesday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. GoDaddy has a 12-month low of $106.42 and a 12-month high of $211.11. The company’s 50 day moving average price is $199.84 and its two-hundred day moving average price is $172.44. The firm has a market cap of $29.02 billion, a PE ratio of 15.97 and a beta of 1.15.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings data 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 firm 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%. The company’s revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company earned $0.89 EPS. Equities research analysts predict that GoDaddy will post 4.96 earnings per share for the current year.

Insider Activity

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $167.79, for a total transaction of $503,370.00. Following the completion of the transaction, the chief executive officer now directly owns 345,956 shares in the company, valued at $58,047,957.24. This trade represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Sharples sold 500 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $179.00, for a total value of $89,500.00. Following the completion of the sale, the director now owns 24,121 shares in the company, valued at $4,317,659. The trade was a 2.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,483 shares of company stock valued at $4,759,553 over the last quarter. 0.61% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wedge Capital Management L L P NC raised 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 buying an additional 384,386 shares during the last quarter. Mizuho Securities USA LLC grew its holdings in GoDaddy by 3,227.3% during the 3rd quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock worth $56,709,000 after acquiring an additional 350,839 shares during the period. FMR LLC raised its position in shares of GoDaddy by 19.8% in the 3rd quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock worth $260,299,000 after acquiring an additional 274,014 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of GoDaddy in the 2nd quarter valued at about $30,785,000. Finally, Intech Investment Management LLC boosted its position in shares of GoDaddy by 498.7% during the 3rd quarter. Intech Investment Management LLC now owns 253,367 shares of the technology company’s stock valued at $39,723,000 after purchasing an additional 211,051 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.