Morgan Stanley Forecasts Strong Price Appreciation for GoDaddy (NYSE:GDDY) Stock

GoDaddy (NYSE:GDDY) had its price objective upped by Morgan Stanley from $227.00 to $228.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s target price points to a potential upside of 24.88% from the company’s previous close.

GDDY has been the topic of a number of other research reports. Piper Sandler boosted their target price on shares of GoDaddy from $176.00 to $177.00 and gave the company a “neutral” rating in a research report on Friday. StockNews.com cut shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Raymond James boosted their target price on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 21st. Citigroup increased their price target on GoDaddy from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Friday, January 3rd. Finally, Robert W. Baird boosted their price objective on GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $213.20.

GoDaddy Price Performance

GDDY stock opened at $182.58 on Friday. The company’s fifty day simple moving average is $204.20 and its 200 day simple moving average is $180.06. GoDaddy has a 12-month low of $108.02 and a 12-month high of $216.00. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. The firm has a market cap of $25.63 billion, a price-to-earnings ratio of 14.11 and a beta of 1.15.

GoDaddy (NYSE:GDDY) last announced its earnings results on Thursday, February 13th. The technology company reported $1.42 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.01). GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.18 billion. On average, analysts expect that GoDaddy will post 4.96 earnings per share for the current year.

Insider Buying and Selling at GoDaddy

In other news, CFO Mark Mccaffrey sold 5,500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $199.01, for a total transaction of $1,094,555.00. Following the completion of the sale, the chief financial officer now directly owns 84,300 shares of the company’s stock, valued at $16,776,543. This trade represents a 6.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Phontip Palitwanon sold 770 shares of GoDaddy stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $196.64, for a total value of $151,412.80. Following the sale, the chief accounting officer now owns 23,059 shares in the company, valued at $4,534,321.76. The trade was a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,482 shares of company stock worth $4,709,650. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new stake in GoDaddy during the third quarter valued at about $27,000. Anchor Investment Management LLC bought a new position in GoDaddy in the 3rd quarter worth approximately $31,000. Versant Capital Management Inc purchased a new position in GoDaddy in the 4th quarter valued at approximately $43,000. Rakuten Securities Inc. raised its holdings in GoDaddy by 311.3% during the 4th quarter. Rakuten Securities Inc. now owns 218 shares of the technology company’s stock valued at $43,000 after acquiring an additional 165 shares during the period. Finally, Huntington National Bank lifted its position in shares of GoDaddy by 298.7% during the third quarter. Huntington National Bank now owns 307 shares of the technology company’s stock worth $48,000 after acquiring an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

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.