GoDaddy (NYSE:GDDY) Reaches New 1-Year High Following Analyst Upgrade

GoDaddy Inc. (NYSE:GDDY)’s share price reached a new 52-week high on Friday after Piper Sandler raised their price target on the stock from $145.00 to $160.00. Piper Sandler currently has an overweight rating on the stock. GoDaddy traded as high as $151.04 and last traded at $149.46, with a volume of 35842 shares traded. The stock had previously closed at $141.41.

A number of other equities research analysts have also weighed in on GDDY. B. Riley lifted their target price on shares of GoDaddy from $143.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. upped their price target on GoDaddy from $136.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 29th. Robert W. Baird increased their price target on shares of GoDaddy from $150.00 to $175.00 and gave the stock an “outperform” rating in a research note on Friday, May 24th. Citigroup lifted their price target on shares of GoDaddy from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Finally, Benchmark restated a “buy” rating and issued a $158.00 price target on shares of GoDaddy in a research note on Monday. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, GoDaddy presently has a consensus rating of “Moderate Buy” and an average target price of $154.17.

Insiders Place Their Bets

In related news, CFO Mark Mccaffrey sold 4,058 shares of GoDaddy stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $133.69, for a total value of $542,514.02. Following the completion of the transaction, the chief financial officer now owns 112,473 shares in the company, valued at $15,036,515.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Mark Mccaffrey sold 4,058 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $133.69, for a total transaction of $542,514.02. Following the completion of the transaction, the chief financial officer now owns 112,473 shares in the company, valued at $15,036,515.37. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Roger Chen sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $138.84, for a total value of $555,360.00. Following the sale, the chief operating officer now owns 196,632 shares of the company’s stock, valued at approximately $27,300,386.88. The disclosure for this sale can be found here. Insiders have sold a total of 46,071 shares of company stock valued at $6,385,206 in the last 90 days. 0.61% of the stock is owned by insiders.

Institutional Trading of GoDaddy

Hedge funds have recently modified their holdings of the business. Generate Investment Management Ltd boosted its stake in shares of GoDaddy by 95.3% during the 2nd quarter. Generate Investment Management Ltd now owns 88,208 shares of the technology company’s stock worth $12,324,000 after purchasing an additional 43,035 shares during the last quarter. Fiera Capital Corp increased its stake in GoDaddy by 1.6% during the 2nd quarter. Fiera Capital Corp now owns 828,326 shares of the technology company’s stock worth $115,725,000 after buying an additional 13,206 shares during the period. CIBC Asset Management Inc lifted its position in shares of GoDaddy by 248.6% during the second quarter. CIBC Asset Management Inc now owns 19,524 shares of the technology company’s stock worth $2,728,000 after purchasing an additional 13,924 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in GoDaddy in the second quarter worth about $2,302,000. Finally, Ritholtz Wealth Management increased its holdings in GoDaddy by 68.8% in the second quarter. Ritholtz Wealth Management now owns 10,368 shares of the technology company’s stock valued at $1,449,000 after buying an additional 4,225 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Price Performance

The stock has a market cap of $21.33 billion, a price-to-earnings ratio of 12.21 and a beta of 1.14. The company has a 50 day simple moving average of $141.54 and a 200-day simple moving average of $126.70. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 9.15.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Thursday, May 2nd. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.08. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. GoDaddy had a negative return on equity of 186.09% and a net margin of 40.38%. As a group, research analysts anticipate that GoDaddy Inc. will post 4.81 EPS for the current fiscal year.

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.