GoDaddy (NYSE:GDDY) Price Target Raised to $170.00

GoDaddy (NYSE:GDDY) had its target price raised by equities research analysts at B. Riley from $143.00 to $170.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. B. Riley’s price objective points to a potential upside of 18.33% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. William Blair reiterated an “outperform” rating on shares of GoDaddy in a research report on Friday, May 3rd. Benchmark reissued a “buy” rating and set a $150.00 price objective on shares of GoDaddy in a research note on Wednesday, May 1st. Royal Bank of Canada raised their price objective on GoDaddy from $124.00 to $145.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Barclays raised their price objective on GoDaddy from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Finally, UBS Group raised their price objective on GoDaddy from $118.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Four 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 data from MarketBeat, GoDaddy presently has a consensus rating of “Moderate Buy” and an average price target of $152.25.

GoDaddy Stock Performance

GDDY traded up $1.55 during trading hours on Friday, hitting $143.67. The company’s stock had a trading volume of 25,953 shares, compared to its average volume of 1,662,250. GoDaddy has a fifty-two week low of $69.18 and a fifty-two week high of $145.36. The firm has a market capitalization of $20.50 billion, a PE ratio of 11.93 and a beta of 1.14. The company has a 50-day simple moving average of $138.26 and a 200 day simple moving average of $122.46. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 9.15.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Thursday, May 2nd. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.08. GoDaddy had a negative return on equity of 186.09% and a net margin of 40.38%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. As a group, sell-side analysts expect that GoDaddy will post 4.82 EPS for the current year.

Insider Activity at GoDaddy

In related news, CEO Amanpal Singh Bhutani sold 7,600 shares of GoDaddy stock in a transaction on Friday, June 7th. The stock was sold at an average price of $138.92, for a total transaction of $1,055,792.00. Following the completion of the sale, the chief executive officer now owns 369,898 shares of the company’s stock, valued at $51,386,230.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO Roger Chen sold 4,000 shares of GoDaddy stock in a transaction on Monday, July 1st. The stock was sold at an average price of $139.79, for a total transaction of $559,160.00. Following the completion of the sale, the chief operating officer now owns 192,632 shares of the company’s stock, valued at $26,928,027.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Amanpal Singh Bhutani sold 7,600 shares of GoDaddy stock in a transaction on Friday, June 7th. The shares were sold at an average price of $138.92, for a total value of $1,055,792.00. Following the sale, the chief executive officer now directly owns 369,898 shares of the company’s stock, valued at approximately $51,386,230.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,071 shares of company stock valued at $6,875,606. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in GoDaddy by 2.6% during the first quarter. Vanguard Group Inc. now owns 14,733,764 shares of the technology company’s stock valued at $1,748,603,000 after buying an additional 379,228 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of GoDaddy by 94.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,655,994 shares of the technology company’s stock worth $433,895,000 after purchasing an additional 1,775,708 shares during the period. Norges Bank bought a new position in shares of GoDaddy in the fourth quarter worth about $181,687,000. Federated Hermes Inc. increased its stake in shares of GoDaddy by 3,402.0% in the fourth quarter. Federated Hermes Inc. now owns 955,559 shares of the technology company’s stock worth $101,442,000 after purchasing an additional 928,273 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of GoDaddy by 13.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 905,858 shares of the technology company’s stock worth $96,166,000 after purchasing an additional 110,076 shares during the period. 90.28% of the stock is currently owned by institutional investors.

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.