JPMorgan Chase & Co. Forecasts Strong Price Appreciation for GoDaddy (NYSE:GDDY) Stock

GoDaddy (NYSE:GDDY) had its price target upped by JPMorgan Chase & Co. from $224.00 to $231.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other research analysts also recently commented on GDDY. Jefferies Financial Group lifted their target price on GoDaddy from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Robert W. Baird boosted their target price on shares of GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. StockNews.com lowered GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Benchmark upped their target price on GoDaddy from $186.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, B. Riley raised their target price on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GoDaddy presently has an average rating of “Moderate Buy” and an average target price of $198.53.

GoDaddy Stock Up 0.4 %

NYSE:GDDY opened at $210.71 on Thursday. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. GoDaddy has a one year low of $107.92 and a one year high of $216.00. The firm’s 50 day simple moving average is $203.64 and its 200 day simple moving average is $177.05. The company has a market cap of $29.58 billion, a PE ratio of 16.28 and a beta of 1.15.

Insiders Place Their Bets

In other news, COO Roger Chen sold 1,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $183.80, for a total transaction of $183,800.00. Following the completion of the transaction, the chief operating officer now directly owns 185,632 shares of the company’s stock, valued at $34,119,161.60. This represents a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian Sharples sold 500 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $207.70, for a total value of $103,850.00. Following the completion of the transaction, the director now owns 22,621 shares in the company, valued at approximately $4,698,381.70. The trade was a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,983 shares of company stock valued at $4,983,133 in the last 90 days. 0.61% of the stock is currently owned by corporate insiders.

Institutional Trading of GoDaddy

Several hedge funds have recently made changes to their positions in the company. WCM Investment Management LLC increased its holdings in GoDaddy by 7,083.4% in the 4th quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company’s stock worth $678,941,000 after acquiring an additional 3,356,678 shares during the last quarter. Congress Asset Management Co. purchased a new position in shares of GoDaddy in the fourth quarter worth about $111,923,000. Wedge Capital Management L L P NC raised its position in shares of GoDaddy by 2,279.5% in the third quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock valued at $62,908,000 after purchasing an additional 384,386 shares during the period. Mizuho Securities USA LLC raised its position in shares of GoDaddy by 3,227.3% in the third 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 period. Finally, AustralianSuper Pty Ltd lifted its stake in shares of GoDaddy by 3,836.1% during the 4th quarter. AustralianSuper Pty Ltd now owns 358,465 shares of the technology company’s stock valued at $70,750,000 after buying an additional 349,358 shares in the last quarter. 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.