GoDaddy (NYSE:GDDY) Price Target Raised to $225.00

GoDaddy (NYSE:GDDY) had its target price lifted by equities researchers at B. Riley from $220.00 to $225.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. B. Riley’s target price would suggest a potential upside of 22.61% from the company’s current price.

GDDY has been the topic of several other research reports. Piper Sandler raised their price target on GoDaddy from $176.00 to $177.00 and gave the stock a “neutral” rating in a report on Friday. JPMorgan Chase & Co. increased their target price on GoDaddy from $224.00 to $231.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Raymond James boosted their price target on shares of GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 21st. Royal Bank of Canada restated an “outperform” rating and set a $230.00 price target (up previously from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Finally, Morgan Stanley boosted their target price on shares of GoDaddy from $227.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday. Six research 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.87.

GoDaddy Stock Performance

GDDY traded down $29.04 during trading hours on Friday, hitting $183.50. 2,344,819 shares of the stock were exchanged, compared to its average volume of 1,189,661. The stock has a market cap of $25.76 billion, a price-to-earnings ratio of 14.20 and a beta of 1.15. The stock has a 50-day simple moving average of $204.59 and a 200-day simple moving average of $179.30. 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 12 month low of $108.02 and a 12 month high of $216.00.

GoDaddy (NYSE:GDDY) last posted its quarterly 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%. Analysts anticipate that GoDaddy will post 4.96 earnings per share for the current year.

Insider Activity at GoDaddy

In related news, CAO Phontip Palitwanon sold 770 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $196.64, for a total transaction of $151,412.80. Following the completion of the sale, the chief accounting officer now directly owns 23,059 shares of the company’s stock, valued at $4,534,321.76. This represents a 3.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Mccaffrey sold 2,678 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $196.64, for a total transaction of $526,601.92. Following the sale, the chief financial officer now owns 89,800 shares of the company’s stock, valued at $17,658,272. The trade was a 2.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,482 shares of company stock valued at $4,709,650 over the last 90 days. 0.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GoDaddy

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp grew its holdings in shares of GoDaddy by 2.2% in the 3rd quarter. State Street Corp now owns 6,892,134 shares of the technology company’s stock worth $1,080,549,000 after acquiring an additional 147,105 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of GoDaddy by 11.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,808,975 shares of the technology company’s stock valued at $751,778,000 after purchasing an additional 395,160 shares during the period. Geode Capital Management LLC increased its stake in GoDaddy by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 3,514,432 shares of the technology company’s stock worth $692,245,000 after purchasing an additional 90,810 shares in the last quarter. WCM Investment Management LLC increased its stake 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 purchasing an additional 3,356,678 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in GoDaddy by 11.6% during the 4th quarter. Invesco Ltd. now owns 2,913,930 shares of the technology company’s stock worth $575,122,000 after buying an additional 304,033 shares during the period. 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.