GoDaddy Inc. (NYSE:GDDY) Short Interest Up 16.0% in October

GoDaddy Inc. (NYSE:GDDY) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 3,480,000 shares, a growth of 16.0% from the October 15th total of 3,000,000 shares. Based on an average daily trading volume, of 1,090,000 shares, the short-interest ratio is currently 3.2 days. Currently, 2.5% of the shares of the company are short sold.

GoDaddy Price Performance

GoDaddy stock traded down $2.37 during mid-day trading on Friday, reaching $182.92. The company had a trading volume of 1,354,914 shares, compared to its average volume of 1,462,919. The stock’s 50-day simple moving average is $162.76 and its 200-day simple moving average is $151.01. GoDaddy has a 1 year low of $91.68 and a 1 year high of $190.21. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $25.68 billion, a P/E ratio of 14.14 and a beta of 1.11.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the business posted $0.89 earnings per share. On average, equities analysts predict that GoDaddy will post 4.95 EPS for the current year.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, Director Brian Sharples sold 500 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $179.00, for a total transaction of $89,500.00. Following the completion of the sale, the director now directly owns 24,121 shares in the company, valued at approximately $4,317,659. The trade was a 2.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $152.17, for a total value of $152,170.00. Following the completion of the sale, the chief operating officer now directly owns 187,632 shares in the company, valued at $28,551,961.44. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,844 shares of company stock valued at $4,619,397. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

Hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in 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 valued at $433,895,000 after purchasing an additional 1,775,708 shares during the last quarter. Kodai Capital Management LP purchased a new position in shares of GoDaddy during the 1st quarter worth about $75,855,000. Federated Hermes Inc. boosted its position in shares of GoDaddy by 35.6% in the second quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock worth $209,743,000 after acquiring an additional 394,399 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in 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. Finally, Vanguard Group Inc. increased its position in GoDaddy by 2.6% during the first quarter. Vanguard Group Inc. now owns 14,733,764 shares of the technology company’s stock worth $1,748,603,000 after purchasing an additional 379,228 shares during the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on GDDY. Piper Sandler upped their price objective on GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. B. Riley upped their price objective on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Royal Bank of Canada raised their target price on GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Benchmark raised their price objective on GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Robert W. Baird lifted their target price on GoDaddy from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $171.38.

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.