GoDaddy’s (GDDY) “Outperform” Rating Reaffirmed at Royal Bank of Canada

GoDaddy (NYSE:GDDY)‘s stock had its “outperform” rating reaffirmed by Royal Bank of Canada in a research report issued on Wednesday,Benzinga reports. They presently have a $230.00 price target on the technology company’s stock, up from their prior price target of $190.00. Royal Bank of Canada’s target price points to a potential upside of 12.33% from the company’s current price.

GDDY has been the topic of several other reports. Piper Sandler boosted their target price on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Cantor Fitzgerald restated a “neutral” rating and set a $170.00 price objective on shares of GoDaddy in a research report on Monday, October 7th. Barclays lifted their target price on GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. B. Riley increased their price target on shares of GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, StockNews.com lowered shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, GoDaddy presently has a consensus rating of “Moderate Buy” and an average price target of $176.38.

GoDaddy Price Performance

NYSE GDDY traded up $6.40 on Wednesday, reaching $204.76. 591,682 shares of the stock traded hands, compared to its average volume of 1,459,598. GoDaddy has a 12 month low of $99.90 and a 12 month high of $206.13. The company has a market cap of $28.75 billion, a price-to-earnings ratio of 15.82 and a beta of 1.15. The firm’s fifty day simple moving average is $172.44 and its 200 day simple moving average is $156.76. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61.

GoDaddy (NYSE:GDDY) last issued its earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the firm posted $0.89 earnings per share. As a group, research analysts predict that GoDaddy will post 4.98 EPS for the current fiscal year.

Insider Activity at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction 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 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Nick Daddario sold 2,976 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $151.61, for a total transaction of $451,191.36. Following the completion of the sale, the chief accounting officer now owns 14,728 shares in the company, valued at $2,232,912.08. This represents a 16.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,977 shares of company stock worth $2,866,974 over the last three months. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

Several institutional investors have recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in shares of GoDaddy in the third quarter valued at approximately $27,000. ORG Wealth Partners LLC bought a new position in GoDaddy in the 3rd quarter valued at $30,000. Transcendent Capital Group LLC acquired a new position in GoDaddy in the second quarter worth $28,000. Anchor Investment Management LLC bought a new stake in shares of GoDaddy during the third quarter worth $31,000. Finally, ORG Partners LLC acquired a new stake in shares of GoDaddy in the second quarter valued at $32,000. 90.28% of the stock is 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.