Citigroup Forecasts Strong Price Appreciation for GoDaddy (NYSE:GDDY) Stock

GoDaddy (NYSE:GDDY) had its price objective increased by Citigroup from $240.00 to $251.00 in a research report report published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Other equities research analysts have also issued reports about the stock. StockNews.com lowered shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 8th. Robert W. Baird raised their target price on GoDaddy from $200.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $170.00 price target on shares of GoDaddy in a research report on Monday, October 7th. Benchmark raised their price objective on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, B. Riley upped their target price on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GoDaddy currently has an average rating of “Moderate Buy” and a consensus price target of $187.71.

GoDaddy Trading Up 0.7 %

Shares of NYSE:GDDY opened at $200.39 on Friday. GoDaddy has a 1 year low of $99.90 and a 1 year high of $211.11. The stock’s fifty day moving average price is $192.89 and its 200-day moving average price is $166.95. The company has a market cap of $28.13 billion, a P/E ratio of 15.49 and a beta of 1.15. 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 (NYSE:GDDY) last announced its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm posted $0.89 EPS. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. Sell-side analysts expect that GoDaddy will post 4.96 earnings per share for the current year.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $164.16, for a total transaction of $164,160.00. Following the completion of the sale, the chief operating officer now directly owns 186,632 shares of the company’s stock, valued at $30,637,509.12. This trade represents a 0.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Phontip Palitwanon sold 1,554 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $203.90, for a total transaction of $316,860.60. Following the completion of the transaction, the chief accounting officer now directly owns 21,505 shares in the company, valued at $4,384,869.50. This trade represents a 6.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,003 shares of company stock valued at $2,835,433 over the last ninety days. 0.61% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GoDaddy

A number of hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. increased its stake in GoDaddy by 35.6% in the 2nd 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 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 in the last quarter. Mizuho Securities USA LLC increased its position in GoDaddy by 3,227.3% in the third quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock worth $56,709,000 after purchasing an additional 350,839 shares during the last quarter. FMR LLC lifted its position in GoDaddy by 19.8% during the third quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock valued at $260,299,000 after purchasing an additional 274,014 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of GoDaddy by 37.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 861,066 shares of the technology company’s stock worth $120,305,000 after buying an additional 235,934 shares in the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

GoDaddy Company Profile

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.