GoDaddy (NYSE:GDDY) Reaches New 52-Week High on Analyst Upgrade

Shares of GoDaddy Inc. (NYSE:GDDY) hit a new 52-week high during trading on Friday after B. Riley raised their price target on the stock from $143.00 to $170.00. B. Riley currently has a buy rating on the stock. GoDaddy traded as high as $145.69 and last traded at $145.54, with a volume of 449018 shares trading hands. The stock had previously closed at $142.12.

GDDY has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their price objective on GoDaddy from $136.00 to $175.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Citigroup upped their target price on shares of GoDaddy from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Morgan Stanley upped their price objective on GoDaddy from $132.00 to $137.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Royal Bank of Canada raised their price objective on GoDaddy from $124.00 to $145.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, Raymond James initiated coverage on GoDaddy in a research note on Wednesday, March 27th. They issued a “strong-buy” rating and a $150.00 target price for the company. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $152.25.

Insiders Place Their Bets

In related news, Director Leah Sweet sold 1,000 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $141.59, for a total value of $141,590.00. Following the completion of the transaction, the director now directly owns 11,317 shares in the company, valued at approximately $1,602,374.03. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Amanpal Singh Bhutani sold 7,600 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $138.92, for a total value of $1,055,792.00. Following the transaction, the chief executive officer now owns 369,898 shares in the company, valued at $51,386,230.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Leah Sweet sold 1,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $141.59, for a total transaction of $141,590.00. Following the sale, the director now owns 11,317 shares in the company, valued at approximately $1,602,374.03. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,071 shares of company stock worth $6,875,606. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GDDY. Comerica Bank purchased a new position in shares of GoDaddy during the third quarter valued at approximately $7,639,000. Massmutual Trust Co. FSB ADV raised its stake in GoDaddy by 140.4% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 351 shares of the technology company’s stock valued at $37,000 after buying an additional 205 shares during the last quarter. FCF Advisors LLC bought a new position in shares of GoDaddy during the 4th quarter valued at $1,673,000. Fulton Bank N.A. purchased a new position in shares of GoDaddy in the 4th quarter worth $229,000. Finally, Diversified Trust Co bought a new stake in shares of GoDaddy in the fourth quarter worth $276,000. 90.28% of the stock is owned by institutional investors.

GoDaddy Stock Performance

The company has a market cap of $20.77 billion, a PE ratio of 11.93 and a beta of 1.14. The company has a debt-to-equity ratio of 9.15, a current ratio of 0.55 and a quick ratio of 0.55. The business has a 50-day moving average of $138.26 and a 200 day moving average of $122.46.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, May 2nd. The technology company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.00 by $0.08. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.10 billion. GoDaddy had a net margin of 40.38% and a negative return on equity of 186.09%. Equities research analysts anticipate that GoDaddy Inc. will post 4.82 EPS for the current fiscal year.

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.