GoDaddy (NYSE:GDDY) Price Target Raised to $251.00

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

GDDY has been the topic of a number of other reports. Piper Sandler raised their target price on shares of GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $230.00 price objective (up previously from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Cantor Fitzgerald restated a “neutral” rating and issued a $170.00 target price on shares of GoDaddy in a report on Monday, October 7th. Robert W. Baird lifted their price target on GoDaddy from $200.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, B. Riley upped their price objective 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 research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $187.71.

GoDaddy Price Performance

Shares of GoDaddy stock opened at $200.39 on Friday. The stock has a market capitalization of $28.13 billion, a P/E ratio of 15.49 and a beta of 1.15. The business has a 50 day simple moving average of $192.89 and a two-hundred day simple moving average of $167.16. GoDaddy has a 12 month low of $99.90 and a 12 month high of $211.11. 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 posted its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.25 by $0.07. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the company earned $0.89 EPS. The firm’s revenue was up 7.3% compared to the same quarter last year. As a group, analysts predict that GoDaddy will post 4.96 EPS for the current fiscal year.

Insider Activity at GoDaddy

In related news, CAO Phontip Palitwanon sold 770 shares of GoDaddy stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $196.64, for a total value of $151,412.80. Following the completion of the transaction, the chief accounting officer now owns 23,059 shares in the company, valued at approximately $4,534,321.76. The trade was a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Roger Chen sold 1,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $207.35, for a total transaction of $207,350.00. Following the sale, the chief operating officer now owns 184,632 shares in the company, valued at approximately $38,283,445.20. This trade represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,003 shares of company stock worth $2,835,433. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

Several institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its holdings in GoDaddy by 3.4% in the third quarter. Principal Financial Group Inc. now owns 198,058 shares of the technology company’s stock valued at $31,052,000 after purchasing an additional 6,424 shares during the period. Highland Capital Management LLC purchased a new position in shares of GoDaddy in the 3rd quarter valued at about $1,132,000. Crossmark Global Holdings Inc. grew its position in shares of GoDaddy by 28.0% during the third quarter. Crossmark Global Holdings Inc. now owns 44,054 shares of the technology company’s stock worth $6,907,000 after buying an additional 9,631 shares in the last quarter. Dai ichi Life Insurance Company Ltd grew its position in shares of GoDaddy by 39.6% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 60,022 shares of the technology company’s stock worth $9,410,000 after buying an additional 17,021 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of GoDaddy by 374.3% during the second quarter. American Century Companies Inc. now owns 150,451 shares of the technology company’s stock worth $21,020,000 after buying an additional 118,731 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.