Zacks Investment Research lowered shares of GoDaddy (NYSE:GDDY) from a hold rating to a sell rating in a research note released on Wednesday morning, Zacks.com reports. They currently have $87.00 target price on the technology company’s stock.
According to Zacks, “GoDaddy is being driven by strong product demand, new customer addition and efficient execution. The company continued to ride on personalized products and services, and the technology platform. Growing adoption of all its products, including domain products drove top-line growth. Higher subscriptions to Websites and Marketing, and managed WordPress offerings, international expansion, robust feature engagements and strength in GoCentral drove growth of the Hosting and Presence segment. Additionally, growing momentum of Open-Xchange in the emerging markets is likely to accelerate revenues within the Business Applications unit. However, the company’s heavy debt burden and rising expenses remain concerns. Notably, the stock has underperformed the industry it belongs to in the past year.”
A number of other equities analysts also recently issued reports on GDDY. Oppenheimer raised their price objective on shares of GoDaddy from $92.00 to $110.00 and gave the stock an outperform rating in a report on Friday, February 12th. Raymond James raised their price objective on shares of GoDaddy from $96.00 to $107.00 and gave the stock a strong-buy rating in a report on Friday, February 12th. JPMorgan Chase & Co. raised their price objective on shares of GoDaddy from $110.00 to $113.00 and gave the stock an overweight rating in a report on Friday, February 12th. Barclays lifted their price target on shares of GoDaddy from $90.00 to $107.00 and gave the company an overweight rating in a report on Friday, February 12th. Finally, Piper Sandler lifted their price target on shares of GoDaddy from $93.00 to $100.00 and gave the company an overweight rating in a report on Friday, February 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $97.76.
GoDaddy (NYSE:GDDY) last posted its quarterly earnings data on Thursday, February 11th. The technology company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The company had revenue of $873.90 million for the quarter, compared to the consensus estimate of $865.17 million. GoDaddy had a negative net margin of 15.67% and a positive return on equity of 94.14%. Sell-side analysts forecast that GoDaddy will post 1.27 EPS for the current year.
In related news, CAO Nick Daddario sold 1,500 shares of the business’s stock in a transaction on Tuesday, February 16th. The shares were sold at an average price of $85.83, for a total value of $128,745.00. Following the sale, the chief accounting officer now owns 6,462 shares in the company, valued at $554,633.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amanpal Singh Bhutani sold 9,365 shares of the business’s stock in a transaction on Monday, February 22nd. The stock was sold at an average price of $82.41, for a total transaction of $771,769.65. Insiders sold 97,728 shares of company stock worth $8,196,226 in the last 90 days. 0.52% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC increased its position in GoDaddy by 10.6% in the fourth quarter. FMR LLC now owns 11,149,934 shares of the technology company’s stock worth $924,888,000 after purchasing an additional 1,067,110 shares during the last quarter. Select Equity Group L.P. increased its position in GoDaddy by 7.2% during the fourth quarter. Select Equity Group L.P. now owns 10,592,681 shares of the technology company’s stock valued at $878,663,000 after acquiring an additional 711,462 shares during the last quarter. William Blair Investment Management LLC increased its position in GoDaddy by 0.7% during the fourth quarter. William Blair Investment Management LLC now owns 2,541,286 shares of the technology company’s stock valued at $210,800,000 after acquiring an additional 16,686 shares during the last quarter. Norges Bank bought a new position in GoDaddy during the fourth quarter valued at $135,675,000. Finally, UBS Asset Management Americas Inc. increased its position in GoDaddy by 3.6% during the fourth quarter. UBS Asset Management Americas Inc. now owns 1,392,940 shares of the technology company’s stock valued at $115,544,000 after acquiring an additional 47,854 shares during the last quarter. Institutional investors own 97.22% of the company’s stock.
GoDaddy Company Profile
GoDaddy Inc engages in the design and development of cloud-based technology products in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity. It also offers shared Website hosting products that provide various applications and products such as web analytics, SSL certificates, and WordPress; Website hosting on virtual private servers and virtual dedicated servers products, which allows customers to select the server configuration suited for their applications, requirements, and growth; managed hosting products to set up, monitor, maintain, secure, and patch software and servers for customers; and security products, a suite of tools designed to help secure customers' online presence.
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