GoDaddy’s (GDDY) “Buy” Rating Reaffirmed at Benchmark

Benchmark reissued their buy rating on shares of GoDaddy (NYSE:GDDY) in a research report report published on Wednesday, Benzinga reports. The firm currently has a $150.00 price target on the technology company’s stock.

A number of other research firms have also weighed in on GDDY. Barclays increased their target price on shares of GoDaddy from $125.00 to $130.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. Royal Bank of Canada reiterated an outperform rating and issued a $124.00 price objective on shares of GoDaddy in a research report on Thursday, March 7th. B. Riley upped their target price on GoDaddy from $124.00 to $142.00 and gave the company a buy rating in a report on Thursday, March 7th. StockNews.com raised GoDaddy from a buy rating to a strong-buy rating in a research note on Wednesday, February 14th. Finally, Raymond James started coverage on shares of GoDaddy in a research report on Wednesday, March 27th. They set a strong-buy rating and a $150.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $135.18.

GoDaddy Stock Performance

Shares of GDDY stock opened at $122.33 on Wednesday. The company has a market capitalization of $17.43 billion, a P/E ratio of 12.77 and a beta of 1.08. GoDaddy has a fifty-two week low of $67.43 and a fifty-two week high of $127.15. The company has a debt-to-equity ratio of 61.07, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a 50 day moving average price of $119.59 and a two-hundred day moving average price of $105.98.

GoDaddy (NYSE:GDDY) last issued its earnings results on Tuesday, February 13th. The technology company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.03 by $0.05. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. GoDaddy had a net margin of 32.74% and a negative return on equity of 89.25%. Analysts expect that GoDaddy will post 4.76 earnings per share for the current year.

Insider Activity

In other GoDaddy news, CFO Mark Mccaffrey sold 624 shares of GoDaddy stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $120.83, for a total transaction of $75,397.92. Following the completion of the transaction, the chief financial officer now owns 116,328 shares in the company, valued at $14,055,912.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Amanpal Singh Bhutani sold 8,687 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $114.11, for a total value of $991,273.57. Following the completion of the transaction, the chief executive officer now directly owns 454,031 shares in the company, valued at approximately $51,809,477.41. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Mccaffrey sold 624 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $120.83, for a total value of $75,397.92. Following the sale, the chief financial officer now owns 116,328 shares in the company, valued at $14,055,912.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 121,234 shares of company stock worth $13,534,946. Insiders own 0.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in GoDaddy by 17.7% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 59,774 shares of the technology company’s stock worth $4,452,000 after buying an additional 9,000 shares during the last quarter. Xponance Inc. lifted its position in GoDaddy by 79.8% during the third quarter. Xponance Inc. now owns 27,804 shares of the technology company’s stock valued at $2,071,000 after purchasing an additional 12,343 shares during the period. Bank of New York Mellon Corp boosted its holdings in GoDaddy by 88.7% in the third quarter. Bank of New York Mellon Corp now owns 1,435,153 shares of the technology company’s stock worth $106,890,000 after purchasing an additional 674,719 shares during the last quarter. Diversified Investment Strategies LLC boosted its holdings in GoDaddy by 4.7% in the third quarter. Diversified Investment Strategies LLC now owns 104,695 shares of the technology company’s stock worth $7,798,000 after purchasing an additional 4,690 shares during the last quarter. Finally, New York State Teachers Retirement System raised its stake in GoDaddy by 472.7% during the 3rd quarter. New York State Teachers Retirement System now owns 79,612 shares of the technology company’s stock valued at $5,930,000 after buying an additional 65,712 shares during the last quarter. 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.