GoDaddy (NYSE:GDDY) Stock Price Up 2.2% – Here’s Why

GoDaddy Inc. (NYSE:GDDY) shares were up 2.2% on Tuesday . The company traded as high as $202.16 and last traded at $201.78. 315,638 shares traded hands during trading, a decline of 78% from the average session volume of 1,456,494 shares. The stock had previously closed at $197.43.

Wall Street Analysts Forecast Growth

GDDY has been the topic of a number of research reports. Barclays raised their price target on GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Raymond James boosted their price target on GoDaddy from $150.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Friday, August 2nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $170.00 price objective on shares of GoDaddy in a research note on Monday, October 7th. Piper Sandler boosted their target price on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada increased their price target on shares of GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GoDaddy currently has a consensus rating of “Moderate Buy” and an average price target of $173.31.

GoDaddy Price Performance

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61. The stock has a 50 day simple moving average of $169.35 and a 200-day simple moving average of $154.84. The firm has a market cap of $27.78 billion, a PE ratio of 15.29 and a beta of 1.11.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.89 earnings per share. Equities analysts anticipate that GoDaddy Inc. will post 4.95 earnings per share for the current fiscal year.

Insider Buying and Selling at GoDaddy

In other news, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $179.00, for a total value of $89,500.00. Following the sale, the director now directly owns 24,121 shares of the company’s stock, valued at approximately $4,317,659. The trade was a 2.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $183.80, for a total value of $183,800.00. Following the completion of the sale, the chief operating officer now owns 185,632 shares in the company, valued at $34,119,161.60. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,345 shares of company stock valued at $3,897,255 in the last three months. 0.61% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. raised its stake in GoDaddy by 10.2% during the third quarter. Franklin Resources Inc. now owns 417,902 shares of the technology company’s stock valued at $68,565,000 after purchasing an additional 38,511 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of GoDaddy by 38.7% in the 3rd quarter. Tidal Investments LLC now owns 18,643 shares of the technology company’s stock worth $2,923,000 after buying an additional 5,205 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of GoDaddy during the 3rd quarter valued at about $922,000. Anchor Investment Management LLC purchased a new stake in shares of GoDaddy during the 3rd quarter valued at about $31,000. Finally, Te Ahumairangi Investment Management Ltd grew its position in GoDaddy by 86.8% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 15,012 shares of the technology company’s stock worth $2,340,000 after acquiring an additional 6,974 shares in the last quarter. 90.28% of the stock is 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.