Raymond James Forecasts Strong Price Appreciation for GoDaddy (NYSE:GDDY) Stock

GoDaddy (NYSE:GDDY) had its price objective raised by research analysts at Raymond James from $185.00 to $230.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “strong-buy” rating on the technology company’s stock. Raymond James’ target price would indicate a potential upside of 12.33% from the company’s current price.

GDDY has been the subject of several other research reports. Benchmark upped their price target on shares of GoDaddy from $186.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Citigroup upped their price target on shares of GoDaddy from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Jefferies Financial Group upped their price target on shares of GoDaddy from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $230.00 price objective (up from $190.00) on shares of GoDaddy in a research note on Wednesday, December 4th. Finally, StockNews.com cut shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GoDaddy has an average rating of “Moderate Buy” and an average price target of $198.07.

GoDaddy Stock Up 1.9 %

Shares of GDDY stock traded up $3.85 during trading on Tuesday, reaching $204.76. The company’s stock had a trading volume of 233,588 shares, compared to its average volume of 1,032,912. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $28.75 billion, a price-to-earnings ratio of 15.82 and a beta of 1.15. The stock’s 50-day moving average price is $199.16 and its 200 day moving average price is $171.78. GoDaddy has a 1-year low of $106.42 and a 1-year high of $211.11.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, research analysts anticipate that GoDaddy will post 4.96 EPS for the current year.

Insider Buying and Selling

In other GoDaddy news, CFO Mark Mccaffrey sold 5,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $199.01, for a total value of $1,094,555.00. Following the transaction, the chief financial officer now directly owns 84,300 shares in the company, valued at approximately $16,776,543. This represents a 6.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $167.79, for a total transaction of $503,370.00. Following the transaction, the chief executive officer now owns 345,956 shares in the company, valued at approximately $58,047,957.24. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,483 shares of company stock worth $4,759,553 in the last three months. Corporate insiders own 0.61% of the company’s stock.

Institutional Trading of GoDaddy

Large investors have recently bought and sold shares of the company. Wedge Capital Management L L P NC grew its position in shares of GoDaddy by 2,279.5% during the third quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock worth $62,908,000 after buying an additional 384,386 shares in the last quarter. Mizuho Securities USA LLC lifted its stake in GoDaddy by 3,227.3% during the third quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock worth $56,709,000 after purchasing an additional 350,839 shares during the last quarter. FMR LLC lifted its stake in GoDaddy by 19.8% during the third quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock worth $260,299,000 after purchasing an additional 274,014 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in GoDaddy during the second quarter worth $30,785,000. Finally, Intech Investment Management LLC lifted its stake in GoDaddy by 498.7% during the third quarter. Intech Investment Management LLC now owns 253,367 shares of the technology company’s stock worth $39,723,000 after purchasing an additional 211,051 shares during the last quarter. 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.