Piper Sandler Upgrades GoDaddy (NYSE:GDDY) to “Hold”

GoDaddy (NYSE:GDDY) was upgraded by equities researchers at Piper Sandler to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also weighed in on GDDY. Benchmark cut their target price on shares of GoDaddy from $240.00 to $210.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Royal Bank Of Canada dropped their price target on GoDaddy from $200.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Citigroup decreased their target price on shares of GoDaddy from $195.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Jefferies Financial Group reduced their price objective on shares of GoDaddy from $140.00 to $100.00 and set a “hold” rating on the stock in a report on Monday, February 23rd. Finally, UBS Group dropped their price objective on shares of GoDaddy from $145.00 to $105.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, GoDaddy currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.57.

GoDaddy Stock Performance

Shares of GDDY opened at $81.18 on Wednesday. The business’s fifty day simple moving average is $97.46 and its two-hundred day simple moving average is $120.99. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 17.50. The company has a market cap of $10.83 billion, a price-to-earnings ratio of 13.03, a P/E/G ratio of 0.74 and a beta of 0.96. GoDaddy has a 12 month low of $73.06 and a 12 month high of $193.55.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Tuesday, February 24th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.22. GoDaddy had a net margin of 17.67% and a return on equity of 369.00%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. Research analysts anticipate that GoDaddy will post 6.63 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Mark Mccaffrey sold 17,406 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total value of $1,548,959.94. Following the sale, the chief financial officer directly owned 113,003 shares in the company, valued at $10,056,136.97. This trade represents a 13.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leah Sweet sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $86.86, for a total transaction of $56,459.00. Following the completion of the sale, the director directly owned 11,414 shares of the company’s stock, valued at approximately $991,420.04. This represents a 5.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 61,918 shares of company stock worth $5,500,469 in the last 90 days. 0.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GoDaddy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of GoDaddy by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 18,912,182 shares of the technology company’s stock worth $2,587,754,000 after purchasing an additional 150,045 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of GoDaddy by 2.2% in the second quarter. Geode Capital Management LLC now owns 3,779,220 shares of the technology company’s stock valued at $677,726,000 after buying an additional 81,623 shares during the period. WCM Investment Management LLC lifted its position in GoDaddy by 1.8% during the third quarter. WCM Investment Management LLC now owns 3,736,821 shares of the technology company’s stock worth $529,395,000 after purchasing an additional 66,144 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of GoDaddy by 47.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock valued at $483,360,000 after purchasing an additional 1,128,646 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in GoDaddy by 11.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,216,382 shares of the technology company’s stock valued at $399,089,000 after acquiring an additional 319,515 shares during the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

GoDaddy Company Profile

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.