GoDaddy (NYSE:GDDY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, November 9th.
According to Zacks, “GoDaddy is a website host and Internet domain registrar. The company reported strong third-quarter revenues driven by growth in customers, new products and contribution from HEG acquisition. The company’s investment in products, technology platform and customer care, as well as offering innovative and increasingly personalized products and services globally will drive shareholder value. However, significant competition, heavy debt burden along with controversies surrounding the company will pose major challenges. Over the last one year, the stock has outperformed the industry it belongs to.”
Other research analysts have also recently issued research reports about the stock. B. Riley restated a “buy” rating and set a $53.00 price target on shares of GoDaddy in a research note on Monday, August 21st. Stifel Nicolaus set a $41.00 price target on shares of GoDaddy and gave the stock a “hold” rating in a research note on Wednesday, August 9th. TheStreet upgraded shares of GoDaddy from a “c-” rating to a “b-” rating in a research note on Tuesday, November 7th. SunTrust Banks started coverage on shares of GoDaddy in a report on Tuesday, August 15th. They set a “buy” rating and a $50.00 price objective for the company. Finally, Deutsche Bank raised their price objective on shares of GoDaddy from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, August 14th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. GoDaddy has a consensus rating of “Buy” and a consensus target price of $49.38.
In related news, CEO Blake Irving sold 37,500 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $43.64, for a total value of $1,636,500.00. Following the sale, the chief executive officer now directly owns 40,606 shares of the company’s stock, valued at approximately $1,772,045.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Barbara J. Rechterman sold 35,000 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $50.49, for a total transaction of $1,767,150.00. Following the completion of the sale, the insider now directly owns 50,427 shares in the company, valued at $2,546,059.23. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,287,036 shares of company stock worth $538,422,356. Insiders own 22.68% of the company’s stock.
A number of hedge funds have recently modified their holdings of GDDY. Public Employees Retirement Association of Colorado increased its stake in GoDaddy by 66.8% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 2,462 shares of the technology company’s stock valued at $104,000 after buying an additional 986 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of GoDaddy during the 2nd quarter worth about $118,000. Sei Investments Co. increased its stake in shares of GoDaddy by 160.4% during the 2nd quarter. Sei Investments Co. now owns 3,706 shares of the technology company’s stock worth $158,000 after purchasing an additional 2,283 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of GoDaddy by 142.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,605 shares of the technology company’s stock worth $195,000 after purchasing an additional 2,707 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new position in shares of GoDaddy during the 2nd quarter worth about $210,000. Hedge funds and other institutional investors own 84.25% of the company’s stock.
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GoDaddy Inc is a technology provider to small businesses, Web design professionals and individuals. The Company delivers cloud-based products and personalized customer care. It operates a domain marketplace, where its customers can find the digital real estate that matches their idea. It provides Website building, hosting and security tools to help customers construct and protect online presence.
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