GoDaddy Inc. (GDDY) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of GoDaddy Inc. (NYSE:GDDY) from a sell rating to a hold rating in a report issued on Thursday morning.
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 equities research analysts also recently issued reports about the company. TheStreet upgraded GoDaddy from a c- rating to a b- rating in a report on Tuesday, November 7th. B. Riley reiterated a buy rating and issued a $53.00 price target on shares of GoDaddy in a report on Wednesday, July 19th. SunTrust Banks, Inc. initiated coverage on GoDaddy in a report on Tuesday, August 15th. They issued a buy rating and a $50.00 price target for the company. Deutsche Bank AG upped their price objective on GoDaddy from $48.00 to $51.00 and gave the stock a buy rating in a research note on Monday, August 14th. Finally, Jefferies Group LLC initiated coverage on GoDaddy in a research note on Thursday, August 24th. They set a buy rating and a $55.00 price objective for the company. Four investment 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 company’s stock. GoDaddy currently has an average rating of Buy and an average price target of $49.38.
Shares of GoDaddy (GDDY) traded up $0.42 during midday trading on Thursday, hitting $48.57. The stock had a trading volume of 1,846,075 shares, compared to its average volume of 1,207,333. GoDaddy has a 1-year low of $32.00 and a 1-year high of $49.36. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 5.15. The company has a market cap of $8,100.00 and a P/E ratio of 155.32.
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In other news, EVP Nima Kelly sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $41.80, for a total transaction of $41,800.00. Following the completion of the sale, the executive vice president now directly owns 32,744 shares of the company’s stock, valued at $1,368,699.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Raymond E. Winborne, Jr. sold 2,500 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $43.90, for a total value of $109,750.00. Following the sale, the chief financial officer now directly owns 15,308 shares of the company’s stock, valued at $672,021.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,268,964 shares of company stock valued at $536,522,144. Insiders own 22.68% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC lifted its stake in GoDaddy by 40.9% in the 2nd quarter. FMR LLC now owns 10,839,221 shares of the technology company’s stock worth $459,800,000 after acquiring an additional 3,148,349 shares in the last quarter. Vanguard Group Inc. lifted its stake in GoDaddy by 26.8% in the 2nd quarter. Vanguard Group Inc. now owns 7,553,811 shares of the technology company’s stock worth $320,434,000 after acquiring an additional 1,598,137 shares in the last quarter. Marshall Wace North America L.P. lifted its stake in GoDaddy by 280.7% in the 2nd quarter. Marshall Wace North America L.P. now owns 2,134,170 shares of the technology company’s stock worth $89,635,000 after acquiring an additional 1,573,572 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in GoDaddy by 273.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,241,565 shares of the technology company’s stock worth $52,668,000 after acquiring an additional 908,685 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in GoDaddy by 48.2% in the 3rd quarter. First Trust Advisors LP now owns 2,634,529 shares of the technology company’s stock worth $114,628,000 after acquiring an additional 856,259 shares in the last quarter. 78.93% of the stock is owned by institutional investors and hedge funds.
GoDaddy Company Profile
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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