GoDaddy (NYSE:GDDY) Earns Strong-Buy Rating from Analysts at Raymond James

Raymond James initiated coverage on shares of GoDaddy (NYSE:GDDY) in a research note released on Wednesday, MarketBeat.com reports. The firm issued a strong-buy rating and a $150.00 price target on the technology company’s stock.

Other analysts have also issued reports about the stock. Morgan Stanley upped their price objective on shares of GoDaddy from $120.00 to $132.00 and gave the stock an equal weight rating in a research note on Thursday, March 14th. Royal Bank of Canada reaffirmed an outperform rating and issued a $124.00 price objective on shares of GoDaddy in a research note on Thursday, March 7th. B. Riley upped their price objective on shares of GoDaddy from $124.00 to $142.00 and gave the stock a buy rating in a research note on Thursday, March 7th. Barclays upped their price objective on shares of GoDaddy from $125.00 to $130.00 and gave the stock an overweight rating in a research note on Tuesday, February 20th. Finally, Evercore ISI downgraded shares of GoDaddy from an outperform rating to an in-line rating and boosted their target price for the stock from $100.00 to $110.00 in a report on Wednesday, February 14th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $135.10.

GoDaddy Price Performance

Shares of NYSE:GDDY opened at $118.68 on Wednesday. The firm’s 50 day moving average price is $113.23 and its 200-day moving average price is $97.90. GoDaddy has a twelve month low of $67.43 and a twelve month high of $122.83. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 61.07. The stock has a market capitalization of $16.91 billion, a PE ratio of 12.39 and a beta of 1.12.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. GoDaddy had a net margin of 32.74% and a negative return on equity of 89.25%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.10 billion. Equities research analysts expect that GoDaddy will post 4.76 EPS for the current year.

Insider Transactions at GoDaddy

In related news, CEO Amanpal Singh Bhutani sold 59,608 shares of GoDaddy stock in a transaction on Monday, March 4th. The stock was sold at an average price of $110.54, for a total transaction of $6,589,068.32. Following the completion of the sale, the chief executive officer now owns 394,423 shares of the company’s stock, valued at $43,599,518.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Mark Mccaffrey sold 505 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $102.47, for a total value of $51,747.35. Following the sale, the chief financial officer now directly owns 77,158 shares in the company, valued at approximately $7,906,380.26. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Amanpal Singh Bhutani sold 59,608 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $110.54, for a total value of $6,589,068.32. Following the completion of the sale, the chief executive officer now owns 394,423 shares in the company, valued at $43,599,518.42. The disclosure for this sale can be found here. Insiders sold a total of 121,115 shares of company stock valued at $13,457,935 in the last three months. 0.54% of the stock is currently owned by corporate insiders.

Institutional Trading of GoDaddy

Several hedge funds have recently added to or reduced their stakes in GDDY. Morgan Stanley raised its position in shares of GoDaddy by 517.4% in the fourth quarter. Morgan Stanley now owns 6,125,512 shares of the technology company’s stock valued at $458,311,000 after buying an additional 5,133,332 shares in the last quarter. BlackRock Inc. increased its stake in GoDaddy by 23.6% in the second quarter. BlackRock Inc. now owns 10,522,511 shares of the technology company’s stock valued at $790,556,000 after acquiring an additional 2,010,233 shares during the last quarter. Starboard Value LP increased its stake in GoDaddy by 23.9% in the fourth quarter. Starboard Value LP now owns 10,233,055 shares of the technology company’s stock valued at $765,637,000 after acquiring an additional 1,973,118 shares during the last quarter. Norges Bank bought a new position in GoDaddy in the fourth quarter valued at approximately $181,687,000. Finally, Price T Rowe Associates Inc. MD increased its stake in GoDaddy by 777.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,880,286 shares of the technology company’s stock valued at $199,612,000 after acquiring an additional 1,666,022 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.