GoDaddy (NYSE:GDDY) Sets New 52-Week High After Analyst Upgrade

GoDaddy Inc. (NYSE:GDDY)’s share price hit a new 52-week high on Friday after UBS Group raised their price target on the stock from $118.00 to $130.00. UBS Group currently has a neutral rating on the stock. GoDaddy traded as high as $127.99 and last traded at $123.60, with a volume of 484746 shares. The stock had previously closed at $124.33.

Several other brokerages have also commented on GDDY. Royal Bank of Canada upped their price target on GoDaddy from $124.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday. Evercore ISI upped their target price on shares of GoDaddy from $110.00 to $135.00 and gave the company an “in-line” rating in a research report on Friday. Robert W. Baird lifted their price target on shares of GoDaddy from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Monday, March 25th. 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 report on Thursday, March 7th. Finally, Raymond James initiated coverage on shares of GoDaddy in a report on Wednesday, March 27th. They issued a “strong-buy” rating and a $150.00 target price for the company. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.73.

Insider Activity at GoDaddy

In other news, COO Roger Chen sold 4,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $122.60, for a total transaction of $490,400.00. Following the transaction, the chief operating officer now directly owns 200,632 shares of the company’s stock, valued at $24,597,483.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other GoDaddy news, COO Roger Chen sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $122.60, for a total value of $490,400.00. Following the transaction, the chief operating officer now directly owns 200,632 shares of the company’s stock, valued at approximately $24,597,483.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Mccaffrey sold 624 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $120.83, for a total transaction of $75,397.92. Following the transaction, the chief financial officer now owns 116,328 shares in the company, valued at $14,055,912.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,234 shares of company stock worth $14,025,346. 0.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System bought a new position in GoDaddy during the fourth quarter valued at about $4,204,000. SG Americas Securities LLC boosted its position in shares of GoDaddy by 644.6% during the 4th quarter. SG Americas Securities LLC now owns 149,643 shares of the technology company’s stock valued at $15,886,000 after purchasing an additional 129,547 shares in the last quarter. Horrell Capital Management Inc. raised its holdings in shares of GoDaddy by 41.7% in the 4th quarter. Horrell Capital Management Inc. now owns 68,000 shares of the technology company’s stock worth $7,219,000 after purchasing an additional 20,000 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in GoDaddy during the fourth quarter valued at approximately $773,000. Finally, Lecap Asset Management Ltd. bought a new stake in GoDaddy during the fourth quarter worth approximately $2,328,000. 90.28% of the stock is currently owned by institutional investors.

GoDaddy Stock Performance

The stock has a market cap of $17.62 billion, a price-to-earnings ratio of 12.91 and a beta of 1.09. The company’s 50-day simple moving average is $119.99 and its 200-day simple moving average is $106.44. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 61.07.

GoDaddy (NYSE:GDDY) last released its earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.10 billion. Analysts predict that GoDaddy Inc. will post 4.93 EPS for the current fiscal year.

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.