GoDaddy Inc. (NYSE:GDDY) Short Interest Down 5.1% in March

GoDaddy Inc. (NYSE:GDDY) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 2,430,000 shares, a drop of 5.1% from the March 15th total of 2,560,000 shares. Currently, 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 1,540,000 shares, the days-to-cover ratio is presently 1.6 days.

Analysts Set New Price Targets

Several research analysts have weighed in on GDDY shares. Piper Sandler upped their price target on GoDaddy from $130.00 to $145.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. StockNews.com raised shares of GoDaddy from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 14th. Evercore ISI cut shares of GoDaddy from an “outperform” rating to an “in-line” rating and boosted their price target for the stock from $100.00 to $110.00 in a research note on Wednesday, February 14th. UBS Group increased their price objective on shares of GoDaddy from $110.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Finally, B. Riley lifted their target price on GoDaddy from $124.00 to $142.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Four equities 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. Based on data from MarketBeat, GoDaddy has an average rating of “Moderate Buy” and an average target price of $135.18.

GoDaddy Trading Down 0.7 %

Shares of NYSE GDDY opened at $122.37 on Thursday. GoDaddy has a 1-year low of $67.43 and a 1-year high of $127.15. The company has a debt-to-equity ratio of 61.07, a current ratio of 0.47 and a quick ratio of 0.47. The business’s 50 day moving average is $117.05 and its two-hundred day moving average is $102.47. The stock has a market capitalization of $17.44 billion, a P/E ratio of 12.77 and a beta of 1.12.

GoDaddy (NYSE:GDDY) last released its earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.05. GoDaddy had a negative return on equity of 89.25% and a net margin of 32.74%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. As a group, research analysts expect that GoDaddy will post 4.76 EPS for the current year.

Insider Transactions at GoDaddy

In related news, COO Roger Chen sold 4,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $114.11, for a total value of $456,440.00. Following the completion of the sale, the chief operating officer now directly owns 208,632 shares of the company’s stock, valued at approximately $23,806,997.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO Roger Chen sold 4,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $114.11, for a total value of $456,440.00. Following the completion of the transaction, the chief operating officer now owns 208,632 shares of the company’s stock, valued at approximately $23,806,997.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Nick Daddario sold 1,823 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $110.54, for a total value of $201,514.42. Following the completion of the sale, the chief accounting officer now owns 25,263 shares of the company’s stock, valued at approximately $2,792,572.02. The disclosure for this sale can be found here. Insiders have sold 121,234 shares of company stock valued at $13,534,946 over the last quarter. 0.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GoDaddy

Several hedge funds and other institutional investors have recently made changes to their positions in GDDY. Vanguard Group Inc. grew its holdings in GoDaddy by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 16,202,298 shares of the technology company’s stock valued at $1,356,131,000 after purchasing an additional 107,949 shares during the last quarter. Starboard Value LP boosted its position in shares of GoDaddy by 23.9% during the fourth quarter. Starboard Value LP now owns 10,233,055 shares of the technology company’s stock valued at $765,637,000 after buying an additional 1,973,118 shares during the period. BlackRock Inc. grew its stake in shares of GoDaddy by 2.0% during the first quarter. BlackRock Inc. now owns 8,512,278 shares of the technology company’s stock valued at $661,574,000 after buying an additional 163,174 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of GoDaddy by 9.7% in the third quarter. Ameriprise Financial Inc. now owns 6,360,266 shares of the technology company’s stock worth $473,713,000 after buying an additional 561,614 shares during the period. Finally, Morgan Stanley lifted its stake in shares of GoDaddy by 517.4% during the 4th quarter. Morgan Stanley now owns 6,125,512 shares of the technology company’s stock worth $458,311,000 after acquiring an additional 5,133,332 shares during the last quarter. Hedge funds and other institutional investors 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.