GoDaddy (NYSE:GDDY) Receives Buy Rating from Benchmark

GoDaddy (NYSE:GDDY)‘s stock had its “buy” rating restated by equities research analysts at Benchmark in a report issued on Wednesday, Benzinga reports. They currently have a $150.00 price objective on the technology company’s stock. Benchmark’s price target would indicate a potential upside of 21.87% from the company’s previous close.

Several other analysts also recently commented on the company. JPMorgan Chase & Co. raised their price objective on GoDaddy from $128.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $124.00 price objective on shares of GoDaddy in a report on Thursday, March 7th. Piper Sandler boosted their price objective on GoDaddy from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Thursday, March 7th. Raymond James started coverage on shares of GoDaddy in a report on Wednesday, March 27th. They set a “strong-buy” rating and a $150.00 target price on the stock. Finally, Morgan Stanley upped their price target on shares of GoDaddy from $120.00 to $132.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, GoDaddy currently has an average rating of “Moderate Buy” and an average price target of $135.18.

GoDaddy Trading Up 0.6 %

NYSE GDDY traded up $0.70 during trading hours on Wednesday, hitting $123.08. The company’s stock had a trading volume of 270,906 shares, compared to its average volume of 1,432,282. The stock has a fifty day moving average of $119.33 and a 200 day moving average of $105.87. 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 has a twelve month low of $67.43 and a twelve month high of $127.15. The firm has a market capitalization of $17.54 billion, a P/E ratio of 12.84 and a beta of 1.12.

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

Insiders Place Their Bets

In related news, CFO Mark Mccaffrey sold 624 shares of GoDaddy stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $120.83, for a total transaction of $75,397.92. Following the completion of the sale, the chief financial officer now directly owns 116,328 shares of the company’s stock, valued at approximately $14,055,912.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Mark Mccaffrey sold 624 shares of GoDaddy stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $120.83, for a total value of $75,397.92. Following the completion of the sale, the chief financial officer now directly owns 116,328 shares in the company, valued at $14,055,912.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Roger Chen sold 4,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $456,440.00. Following the sale, the chief operating officer now directly owns 208,632 shares in the company, valued at approximately $23,806,997.52. The disclosure for this sale can be found here. Insiders sold 121,234 shares of company stock worth $13,534,946 over the last three months. Insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in shares of GoDaddy in the 4th quarter valued at $181,687,000. Federated Hermes Inc. lifted its holdings in shares of GoDaddy by 3,402.0% in the fourth quarter. Federated Hermes Inc. now owns 955,559 shares of the technology company’s stock worth $101,442,000 after acquiring an additional 928,273 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of GoDaddy by 7,379.1% in the 4th quarter. Los Angeles Capital Management LLC now owns 723,752 shares of the technology company’s stock valued at $76,834,000 after purchasing an additional 714,075 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of GoDaddy by 71.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,664,382 shares of the technology company’s stock valued at $123,963,000 after purchasing an additional 695,897 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in GoDaddy by 88.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,435,153 shares of the technology company’s stock worth $106,890,000 after purchasing an additional 674,719 shares in the last quarter. 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.