GoDaddy (NYSE:GDDY) Stock Price Up 2.2% – Here’s Why

GoDaddy Inc. (NYSE:GDDY) shares shot up 2.2% during mid-day trading on Tuesday . The company traded as high as $202.16 and last traded at $201.78. 315,638 shares were traded during mid-day trading, a decline of 78% from the average session volume of 1,456,494 shares. The stock had previously closed at $197.43.

Wall Street Analyst Weigh In

GDDY has been the subject of several recent analyst reports. Piper Sandler lifted their price objective on shares of GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Barclays upped their price target on shares of GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a report on Wednesday, September 25th. Robert W. Baird increased their price objective on shares of GoDaddy from $200.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Royal Bank of Canada boosted their target price on GoDaddy from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $170.00 price target on shares of GoDaddy in a report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $173.31.

GoDaddy Trading Down 0.9 %

The firm has a market capitalization of $27.78 billion, a P/E ratio of 15.29 and a beta of 1.11. The stock has a 50-day simple moving average of $169.35 and a two-hundred day simple moving average of $154.84. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company posted $0.89 earnings per share. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, equities research analysts anticipate that GoDaddy Inc. will post 4.95 earnings per share for the current year.

Insider Transactions at GoDaddy

In other GoDaddy news, Director Brian Sharples sold 500 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $179.00, for a total value of $89,500.00. Following the completion of the transaction, the director now directly owns 24,121 shares in the company, valued at approximately $4,317,659. The trade was a 2.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $166.91, for a total transaction of $500,730.00. Following the completion of the sale, the chief executive officer now owns 358,773 shares in the company, valued at $59,882,801.43. This represents a 0.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,345 shares of company stock valued at $3,897,255. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp increased its position in shares of GoDaddy by 2.2% during the third quarter. State Street Corp now owns 6,892,134 shares of the technology company’s stock worth $1,080,549,000 after purchasing an additional 147,105 shares in the last quarter. Geode Capital Management LLC grew its stake in GoDaddy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 3,423,622 shares of the technology company’s stock worth $535,153,000 after buying an additional 84,550 shares during the last quarter. FMR LLC increased its position in GoDaddy by 19.8% during the 3rd quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock valued at $260,299,000 after buying an additional 274,014 shares in the last quarter. Federated Hermes Inc. raised its stake in GoDaddy by 35.6% in the second quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock valued at $209,743,000 after buying an additional 394,399 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in GoDaddy by 17.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,368,693 shares of the technology company’s stock worth $214,584,000 after acquiring an additional 203,909 shares in 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.