Citigroup Forecasts Strong Price Appreciation for GoDaddy (NYSE:GDDY) Stock

GoDaddy (NYSE:GDDY) had its price target hoisted by analysts at Citigroup from $240.00 to $251.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would indicate a potential upside of 25.26% from the company’s current price.

Several other equities research analysts have also issued reports on GDDY. Piper Sandler boosted their price target on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Barclays upped their target price on shares of GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. B. Riley raised their price target on shares of GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Jefferies Financial Group upped their price objective on GoDaddy from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $230.00 target price (up previously from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GoDaddy currently has a consensus rating of “Moderate Buy” and a consensus price target of $187.71.

GoDaddy Stock Up 0.7 %

Shares of GDDY opened at $200.39 on Friday. GoDaddy has a 52 week low of $99.90 and a 52 week high of $211.11. The firm has a market capitalization of $28.13 billion, a P/E ratio of 15.49 and a beta of 1.15. The company has a 50-day simple moving average of $192.89 and a 200-day simple moving average of $166.95. The company has a debt-to-equity ratio of 10.61, a quick ratio of 0.56 and a current ratio of 0.56.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the company earned $0.89 EPS. The company’s quarterly revenue was up 7.3% on a year-over-year basis. On average, equities research analysts expect that GoDaddy will post 4.96 earnings per share for the current year.

Insider Transactions at GoDaddy

In other news, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $164.16, for a total transaction of $164,160.00. Following the completion of the sale, the chief operating officer now owns 186,632 shares in the company, valued at $30,637,509.12. The trade was a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Phontip Palitwanon sold 770 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $196.64, for a total value of $151,412.80. Following the completion of the transaction, the chief accounting officer now owns 23,059 shares in the company, valued at approximately $4,534,321.76. This represents a 3.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,003 shares of company stock worth $2,835,433. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ashton Thomas Securities LLC bought a new stake in GoDaddy in the third quarter valued at about $27,000. ORG Wealth Partners LLC bought a new stake in shares of GoDaddy in the 3rd quarter valued at about $30,000. Anchor Investment Management LLC acquired a new stake in shares of GoDaddy in the 3rd quarter valued at approximately $31,000. International Assets Investment Management LLC acquired a new stake in shares of GoDaddy in the 2nd quarter valued at approximately $36,000. Finally, Versant Capital Management Inc bought a new position in GoDaddy during the 4th quarter worth approximately $43,000. 90.28% of the stock is owned by institutional investors.

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.