GoDaddy (NYSE:GDDY) Price Target Raised to $230.00 at Raymond James

GoDaddy (NYSE:GDDY) had its price objective boosted by equities research analysts at Raymond James from $185.00 to $230.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “strong-buy” rating on the technology company’s stock. Raymond James’ price target would indicate a potential upside of 12.33% from the company’s previous close.

Several other equities research analysts have also recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $230.00 price target (up from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Morgan Stanley boosted their price objective on GoDaddy from $189.00 to $227.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Robert W. Baird upped their target price on GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. B. Riley upped their target price on GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. boosted their price target on GoDaddy from $175.00 to $224.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GoDaddy currently has an average rating of “Moderate Buy” and a consensus price target of $198.07.

GoDaddy Stock Performance

Shares of GDDY traded up $3.85 during midday trading on Tuesday, hitting $204.76. 233,588 shares of the stock traded hands, compared to its average volume of 1,032,912. The firm has a market capitalization of $28.75 billion, a PE ratio of 15.82 and a beta of 1.15. The business’s 50 day moving average price is $199.16 and its two-hundred day moving average price is $171.78. GoDaddy has a 1-year low of $106.42 and a 1-year high of $211.11. 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 posted its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.07. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.89 earnings per share. Equities research analysts predict that GoDaddy will post 4.96 EPS for the current fiscal year.

Insider Transactions at GoDaddy

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $167.79, for a total transaction of $503,370.00. Following the completion of the transaction, the chief executive officer now directly owns 345,956 shares in the company, valued at $58,047,957.24. This represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Mccaffrey sold 480 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $201.29, for a total value of $96,619.20. Following the sale, the chief financial officer now owns 83,254 shares in the company, valued at $16,758,197.66. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,483 shares of company stock worth $4,759,553 over the last three months. 0.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GoDaddy

Several hedge funds have recently added to or reduced their stakes in GDDY. Wedge Capital Management L L P NC boosted its holdings in GoDaddy by 2,279.5% in the third quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock valued at $62,908,000 after acquiring an additional 384,386 shares during the last quarter. Mizuho Securities USA LLC boosted its holdings in GoDaddy by 3,227.3% during the third quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock worth $56,709,000 after buying an additional 350,839 shares during the last quarter. FMR LLC boosted its holdings in GoDaddy by 19.8% during the third quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock worth $260,299,000 after buying an additional 274,014 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in GoDaddy during the second quarter worth about $30,785,000. Finally, Intech Investment Management LLC boosted its holdings in GoDaddy by 498.7% during the third quarter. Intech Investment Management LLC now owns 253,367 shares of the technology company’s stock worth $39,723,000 after buying an additional 211,051 shares during the last quarter. Institutional investors own 90.28% of the company’s stock.

GoDaddy Company Profile

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.