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

GoDaddy (NYSE:GDDY) had its price target lifted by equities research analysts at Citigroup from $240.00 to $251.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective points to a potential upside of 25.26% from the company’s previous close.

A number of other equities research analysts also recently commented on GDDY. Royal Bank of Canada reiterated an “outperform” rating and set a $230.00 price objective (up previously from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Cantor Fitzgerald reissued a “neutral” rating and issued a $170.00 price target on shares of GoDaddy in a research note on Monday, October 7th. Piper Sandler upped their price objective on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Jefferies Financial Group raised their target price on shares of GoDaddy from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, StockNews.com lowered shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, GoDaddy has an average rating of “Moderate Buy” and an average target price of $187.71.

GoDaddy Stock Up 0.7 %

GoDaddy stock opened at $200.39 on Friday. GoDaddy has a 52 week low of $99.90 and a 52 week high of $211.11. The stock has a market cap of $28.13 billion, a price-to-earnings ratio of 15.49 and a beta of 1.15. The company’s 50-day moving average price is $192.89 and its two-hundred day moving average price is $166.95. 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 issued its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company posted $0.89 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, analysts expect that GoDaddy will post 4.96 EPS for the current fiscal year.

Insider Activity at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $207.35, for a total transaction of $207,350.00. Following the transaction, the chief operating officer now directly owns 184,632 shares in the company, valued at $38,283,445.20. This trade represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $167.79, for a total value of $503,370.00. Following the completion of the sale, the chief executive officer now directly owns 345,956 shares of the company’s stock, valued at $58,047,957.24. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,003 shares of company stock valued at $2,835,433. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its holdings in GoDaddy by 3.4% in the 3rd quarter. Principal Financial Group Inc. now owns 198,058 shares of the technology company’s stock worth $31,052,000 after acquiring an additional 6,424 shares during the period. Highland Capital Management LLC bought a new position in shares of GoDaddy in the third quarter worth about $1,132,000. Crossmark Global Holdings Inc. increased its stake in shares of GoDaddy by 28.0% in the third quarter. Crossmark Global Holdings Inc. now owns 44,054 shares of the technology company’s stock worth $6,907,000 after purchasing an additional 9,631 shares during the period. Dai ichi Life Insurance Company Ltd lifted its position in shares of GoDaddy by 39.6% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 60,022 shares of the technology company’s stock worth $9,410,000 after purchasing an additional 17,021 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in GoDaddy by 374.3% during the 2nd quarter. American Century Companies Inc. now owns 150,451 shares of the technology company’s stock valued at $21,020,000 after purchasing an additional 118,731 shares during the period. 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.