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

GoDaddy (NYSE:GDDY) had its price objective increased by equities research analysts at Piper Sandler from $176.00 to $177.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s target price points to a potential downside of 3.05% from the company’s previous close.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Citigroup raised their price target on shares of GoDaddy from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. 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 report on Thursday, October 31st. JPMorgan Chase & Co. raised their target price on shares of GoDaddy from $224.00 to $231.00 and gave the company an “overweight” rating in a report on Thursday, February 6th. Finally, Raymond James raised their target price on shares of GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 21st. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given 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 $213.20.

GoDaddy Stock Performance

Shares of GDDY stock opened at $182.58 on Friday. The stock has a market cap of $25.63 billion, a P/E ratio of 14.11 and a beta of 1.15. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. The company has a fifty day moving average price of $204.20 and a two-hundred day moving average price of $180.06. GoDaddy has a one year low of $108.02 and a one year high of $216.00.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.01). The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.18 billion. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. As a group, equities analysts predict that GoDaddy will post 4.96 EPS for the current year.

Insider Buying and Selling at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $197.77, for a total value of $593,310.00. Following the completion of the sale, the chief executive officer now owns 342,956 shares in the company, valued at $67,826,408.12. This represents a 0.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Brian Sharples sold 500 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $207.70, for a total transaction of $103,850.00. Following the completion of the sale, the director now owns 22,621 shares of the company’s stock, valued at approximately $4,698,381.70. The trade was a 2.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,482 shares of company stock worth $4,709,650. 0.61% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GoDaddy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in GoDaddy by 3.4% during the third quarter. Principal Financial Group Inc. now owns 198,058 shares of the technology company’s stock worth $31,052,000 after purchasing an additional 6,424 shares during the period. Highland Capital Management LLC bought a new position in shares of GoDaddy in the third quarter valued at approximately $1,132,000. CWA Asset Management Group LLC boosted its position in shares of GoDaddy by 29.2% in the fourth quarter. CWA Asset Management Group LLC now owns 16,071 shares of the technology company’s stock valued at $3,172,000 after acquiring an additional 3,631 shares during the period. Crossmark Global Holdings Inc. boosted its position 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 valued at $6,907,000 after acquiring an additional 9,631 shares during the period. Finally, Dai ichi Life Insurance Company Ltd raised its stake in GoDaddy by 39.6% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 60,022 shares of the technology company’s stock valued at $9,410,000 after purchasing an additional 17,021 shares in the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

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.