GoDaddy (NYSE:GDDY) Reaches New 1-Year High – Here’s Why

GoDaddy Inc. (NYSE:GDDY)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $172.14 and last traded at $172.12, with a volume of 4553 shares changing hands. The stock had previously closed at $167.63.

Analyst Ratings Changes

A number of analysts recently issued reports on GDDY shares. Barclays lifted their price target on shares of GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Benchmark boosted their target price on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Piper Sandler lifted their target price on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. B. Riley upped their price target on GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada lifted their price objective on shares of GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $171.38.

GoDaddy Stock Performance

The company’s 50 day simple moving average is $159.27 and its 200 day simple moving average is $148.10. The company has a debt-to-equity ratio of 10.61, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market cap of $24.78 billion, a price-to-earnings ratio of 12.95 and a beta of 1.11.

GoDaddy (NYSE:GDDY) last posted 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 for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the business earned $0.89 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts anticipate that GoDaddy Inc. will post 5.13 earnings per share for the current year.

Insider Transactions at GoDaddy

In other news, CAO Nick Daddario sold 684 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $157.23, for a total transaction of $107,545.32. Following the completion of the sale, the chief accounting officer now directly owns 17,704 shares of the company’s stock, valued at $2,783,599.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $166.91, for a total value 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Nick Daddario sold 684 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $157.23, for a total transaction of $107,545.32. Following the transaction, the chief accounting officer now owns 17,704 shares in the company, valued at approximately $2,783,599.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,744 shares of company stock valued at $4,592,941 in the last quarter. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Highland Capital Management LLC acquired a new stake in GoDaddy in the third quarter valued at approximately $1,132,000. Plato Investment Management Ltd raised its holdings in GoDaddy by 2,471.0% during the first quarter. Plato Investment Management Ltd now owns 6,479 shares of the technology company’s stock valued at $769,000 after buying an additional 6,227 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of GoDaddy by 20.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 214,514 shares of the technology company’s stock valued at $25,469,000 after acquiring an additional 35,703 shares during the last quarter. Forsta AP Fonden boosted its position in GoDaddy by 87.5% during the first quarter. Forsta AP Fonden now owns 84,000 shares of the technology company’s stock worth $9,969,000 after purchasing an additional 39,200 shares during the period. Finally, Swedbank AB raised its position in shares of GoDaddy by 3.5% in the second quarter. Swedbank AB now owns 153,353 shares of the technology company’s stock valued at $21,425,000 after purchasing an additional 5,247 shares during the period. Hedge funds and other 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.