GoDaddy (NYSE:GDDY) Receives “Outperform” Rating from Royal Bank of Canada

GoDaddy (NYSE:GDDY)‘s stock had its “outperform” rating restated by investment analysts at Royal Bank of Canada in a research note issued on Wednesday,Benzinga reports. They currently have a $230.00 target price on the technology company’s stock, up from their prior target price of $190.00. Royal Bank of Canada’s target price would indicate a potential upside of 12.33% from the stock’s current price.

Several other brokerages have also recently weighed in on GDDY. Benchmark raised their price target on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Piper Sandler increased 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. B. Riley increased their price target on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com downgraded GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Barclays increased their target price on GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.38.

GoDaddy Trading Up 3.2 %

NYSE GDDY traded up $6.40 on Wednesday, reaching $204.76. The company had a trading volume of 591,682 shares, compared to its average volume of 1,459,598. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. The stock has a market cap of $28.75 billion, a price-to-earnings ratio of 15.82 and a beta of 1.15. The stock’s 50 day moving average is $172.44 and its 200-day moving average is $156.76. GoDaddy has a 52 week low of $99.90 and a 52 week high of $206.13.

GoDaddy (NYSE:GDDY) last posted its 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. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. The company’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 earnings per share. Equities analysts predict that GoDaddy will post 4.98 earnings per share for the current year.

Insider Buying and Selling

In other GoDaddy news, CAO Nick Daddario sold 2,976 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $151.61, for a total transaction of $451,191.36. Following the completion of the sale, the chief accounting officer now owns 14,728 shares in the company, valued at approximately $2,232,912.08. The trade was a 16.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $152.17, for a total transaction of $152,170.00. Following the completion of the transaction, the chief operating officer now directly owns 187,632 shares in the company, valued at approximately $28,551,961.44. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,977 shares of company stock valued at $2,866,974 over the last ninety days. 0.61% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GoDaddy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Federated Hermes Inc. increased its position in GoDaddy by 35.6% in the second quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock worth $209,743,000 after buying an additional 394,399 shares during the last quarter. Wedge Capital Management L L P NC lifted its stake in GoDaddy by 2,279.5% in the 3rd quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock worth $62,908,000 after purchasing an additional 384,386 shares in the last quarter. Mizuho Securities USA LLC boosted its stake 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 valued at $56,709,000 after buying an additional 350,839 shares during the period. FMR LLC grew its holdings in shares of 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 purchasing an additional 274,014 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of GoDaddy by 37.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 861,066 shares of the technology company’s stock worth $120,305,000 after acquiring an additional 235,934 shares during the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

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.