GoDaddy (NYSE:GDDY) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of GoDaddy (NYSE:GDDYGet Rating) from a sell rating to a hold rating in a report published on Friday, Zacks.com reports. They currently have $82.00 price objective on the technology company’s stock.

According to Zacks, “GoDaddy’s first-quarter results were driven by strong momentum across applications & commerce and the core platform. Growing demand for GoDaddy Payments remained a positive. Notably, the company witnessed 70% adoption within the commerce tier of Websites + Marketing and 25% within Managed WordPress. GoDaddy’s growing international revenues contributed well to the top-line growth. Further, increasing commerce offerings with gross merchandise volume aided the quarterly performance. Notably, the stock has outperformed the industry on a year-to-date basis. Yet, the constant global supply chain challenges remain concerns. Further, mounting operating expenses owing to rising technology & development investments are headwinds. Additionally, growing competition in the domain, hosting and presence markets remains a risk to its market position.”

GDDY has been the subject of several other research reports. Raymond James upped their target price on shares of GoDaddy from $100.00 to $107.00 and gave the company a strong-buy rating in a research note on Friday, February 11th. Benchmark increased their price objective on shares of GoDaddy from $102.00 to $106.00 and gave the stock a buy rating in a research report on Thursday. Morgan Stanley increased their price objective on shares of GoDaddy from $81.00 to $95.00 and gave the stock an equal weight rating in a research report on Monday, February 14th. StockNews.com assumed coverage on shares of GoDaddy in a research report on Thursday, March 31st. They set a buy rating for the company. Finally, Piper Sandler raised shares of GoDaddy from a neutral rating to an overweight rating and increased their price objective for the stock from $94.00 to $110.00 in a research report on Monday, April 25th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $100.70.

Shares of GDDY traded down $1.32 on Friday, reaching $76.98. 1,918,431 shares of the company’s stock were exchanged, compared to its average volume of 1,510,022. GoDaddy has a 12 month low of $65.70 and a 12 month high of $90.43. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 46.37. The stock has a market capitalization of $12.89 billion, a P/E ratio of 43.25, a price-to-earnings-growth ratio of 2.50 and a beta of 0.96. The business has a 50 day moving average price of $82.63 and a two-hundred day moving average price of $77.40.

GoDaddy (NYSE:GDDYGet Rating) last issued its earnings results on Wednesday, May 4th. The technology company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.01). GoDaddy had a net margin of 7.66% and a negative return on equity of 1,824.95%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $989.20 million. During the same period in the previous year, the company posted $0.06 EPS. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities research analysts predict that GoDaddy will post 2.21 EPS for the current year.

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 9,254 shares of the stock in a transaction on Wednesday, February 23rd. The shares were sold at an average price of $80.68, for a total value of $746,612.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Nick Daddario sold 1,400 shares of the stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $82.47, for a total transaction of $115,458.00. The disclosure for this sale can be found here. Insiders have sold 18,933 shares of company stock valued at $1,549,583 in the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Ellevest Inc. lifted its stake in GoDaddy by 1,340.9% in the first quarter. Ellevest Inc. now owns 317 shares of the technology company’s stock valued at $27,000 after acquiring an additional 295 shares during the last quarter. Norwood Financial Corp bought a new position in shares of GoDaddy in the fourth quarter valued at about $34,000. IndexIQ Advisors LLC bought a new position in shares of GoDaddy in the first quarter valued at about $37,000. Tobam raised its position in shares of GoDaddy by 524.5% in the third quarter. Tobam now owns 662 shares of the technology company’s stock valued at $46,000 after purchasing an additional 556 shares during the period. Finally, Desjardins Global Asset Management Inc. bought a new position in shares of GoDaddy in the fourth quarter valued at about $47,000. Hedge funds and other institutional investors own 98.38% of the company’s stock.

GoDaddy Company Profile (Get Rating)

GoDaddy Inc engages in the design and development of cloud-based technology products in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity. It also offers shared Website hosting products that provide various applications and products, such as web analytics, Secure Sockets Layer certificates, and WordPress; Website hosting on virtual private servers and virtual dedicated servers products, which allows customers to select the server configuration suited for their applications, requirements, and growth; managed hosting products to set up, monitor, maintain, secure, and patch software and servers for customers; and security products, a suite of tools designed to help secure customers' online presence.

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