GoDaddy (NYSE:GDDY) Given Buy Rating at Benchmark

Benchmark reissued their buy rating on shares of GoDaddy (NYSE:GDDY) in a report issued on Wednesday, Benzinga reports. Benchmark currently has a $150.00 target price on the technology company’s stock.

Other analysts have also issued reports about the company. Evercore ISI lowered GoDaddy from an outperform rating to an in-line rating and lifted their target price for the stock from $100.00 to $110.00 in a research report on Wednesday, February 14th. Piper Sandler upped their price target on GoDaddy from $130.00 to $145.00 and gave the company an overweight rating in a research report on Thursday, March 7th. B. Riley lifted their price objective on shares of GoDaddy from $124.00 to $142.00 and gave the stock a buy rating in a report on Thursday, March 7th. StockNews.com upgraded shares of GoDaddy from a buy rating to a strong-buy rating in a research note on Wednesday, February 14th. Finally, Barclays raised their price target on shares of GoDaddy from $125.00 to $130.00 and gave the stock an overweight rating in a research report on Tuesday, February 20th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $142.73.

GoDaddy Price Performance

GDDY opened at $123.64 on Wednesday. GoDaddy has a 52-week low of $67.43 and a 52-week high of $127.99. The company has a 50 day moving average of $119.99 and a two-hundred day moving average of $106.65. The company has a market cap of $17.62 billion, a P/E ratio of 10.27 and a beta of 1.09. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 61.07.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.05. GoDaddy had a negative return on equity of 102.82% and a net margin of 40.38%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.10 billion. On average, analysts expect that GoDaddy will post 4.93 earnings per share for the current year.

Insider Activity

In related news, COO Roger Chen sold 4,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $456,440.00. Following the completion of the transaction, the chief operating officer now directly owns 208,632 shares of the company’s stock, valued at approximately $23,806,997.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Amanpal Singh Bhutani sold 59,608 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $110.54, for a total value of $6,589,068.32. Following the completion of the transaction, the chief executive officer now directly owns 394,423 shares in the company, valued at $43,599,518.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Roger Chen sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $456,440.00. Following the sale, the chief operating officer now directly owns 208,632 shares in the company, valued at approximately $23,806,997.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 125,234 shares of company stock valued at $14,025,346. Insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

Hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. grew its holdings in GoDaddy by 9.7% during the third quarter. Ameriprise Financial Inc. now owns 6,360,266 shares of the technology company’s stock worth $473,713,000 after acquiring an additional 561,614 shares during the period. Norges Bank acquired a new position in shares of GoDaddy in the 4th quarter worth approximately $181,687,000. Jacobs Levy Equity Management Inc. increased its holdings in shares of GoDaddy by 71.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,664,382 shares of the technology company’s stock valued at $123,963,000 after buying an additional 695,897 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of GoDaddy by 88.7% during the third quarter. Bank of New York Mellon Corp now owns 1,435,153 shares of the technology company’s stock valued at $106,890,000 after purchasing an additional 674,719 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in GoDaddy by 36.8% during the third quarter. Northern Trust Corp now owns 1,395,619 shares of the technology company’s stock valued at $103,946,000 after buying an additional 375,568 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

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.