Zacks Investment Research has improved the shares of GoDaddy (NYSE: GDDY – Get a Rating) from a sell rating to a hold rating in a report released Friday, Zacks.com reports. They currently have a price target of $82.00 on shares of the technology company.
According to Zacks, “GoDaddy’s first quarter results were driven by strong momentum in apps and commerce and the core platform. Growing demand for GoDaddy Payments remained positive. Notably, the company witnessed 70% adoption within the Websites + Marketing business level and 25% within Managed WordPress. GoDaddy’s growing international revenues have been a good contributor to revenue growth. Additionally, the increase in trade deals along with gross merchandise volume contributed to the quarterly performance. Notably, the stock has outperformed the industry year-to-date. Yet ongoing global supply chain challenges remain a concern. In addition, the increase in operating expenses due to increased investment in technology and development is a headwind. In addition, increasing 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 raised his target price on GoDaddy shares from $100.00 to $107.00 and gave the company a strong buy rating in a Friday, Feb. 11 research note. The benchmark raised its price target on GoDaddy shares from $102.00 to $106.00 and gave the stock a buy rating in a research report on Thursday. Morgan Stanley raised its price target on GoDaddy shares from $81.00 to $95.00 and gave the stock an equal weight rating in a Monday, Feb. 14 research report. StockNews.com assumed coverage of GoDaddy stocks in a research report on Thursday, March 31. They set a buy rating for the company. Finally, Piper Sandler upgraded GoDaddy shares from a neutral rating to an overweight rating and raised her price target for the stock from $94.00 to $110.00 in a Monday, April 25 research report . Three research analysts gave the stock a hold rating, seven gave the company a buy rating and one gave the company a strong buy rating. According to data from MarketBeat.com, the stock has an average buy rating and an average price target of $100.70.
Shares of GDDY fell $1.32 on Friday, hitting $76.98. 1,918,431 shares of the company were traded, against an 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 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 company has a 50-day moving average price of $82.63 and a two-hundred-day moving average price of $77.40.
GoDaddy (NYSE:GDDY – Get Rating) last released its results on Wednesday, May 4. The tech company reported EPS of $0.41 for the quarter, missing the consensus estimate of $0.42 per ($0.01). GoDaddy had a net margin of 7.66% and a negative return on equity of 1,824.95%. The company posted revenue of $1 billion in the quarter, versus a consensus estimate of $989.20 million. During the same period of the previous year, the company posted an EPS of $0.06. The company’s revenue for the quarter increased 11.3% on an annual basis. Equity research analysts expect GoDaddy to post EPS of 2.21 for the current year.
In other GoDaddy news, CEO Amanpal Singh Bhutani sold 9,254 shares in a trade on Wednesday, February 23. 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. Additionally, CAO Nick Daddario sold 1,400 shares in a trade on Tuesday, February 15. The shares were sold at an average price of $82.47, for a total transaction of $115,458.00. The disclosure of this sale can be found here. Insiders sold 18,933 shares of the company valued at $1,549,583 in the past 90 days. 0.38% of the shares are currently held by company insiders.
Hedge funds have recently changed their positions in the business. Ellevest Inc. increased its stake in GoDaddy by 1,340.9% in the first quarter. Ellevest Inc. now owns 317 shares of the technology company valued at $27,000 after acquiring 295 additional shares in the last quarter. Norwood Financial Corp bought a new stock position in GoDaddy in the fourth quarter worth about $34,000. IndexIQ Advisors LLC bought a new position in GoDaddy stock in the first quarter worth about $37,000. Tobam increased its position in GoDaddy shares by 524.5% in the third quarter. Tobam now owns 662 shares of the technology company valued at $46,000 after purchasing an additional 556 shares during the period. Finally, Desjardins Global Asset Management Inc. bought a new position in GoDaddy stock in the fourth quarter worth about $47,000. Hedge funds and other institutional investors hold 98.38% of the company’s shares.
GoDaddy Company Profile (Get a rating)
GoDaddy Inc engages in the design and development of cloud-based technology products in the United States and internationally. The Company provides a domain name registration product that engages customers in 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 and WordPress certificates; Hosting websites on virtual private servers and dedicated virtual server products, which allow customers to select the right server configuration for their applications, needs and growth; managed hosting products to configure, 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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