GoDaddy Inc. (NYSE:GDDY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $39.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 12.20% from the company’s previous close.

According to Zacks, “GoDaddy, Inc. is engaged in the designing and development of cloud-based technology products for small businesses, Web design professionals and individuals. The Company’s products include domain, hosting and presence and business applications. GoDaddy, Inc. is headquartered in Scottsdale, Arizona. “

A number of other equities research analysts also recently weighed in on the stock. Piper Jaffray Cos. set a $40.00 price target on shares of GoDaddy and gave the company a “buy” rating in a research report on Monday, September 19th. Citigroup Inc. downgraded shares of GoDaddy from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Tuesday, June 7th. Raymond James Financial Inc. started coverage on shares of GoDaddy in a research report on Tuesday, June 14th. They issued an “outperform” rating and a $37.00 price target for the company. Summit Redstone started coverage on shares of GoDaddy in a research report on Monday. They issued a “buy” rating and a $41.00 price target for the company. Finally, Deutsche Bank AG lifted their price target on shares of GoDaddy from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $37.54.

Analyst Recommendations for GoDaddy (NYSE:GDDY)

GoDaddy (NYSE:GDDY) opened at 34.76 on Wednesday. GoDaddy has a 12-month low of $23.88 and a 12-month high of $35.53. The firm’s market cap is $5.29 billion. The firm’s 50-day moving average price is $33.18 and its 200 day moving average price is $31.67.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.04. GoDaddy had a negative net margin of 1.26% and a negative return on equity of 3.30%. The business earned $456.20 million during the quarter, compared to analyst estimates of $450.51 million. During the same quarter in the previous year, the firm posted ($0.46) earnings per share. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. Analysts forecast that GoDaddy will post ($0.04) earnings per share for the current fiscal year.

In other news, insider Barbara J. Rechterman sold 39,000 shares of GoDaddy stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $33.89, for a total transaction of $1,321,710.00. Following the transaction, the insider now owns 69,650 shares in the company, valued at $2,360,438.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Scott Wagner sold 8,000 shares of GoDaddy stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $29.42, for a total transaction of $235,360.00. Following the transaction, the chief financial officer now owns 9,250 shares in the company, valued at approximately $272,135. The disclosure for this sale can be found here. Insiders own 25.70% of the company’s stock.

Several institutional investors have recently modified their holdings of GDDY. Independent Portfolio Consultants Inc. raised its position in shares of GoDaddy by 12.0% in the second quarter. Independent Portfolio Consultants Inc. now owns 3,965 shares of the company’s stock worth $124,000 after buying an additional 425 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of GoDaddy during the first quarter worth approximately $963,000. Granahan Investment Management Inc. MA acquired a new position in shares of GoDaddy during the first quarter worth approximately $7,024,000. HBK Investments L P acquired a new position in shares of GoDaddy during the first quarter worth approximately $1,345,000. Finally, Wellington Management Group LLP raised its position in shares of GoDaddy by 266.8% in the first quarter. Wellington Management Group LLP now owns 776,803 shares of the company’s stock worth $25,114,000 after buying an additional 565,022 shares during the period.

About GoDaddy

GoDaddy Inc is a technology provider to small businesses, Web design professionals and individuals. The Company delivers cloud-based products and personalized customer care. The Company operates a domain marketplace, where its customers can find the digital real estate that matches their idea. It provides Website building, hosting and security tools to help customers construct and protect online presence.

5 Day Chart for NYSE:GDDY

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