GoDaddy (NYSE:GDDY) Raised to “Hold” at Piper Sandler

GoDaddy (NYSE:GDDY) was upgraded by Piper Sandler to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

GDDY has been the subject of several other research reports. Jefferies Financial Group cut their price target on GoDaddy from $140.00 to $100.00 and set a “hold” rating for the company in a report on Monday, February 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of GoDaddy in a report on Wednesday, January 28th. UBS Group decreased their price target on shares of GoDaddy from $145.00 to $105.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 25th. Wells Fargo & Company cut their price objective on shares of GoDaddy from $145.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. Finally, Royal Bank Of Canada lowered their target price on GoDaddy from $200.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, GoDaddy currently has an average rating of “Moderate Buy” and a consensus price target of $125.57.

GoDaddy Price Performance

GoDaddy stock opened at $81.18 on Wednesday. The business’s 50-day simple moving average is $97.46 and its 200 day simple moving average is $120.99. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 17.50. The stock has a market cap of $10.83 billion, a price-to-earnings ratio of 13.03, a P/E/G ratio of 0.74 and a beta of 0.96. GoDaddy has a 12-month low of $73.06 and a 12-month high of $193.55.

GoDaddy (NYSE:GDDY) last issued its earnings results on Tuesday, February 24th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.22. GoDaddy had a net margin of 17.67% and a return on equity of 369.00%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm earned $1.36 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, research analysts anticipate that GoDaddy will post 6.63 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Leah Sweet sold 650 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $86.86, for a total transaction of $56,459.00. Following the transaction, the director directly owned 11,414 shares of the company’s stock, valued at $991,420.04. This represents a 5.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amanpal Singh Bhutani sold 34,148 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total value of $3,038,830.52. Following the completion of the transaction, the chief executive officer owned 530,120 shares in the company, valued at approximately $47,175,378.80. This represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 61,918 shares of company stock worth $5,500,469. 0.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GDDY. Hemington Wealth Management grew its stake in shares of GoDaddy by 85.9% during the 3rd quarter. Hemington Wealth Management now owns 184 shares of the technology company’s stock worth $25,000 after acquiring an additional 85 shares during the period. Rachor Investment Advisory Services LLC bought a new position in shares of GoDaddy in the 4th quarter worth $25,000. Activest Wealth Management raised its position in shares of GoDaddy by 6,600.0% during the 4th quarter. Activest Wealth Management now owns 201 shares of the technology company’s stock valued at $25,000 after buying an additional 198 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of GoDaddy during the 4th quarter worth $25,000. Finally, Root Financial Partners LLC bought a new position in shares of GoDaddy during the 3rd quarter valued at about $31,000. 90.28% of the stock is owned by institutional investors.

About GoDaddy

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.