GoDaddy (NYSE:GDDY) Now Covered by Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of GoDaddy (NYSE:GDDY) in a research note issued on Thursday. The brokerage set a “neutral” rating and a $93.00 price target on the technology company’s stock. Piper Sandler’s target price indicates a potential upside of 6.26% from the stock’s current price.

Several other analysts have also weighed in on the stock. Morgan Stanley lowered their target price on shares of GoDaddy from $159.00 to $145.00 and set an “equal weight” rating for the company in a research note on Thursday, January 15th. Wells Fargo & Company reduced their price target on shares of GoDaddy from $145.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of GoDaddy in a research note on Wednesday, January 28th. Evercore set a $95.00 target price on GoDaddy in a report on Wednesday, February 25th. Finally, Benchmark cut their price target on GoDaddy from $240.00 to $210.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, GoDaddy has a consensus rating of “Moderate Buy” and an average target price of $125.57.

GoDaddy Stock Up 1.1%

GoDaddy stock traded up $0.99 during midday trading on Thursday, hitting $87.53. The stock had a trading volume of 111,794 shares, compared to its average volume of 2,182,835. The business has a fifty day moving average price of $99.07 and a 200 day moving average price of $121.73. GoDaddy has a 12 month low of $73.06 and a 12 month high of $193.55. The stock has a market cap of $11.67 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.82 and a beta of 0.96. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 17.50.

GoDaddy (NYSE:GDDY) last released its earnings results on Tuesday, February 24th. The technology company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.22. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. GoDaddy had a return on equity of 369.00% and a net margin of 17.67%.GoDaddy’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.36 EPS. Research analysts predict that GoDaddy will post 6.63 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Mark Mccaffrey sold 17,406 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $88.99, for a total transaction of $1,548,959.94. Following the completion of the transaction, the chief financial officer directly owned 113,003 shares in the company, valued at approximately $10,056,136.97. The trade was a 13.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Phontip Palitwanon sold 1,310 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $90.15, for a total value of $118,096.50. Following the completion of the sale, the chief accounting officer owned 20,349 shares in the company, valued at approximately $1,834,462.35. This represents a 6.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 61,918 shares of company stock valued at $5,500,469. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

A number of institutional investors have recently added to or reduced their stakes in GDDY. Norges Bank bought a new position in GoDaddy during the 4th quarter valued at $250,020,000. AQR Capital Management LLC lifted its holdings in shares of GoDaddy by 117.5% in the fourth quarter. AQR Capital Management LLC now owns 2,989,931 shares of the technology company’s stock valued at $370,991,000 after buying an additional 1,615,005 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of GoDaddy by 47.0% in the third quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock valued at $483,360,000 after buying an additional 1,128,646 shares during the period. Qube Research & Technologies Ltd boosted its stake in GoDaddy by 2,289.5% during the second quarter. Qube Research & Technologies Ltd now owns 873,626 shares of the technology company’s stock valued at $157,305,000 after buying an additional 837,065 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in GoDaddy by 99.7% during the third quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company’s stock valued at $223,183,000 after buying an additional 814,360 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

GoDaddy Company Profile

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.