GoDaddy (NYSE:GDDY) Shares Up 5.6% – Time to Buy?

GoDaddy Inc. (NYSE:GDDY)’s share price was up 5.6% during trading on Tuesday . The stock traded as high as $90.00 and last traded at $90.4250. 229,985 shares traded hands during trading, a decline of 90% from the average session volume of 2,372,931 shares. The stock had previously closed at $85.61.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GDDY shares. Wells Fargo & Company boosted their target price on GoDaddy from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. UBS Group initiated coverage on shares of GoDaddy in a report on Tuesday, May 5th. They set a “neutral” rating and a $100.00 price objective for the company. Benchmark lowered their price objective on shares of GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, April 28th. Weiss Ratings restated a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. Finally, Piper Sandler initiated coverage on shares of GoDaddy in a research report on Thursday, March 12th. They issued a “neutral” rating and a $93.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $118.43.

GoDaddy Price Performance

The firm has a market capitalization of $12.00 billion, a PE ratio of 14.33, a PEG ratio of 0.80 and a beta of 0.89. The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a 50-day simple moving average of $84.83 and a 200-day simple moving average of $92.63.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the firm earned $1.51 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities analysts forecast that GoDaddy Inc. will post 7.13 earnings per share for the current year.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, Director Sigal Zarmi sold 350 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $87.84, for a total value of $30,744.00. Following the transaction, the director directly owned 5,708 shares in the company, valued at approximately $501,390.72. This trade represents a 5.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Phontip Palitwanon sold 542 shares of GoDaddy stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $48,704.12. Following the transaction, the chief accounting officer owned 19,995 shares in the company, valued at $1,796,750.70. This represents a 2.64% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 16,751 shares of company stock valued at $1,480,228. 0.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GoDaddy

A number of institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in GoDaddy during the fourth quarter valued at $250,020,000. AQR Capital Management LLC lifted its position in shares of GoDaddy by 117.5% during the 4th 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 in the last quarter. Ameriprise Financial Inc. grew its stake in shares of GoDaddy by 47.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock valued at $483,360,000 after acquiring an additional 1,128,646 shares during the period. Two Sigma Investments LP increased its holdings in GoDaddy by 99.7% in the 3rd quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company’s stock worth $223,183,000 after acquiring an additional 814,360 shares in the last quarter. Finally, Swedbank AB increased its holdings in GoDaddy by 433.9% in the 4th quarter. Swedbank AB now owns 645,754 shares of the technology company’s stock worth $80,125,000 after acquiring an additional 524,811 shares in the last quarter. 90.28% of the stock is owned by institutional investors.

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.