Royal Bank of Canada Forecasts Strong Price Appreciation for GoDaddy (NYSE:GDDY) Stock

GoDaddy (NYSE:GDDY) had its target price increased by Royal Bank of Canada from $175.00 to $190.00 in a research note published on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the technology company’s stock.

GDDY has been the subject of several other reports. B. Riley upped their price objective on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird upped their price target on GoDaddy from $190.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Benchmark lifted their price objective on GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Barclays upped their target price on GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a report on Wednesday, September 25th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $170.00 price target on shares of GoDaddy in a report on Monday, October 7th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $171.38.

GoDaddy Trading Up 1.3 %

Shares of GDDY stock opened at $165.51 on Friday. The business has a 50-day moving average of $159.21 and a 200 day moving average of $147.76. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.48. GoDaddy has a 1-year low of $84.78 and a 1-year high of $171.93. The stock has a market capitalization of $23.33 billion, a PE ratio of 12.79 and a beta of 1.11.

GoDaddy (NYSE:GDDY) last issued its earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.07. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the business earned $0.89 earnings per share. The business’s revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts anticipate that GoDaddy will post 5.09 earnings per share for the current year.

Insider Activity

In related news, Director Sigal Zarmi sold 400 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $157.61, for a total value of $63,044.00. Following the transaction, the director now owns 4,661 shares in the company, valued at $734,620.21. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Nick Daddario sold 684 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $157.23, for a total value of $107,545.32. Following the transaction, the chief accounting officer now owns 17,704 shares in the company, valued at $2,783,599.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sigal Zarmi sold 400 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $157.61, for a total transaction of $63,044.00. Following the completion of the transaction, the director now directly owns 4,661 shares in the company, valued at approximately $734,620.21. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,744 shares of company stock worth $4,089,571 over the last three months. 0.61% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its holdings in GoDaddy by 94.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,655,994 shares of the technology company’s stock worth $433,895,000 after purchasing an additional 1,775,708 shares during the period. Kodai Capital Management LP purchased a new position in shares of GoDaddy during the 1st quarter valued at about $75,855,000. Federated Hermes Inc. lifted its position in shares of GoDaddy by 35.6% during the 2nd quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock valued at $209,743,000 after buying an additional 394,399 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in shares of GoDaddy by 2,279.5% during the 3rd quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock valued at $62,908,000 after acquiring an additional 384,386 shares during the period. Finally, Vanguard Group Inc. increased its holdings in GoDaddy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 14,733,764 shares of the technology company’s stock worth $1,748,603,000 after acquiring an additional 379,228 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors.

GoDaddy Company Profile

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.