GoDaddy (NYSE:GDDY) Shares Up 5.4% – What’s Next?

GoDaddy Inc. (NYSE:GDDY)’s share price shot up 5.4% during mid-day trading on Tuesday . The company traded as high as $97.44 and last traded at $97.3660. 71,042 shares changed hands during trading, a decline of 97% from the average session volume of 2,304,788 shares. The stock had previously closed at $92.37.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GDDY shares. Raymond James Financial cut shares of GoDaddy from a “strong-buy” rating to an “outperform” rating and set a $100.00 price objective on the stock. in a research note on Friday, July 31st. Citigroup cut their target price on shares of GoDaddy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $90.00 target price on shares of GoDaddy in a report on Friday, July 31st. Piper Sandler reiterated a “neutral” rating and issued a $95.00 price target (up from $93.00) on shares of GoDaddy in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft cut shares of GoDaddy to a “buy” rating in a research note on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $110.33.

GoDaddy Price Performance

The firm has a 50 day moving average price of $88.42 and a 200 day moving average price of $87.51. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 561.10. The stock has a market cap of $12.28 billion, a P/E ratio of 14.38, a P/E/G ratio of 0.86 and a beta of 0.90.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings data on Thursday, July 30th. The technology company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.14. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. GoDaddy had a return on equity of 660.96% and a net margin of 17.83%.The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.41 EPS. On average, analysts forecast that GoDaddy Inc. will post 7.21 EPS for the current fiscal year.

Insider Activity

In other GoDaddy news, CFO Mark Mccaffrey sold 3,958 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total value of $355,665.88. Following the completion of the transaction, the chief financial officer directly owned 109,228 shares in the company, valued at $9,815,228.08. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the transaction, the chief executive officer owned 521,747 shares of the company’s stock, valued at approximately $46,884,185.42. The trade was a 1.58% decrease in their ownership of the stock. 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. Insiders sold 23,484 shares of company stock worth $2,059,489 over the last ninety days. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

A number of hedge funds have recently made changes to their positions in GDDY. Coldstream Capital Management Inc. boosted its position in shares of GoDaddy by 4.8% during the third quarter. Coldstream Capital Management Inc. now owns 1,887 shares of the technology company’s stock worth $258,000 after acquiring an additional 86 shares during the last quarter. Main Street Financial Solutions LLC lifted its position in GoDaddy by 1.0% in the second quarter. Main Street Financial Solutions LLC now owns 12,136 shares of the technology company’s stock worth $2,185,000 after buying an additional 119 shares during the last quarter. Lido Advisors LLC lifted its position in GoDaddy by 6.2% in the fourth quarter. Lido Advisors LLC now owns 2,083 shares of the technology company’s stock worth $283,000 after buying an additional 121 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in GoDaddy by 2.0% during the fourth quarter. Vontobel Holding Ltd. now owns 6,859 shares of the technology company’s stock worth $851,000 after buying an additional 134 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its stake in GoDaddy by 3.5% during the first quarter. Sequoia Financial Advisors LLC now owns 4,318 shares of the technology company’s stock worth $357,000 after buying an additional 147 shares during the period. Institutional investors own 90.28% of the company’s stock.

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.