GoDaddy (NYSE:GDDY) Hits New 12-Month High – Here’s Why

GoDaddy Inc. (NYSE:GDDY) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $212.97 and last traded at $212.67, with a volume of 266068 shares traded. The stock had previously closed at $204.93.

Analyst Ratings Changes

GDDY has been the subject of several recent research reports. Citigroup increased their price objective on shares of GoDaddy from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. StockNews.com lowered GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $230.00 target price (up previously from $190.00) on shares of GoDaddy in a research report on Wednesday, December 4th. Raymond James increased their target price on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 21st. Finally, Robert W. Baird boosted their price target on GoDaddy from $200.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.07.

GoDaddy Price Performance

The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market cap of $30.02 billion, a price-to-earnings ratio of 16.46 and a beta of 1.15. The business’s 50-day moving average price is $200.75 and its two-hundred day moving average price is $173.54.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data 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 return on equity of 267.29% and a net margin of 41.74%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business posted $0.89 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, research analysts forecast that GoDaddy Inc. will post 4.96 EPS for the current fiscal year.

Insider Buying and Selling

In other GoDaddy news, CAO Phontip Palitwanon sold 770 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $196.64, for a total value of $151,412.80. Following the sale, the chief accounting officer now directly owns 23,059 shares in the company, valued at approximately $4,534,321.76. This trade represents a 3.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $167.79, for a total value of $503,370.00. Following the transaction, the chief executive officer now directly owns 345,956 shares in the company, valued at $58,047,957.24. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,483 shares of company stock worth $4,759,553 over the last ninety days. 0.61% of the stock is owned by insiders.

Hedge Funds Weigh In On GoDaddy

Large investors have recently made changes to their positions in the business. State Street Corp boosted its holdings in GoDaddy by 2.2% during the third quarter. State Street Corp now owns 6,892,134 shares of the technology company’s stock worth $1,080,549,000 after buying an additional 147,105 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of GoDaddy by 2.5% during the third quarter. Geode Capital Management LLC now owns 3,423,622 shares of the technology company’s stock valued at $535,153,000 after purchasing an additional 84,550 shares during the last quarter. WCM Investment Management LLC boosted its position in shares of GoDaddy by 7,083.4% in the 4th quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company’s stock valued at $678,941,000 after purchasing an additional 3,356,678 shares during the period. FMR LLC increased its stake in GoDaddy by 19.8% in the 3rd quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock worth $260,299,000 after purchasing an additional 274,014 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in GoDaddy by 17.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,368,693 shares of the technology company’s stock worth $214,584,000 after buying an additional 203,909 shares during the period. Institutional investors own 90.28% of the company’s stock.

About GoDaddy

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.