Royal Bank of Canada Raises GoDaddy (NYSE:GDDY) Price Target to $145.00

GoDaddy (NYSE:GDDY) had its price objective boosted by Royal Bank of Canada from $124.00 to $145.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 17.28% from the company’s previous close.

GDDY has been the topic of a number of other research reports. Morgan Stanley raised their price objective on GoDaddy from $120.00 to $132.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Evercore ISI cut GoDaddy from an “outperform” rating to an “in-line” rating and upped their price target for the stock from $100.00 to $110.00 in a research note on Wednesday, February 14th. Raymond James began coverage on shares of GoDaddy in a research report on Wednesday, March 27th. They issued a “strong-buy” rating and a $150.00 target price on the stock. Robert W. Baird upped their price target on shares of GoDaddy from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Monday, March 25th. Finally, Barclays increased their price target on GoDaddy from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, GoDaddy has a consensus rating of “Moderate Buy” and a consensus price target of $141.64.

GoDaddy Price Performance

Shares of NYSE GDDY traded down $0.69 during mid-day trading on Friday, hitting $123.64. 2,259,179 shares of the stock traded hands, compared to its average volume of 1,466,443. The firm has a 50 day simple moving average of $119.81 and a two-hundred day simple moving average of $106.11. GoDaddy has a twelve month low of $67.43 and a twelve month high of $127.99. The company has a market cap of $17.62 billion, a PE ratio of 12.77 and a beta of 1.09. The company has a debt-to-equity ratio of 61.07, a current ratio of 0.47 and a quick ratio of 0.47.

GoDaddy (NYSE:GDDY) last announced its earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.05. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.10 billion. GoDaddy had a net margin of 32.74% and a negative return on equity of 89.25%. As a group, equities research analysts forecast that GoDaddy will post 4.93 EPS for the current fiscal year.

Insider Activity

In other news, COO Roger Chen sold 4,000 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $456,440.00. Following the completion of the sale, the chief operating officer now owns 208,632 shares in the company, valued at $23,806,997.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Nick Daddario sold 1,823 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $110.54, for a total value of $201,514.42. Following the sale, the chief accounting officer now owns 25,263 shares of the company’s stock, valued at approximately $2,792,572.02. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Roger Chen sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $114.11, for a total transaction of $456,440.00. Following the completion of the sale, the chief operating officer now directly owns 208,632 shares of the company’s stock, valued at approximately $23,806,997.52. The disclosure for this sale can be found here. Insiders sold 121,234 shares of company stock worth $13,534,946 in the last 90 days. 0.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GoDaddy

Institutional investors have recently modified their holdings of the company. Gulf International Bank UK Ltd increased its position in shares of GoDaddy by 0.9% during the 1st quarter. Gulf International Bank UK Ltd now owns 12,030 shares of the technology company’s stock valued at $1,427,000 after purchasing an additional 113 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in shares of GoDaddy by 3.9% in the 1st quarter. Sivia Capital Partners LLC now owns 3,023 shares of the technology company’s stock worth $359,000 after buying an additional 113 shares during the last quarter. Ingalls & Snyder LLC increased its stake in shares of GoDaddy by 0.3% in the 4th quarter. Ingalls & Snyder LLC now owns 41,923 shares of the technology company’s stock worth $4,451,000 after purchasing an additional 120 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of GoDaddy by 102.3% in the first quarter. GAMMA Investing LLC now owns 263 shares of the technology company’s stock worth $31,000 after purchasing an additional 133 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of GoDaddy by 7.6% during the third quarter. Parkside Financial Bank & Trust now owns 1,940 shares of the technology company’s stock valued at $144,000 after buying an additional 137 shares during the last quarter. 90.28% of the stock is owned by institutional investors.

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.