GoDaddy (NYSE:GDDY) Price Target Raised to $100.00

Key Points

• Cantor Fitzgerald raised GoDaddy’s price target from $90 to $100 while maintaining a “neutral” rating, implying 5.53% downside from the previous close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $111; nine analysts rate the stock a Buy, nine a Hold, and one a Sell.
• GoDaddy exceeded quarterly expectations, reporting $1.83 in earnings per share versus $1.69 expected and $1.30 billion in revenue, up 6.6% year over year. Insiders sold about $3.03 million of stock during the latest quarter, primarily under pre-arranged plans to cover tax obligations.

GoDaddy (NYSE:GDDY - Get Free Report) had its price target increased by equities research analysts at Cantor Fitzgerald from $90.00 to $100.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a "neutral" rating on the technology company's stock. Cantor Fitzgerald's price target indicates a potential downside of 5.53% from the stock's previous close.

GDDY has been the subject of several other research reports. Robert W. Baird upped their price target on shares of GoDaddy from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Friday, September 25th. Royal Bank Of Canada downgraded shares of GoDaddy from an "outperform" rating to a "sector perform" rating and set a $95.00 price objective on the stock. in a research report on Sunday, October 11th. Weiss Ratings upgraded shares of GoDaddy from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. William Blair lowered shares of GoDaddy from an "outperform" rating to a "market perform" rating in a research note on Friday, July 31st. Finally, Wedbush reduced their target price on shares of GoDaddy from $109.00 to $93.00 and set an "outperform" rating for the company in a report on Monday, August 3rd. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $111.00.

GoDaddy Trading Down 0.1%

GDDY opened at $105.86 on Monday. The firm has a market cap of $13.41 billion, a price-to-earnings ratio of 15.71 and a beta of 0.94. GoDaddy has a 52 week low of $71.59 and a 52 week high of $137.93. The business's 50 day moving average is $98.56 and its two-hundred day moving average is $90.70. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 561.10.

GoDaddy (NYSE:GDDY - Get Free Report) last issued 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 company had revenue of $1.30 billion during 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 firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 earnings per share. On average, research analysts predict that GoDaddy will post 7.23 EPS for the current year.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, CFO Mark McCaffrey sold 5,873 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $100.91, for a total value of $592,644.43. Following the completion of the transaction, the chief financial officer owned 99,855 shares in the company, valued at approximately $10,076,368.05. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Amanpal Bhutani sold 8,194 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $101.19, for a total transaction of $829,150.86. Following the completion of the transaction, the chief executive officer owned 504,553 shares of the company's stock, valued at $51,055,718.07. This represents a 1.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 31,358 shares of company stock valued at $3,031,831. Insiders own 0.93% of the company's stock.

Institutional Trading of GoDaddy

Institutional investors have recently bought and sold shares of the company. SteelPeak Wealth LLC acquired a new stake in shares of GoDaddy in the third quarter valued at approximately $218,000. IFP Advisors Inc lifted its stake in GoDaddy by 180.5% in the 3rd quarter. IFP Advisors Inc now owns 8,232 shares of the technology company's stock valued at $786,000 after buying an additional 5,297 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in GoDaddy during the 3rd quarter valued at $9,306,000. V Square Quantitative Management LLC grew its holdings in GoDaddy by 9.9% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,891 shares of the technology company's stock valued at $372,000 after buying an additional 349 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in GoDaddy by 24.2% during the third quarter. Assenagon Asset Management S.A. now owns 558,912 shares of the technology company's stock worth $53,382,000 after buying an additional 109,039 shares in the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

About GoDaddy

GoDaddy Inc NYSE: GDDY is a global technology company that provides online tools and services to entrepreneurs, small businesses and individuals. Its platform helps customers establish, manage and grow an online presence, with offerings that include domain-name registration, website hosting, website and online-store builders, professional email and digital marketing tools.

The company also provides services designed to support commerce and customer engagement, including e-commerce functionality, online appointment scheduling, payments and other business-management capabilities.

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