GoDaddy (NYSE:GDDY) Given New $200.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has reduced its price target for GoDaddy from $225.00 to $200.00, while maintaining an "outperform" rating, indicating a potential upside of 49.02% from the current price.
• GoDaddy has reported a quarterly revenue of $1.22 billion, with an earnings per share (EPS) of $1.41, surpassing analysts' expectations.
• Institutional investors hold a significant majority of GoDaddy's stock, with 90.28% ownership, reflecting strong interest from larger financial entities.

GoDaddy (NYSE:GDDY - Get Free Report) had its price target reduced by equities researchers at Royal Bank Of Canada from $225.00 to $200.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the technology company's stock. Royal Bank Of Canada's price target suggests a potential upside of 49.02% from the company's current price.

Several other equities research analysts have also weighed in on the company. JPMorgan Chase & Co. raised their target price on GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Barclays dropped their price objective on shares of GoDaddy from $235.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday. Benchmark restated a "buy" rating on shares of GoDaddy in a research note on Monday, April 28th. Citigroup lowered their price target on GoDaddy from $260.00 to $234.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Finally, Wall Street Zen downgraded shares of GoDaddy from a "buy" rating to a "hold" rating in a report on Tuesday, May 13th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $203.86.

GoDaddy Price Performance

Shares of GoDaddy stock traded down $16.04 during mid-day trading on Friday, reaching $134.21. 3,189,914 shares of the stock traded hands, compared to its average volume of 1,520,030. GoDaddy has a fifty-two week low of $133.23 and a fifty-two week high of $216.00. The stock has a market capitalization of $19.12 billion, a PE ratio of 25.80 and a beta of 1.08. The business has a 50-day moving average of $172.41 and a 200 day moving average of $180.34. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 18.91.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.34 by $0.07. GoDaddy had a return on equity of 211.09% and a net margin of 16.20%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the company posted $1.01 EPS. The company's quarterly revenue was up 8.3% on a year-over-year basis. On average, analysts predict that GoDaddy will post 6.63 EPS for the current year.

Insider Buying and Selling

In other news, CAO Phontip Palitwanon sold 2,173 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $177.87, for a total value of $386,511.51. Following the sale, the chief accounting officer directly owned 21,198 shares of the company's stock, valued at approximately $3,770,488.26. This trade represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Mccaffrey sold 3,317 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $179.81, for a total transaction of $596,429.77. Following the completion of the sale, the chief financial officer directly owned 74,084 shares of the company's stock, valued at approximately $13,321,044.04. This trade represents a 4.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,257 shares of company stock valued at $5,827,280 over the last 90 days. 0.61% of the stock is currently owned by insiders.

Institutional Trading of GoDaddy

Several large investors have recently made changes to their positions in GDDY. Cornerstone Planning Group LLC boosted its stake in GoDaddy by 123.4% in the first quarter. Cornerstone Planning Group LLC now owns 143 shares of the technology company's stock valued at $25,000 after acquiring an additional 79 shares during the last quarter. Bayforest Capital Ltd acquired a new position in shares of GoDaddy during the 2nd quarter worth about $26,000. Park Square Financial Group LLC bought a new stake in GoDaddy during the first quarter worth $27,000. NewSquare Capital LLC grew its holdings in GoDaddy by 170.9% during the second quarter. NewSquare Capital LLC now owns 149 shares of the technology company's stock worth $27,000 after purchasing an additional 94 shares during the period. Finally, Private Trust Co. NA raised its stake in GoDaddy by 591.3% in the 1st quarter. Private Trust Co. NA now owns 159 shares of the technology company's stock valued at $29,000 after acquiring an additional 136 shares during the period. Institutional investors own 90.28% of the company's stock.

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.

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