Zacks Investment Research upgraded shares of GoDaddy Inc. (NYSE:GDDY) from a hold rating to a buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $39.00 price objective on the stock.
According to Zacks, “GoDaddy, Inc. is engaged in the designing and development of cloud-based technology products for small businesses, Web design professionals and individuals. The Company’s products include domain, hosting and presence and business applications. GoDaddy, Inc. is headquartered in Scottsdale, Arizona. “
A number of other research analysts also recently weighed in on GDDY. Piper Jaffray Cos. set a $40.00 price target on GoDaddy and gave the company a buy rating in a research note on Monday, September 19th. Citigroup Inc. downgraded GoDaddy from a buy rating to a neutral rating and set a $35.00 price target for the company. in a research note on Tuesday, June 7th. Raymond James Financial Inc. assumed coverage on GoDaddy in a research note on Tuesday, June 14th. They issued an outperform rating and a $37.00 price target for the company. Summit Redstone assumed coverage on GoDaddy in a research note on Monday. They issued a buy rating and a $41.00 price target for the company. Finally, Deutsche Bank AG raised their price target on GoDaddy from $36.00 to $39.00 and gave the company a buy rating in a research note on Thursday, August 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the stock. GoDaddy presently has an average rating of Buy and a consensus target price of $37.54.
GoDaddy (NYSE:GDDY) traded down 0.81% during mid-day trading on Wednesday, hitting $34.44. 25,581 shares of the stock were exchanged. The company has a 50-day moving average price of $33.23 and a 200-day moving average price of $31.69. GoDaddy has a one year low of $23.88 and a one year high of $35.53. The company’s market cap is $5.25 billion.
GoDaddy (NYSE:GDDY) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.04. The firm had revenue of $456.20 million for the quarter, compared to the consensus estimate of $450.51 million. GoDaddy had a negative return on equity of 3.30% and a negative net margin of 1.26%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.46) earnings per share. On average, analysts predict that GoDaddy will post ($0.04) earnings per share for the current fiscal year.
In other GoDaddy news, CEO Blake Irving sold 37,500 shares of GoDaddy stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $33.09, for a total value of $1,240,875.00. Following the completion of the transaction, the chief executive officer now directly owns 38,809 shares of the company’s stock, valued at approximately $1,284,189.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Scott Wagner sold 8,000 shares of GoDaddy stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $28.86, for a total value of $230,880.00. Following the completion of the transaction, the chief operating officer now directly owns 9,309 shares of the company’s stock, valued at $268,657.74. The disclosure for this sale can be found here. Corporate insiders own 25.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Independent Portfolio Consultants Inc. boosted its position in shares of GoDaddy by 12.0% in the second quarter. Independent Portfolio Consultants Inc. now owns 3,965 shares of the company’s stock valued at $124,000 after buying an additional 425 shares in the last quarter. Nuveen Asset Management LLC bought a new position in shares of GoDaddy during the first quarter valued at $963,000. Granahan Investment Management Inc. MA bought a new position in shares of GoDaddy during the first quarter valued at $7,024,000. HBK Investments L P bought a new position in shares of GoDaddy during the first quarter valued at $1,345,000. Finally, Wellington Management Group LLP boosted its position in shares of GoDaddy by 266.8% in the first quarter. Wellington Management Group LLP now owns 776,803 shares of the company’s stock valued at $25,114,000 after buying an additional 565,022 shares in the last quarter.
GoDaddy Company Profile
GoDaddy Inc is a technology provider to small businesses, Web design professionals and individuals. The Company delivers cloud-based products and personalized customer care. The Company operates a domain marketplace, where its customers can find the digital real estate that matches their idea. It provides Website building, hosting and security tools to help customers construct and protect online presence.
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