Godaddy (NYSE:GDDY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm presently has a $89.00 price target on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.81% from the stock’s previous close.
According to Zacks, “GoDaddy continues to ride on its well-performing product segments. Growing adoption of its domain products continues to drive its top-line growth. Further, robust feature engagements and strong GoCentral are driving growth in its Hosting and Presence segment. Moreover, increasing subscription of GoCentral remains a major positive. Additionally, GoDaddy’s partnership with Microsoft for Office365 and growing momentum of Open-Xchange in emerging markets are likely to continue accelerate revenues within its Business Applications unit. We believe the company’s investment in products, technology platform and customer care, as well as offering highly personalized products and services globally are likely to drive shareholder value. Notably, the stock has outperformed the industry it belongs to over a year. However, the company’s heavy debt burden continues to be an overhang. Also, rising expenses and intensifying competition are risks.”
Several other research firms have also recently issued reports on GDDY. Citigroup boosted their price objective on shares of Godaddy from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, February 21st. Morgan Stanley boosted their price objective on shares of Godaddy from $88.00 to $94.00 and gave the company an “overweight” rating in a research report on Thursday, February 21st. Barclays boosted their price objective on shares of Godaddy from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Thursday, February 21st. Piper Jaffray Companies reissued an “overweight” rating and issued a $97.00 price objective on shares of Godaddy in a research report on Thursday, February 21st. They noted that the move was a valuation call. Finally, TheStreet raised shares of Godaddy from a “c+” rating to a “b” rating in a research report on Thursday, February 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Godaddy currently has a consensus rating of “Buy” and an average target price of $84.83.
Shares of GDDY stock traded down $1.63 during trading hours on Wednesday, reaching $77.52. 26,375 shares of the stock were exchanged, compared to its average volume of 1,468,891. Godaddy has a 12-month low of $56.67 and a 12-month high of $84.97. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.90. The stock has a market cap of $13.94 billion, a PE ratio of 123.05, a P/E/G ratio of 5.70 and a beta of 0.65.
Godaddy (NYSE:GDDY) last released its quarterly earnings data on Wednesday, February 20th. The technology company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.15. The company had revenue of $696.00 million during the quarter, compared to analysts’ expectations of $693.41 million. Godaddy had a net margin of 2.90% and a return on equity of 11.91%. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 EPS. Sell-side analysts forecast that Godaddy will post 0.82 EPS for the current year.
In other news, CRO Ah Kee Andrew Low sold 8,610 shares of the company’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $75.14, for a total value of $646,955.40. Following the completion of the sale, the executive now owns 52,654 shares of the company’s stock, valued at approximately $3,956,421.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rebecca Morrow sold 633 shares of the company’s stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $75.14, for a total transaction of $47,563.62. Following the completion of the sale, the chief accounting officer now directly owns 8,079 shares of the company’s stock, valued at approximately $607,056.06. The disclosure for this sale can be found here. Insiders sold a total of 310,290 shares of company stock valued at $22,880,878 in the last ninety days. Corporate insiders own 7.63% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Flinton Capital Management LLC bought a new position in shares of Godaddy during the 4th quarter worth approximately $27,000. Csenge Advisory Group bought a new position in shares of Godaddy during the 3rd quarter worth approximately $62,000. Parallel Advisors LLC raised its stake in shares of Godaddy by 15.8% during the 4th quarter. Parallel Advisors LLC now owns 1,516 shares of the technology company’s stock worth $99,000 after acquiring an additional 207 shares in the last quarter. TD Asset Management Inc. raised its stake in shares of Godaddy by 24.5% during the 4th quarter. TD Asset Management Inc. now owns 3,284 shares of the technology company’s stock worth $215,000 after acquiring an additional 646 shares in the last quarter. Finally, Vident Investment Advisory LLC bought a new position in shares of Godaddy during the 3rd quarter worth approximately $288,000. 98.63% of the stock is owned by hedge funds and other institutional investors.
GoDaddy Inc designs and develops cloud-based technology products for small businesses, Web design professionals, and individuals in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity; and hosting products, including shared Website hosting, Website hosting on virtual private servers and virtual dedicated servers, managed hosting, and security.
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