GoDaddy (NYSE:GDDY) Reaches New 1-Year High – Here’s Why

GoDaddy Inc. (NYSE:GDDY) hit a new 52-week high during trading on Wednesday . The company traded as high as $172.14 and last traded at $172.12, with a volume of 4553 shares changing hands. The stock had previously closed at $167.63.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Barclays increased their price target on GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 25th. Piper Sandler increased their target price on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. B. Riley raised their price target on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $170.00 price objective on shares of GoDaddy in a research report on Monday, October 7th. Finally, Benchmark raised their target price on shares of GoDaddy from $186.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, GoDaddy has an average rating of “Moderate Buy” and a consensus price target of $171.38.

GoDaddy Trading Up 0.3 %

The stock has a market cap of $25.07 billion, a P/E ratio of 13.76 and a beta of 1.11. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. The business’s 50 day simple moving average is $159.75 and its two-hundred day simple moving average is $148.49.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. GoDaddy’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. As a group, analysts expect that GoDaddy Inc. will post 4.95 EPS for the current year.

Insider Activity at GoDaddy

In other GoDaddy news, CAO Nick Daddario sold 684 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $157.23, for a total value of $107,545.32. Following the completion of the transaction, the chief accounting officer now directly owns 17,704 shares in the company, valued at approximately $2,783,599.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $167.79, for a total value of $503,370.00. Following the sale, the chief executive officer now directly owns 345,956 shares in the company, valued at $58,047,957.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Nick Daddario sold 684 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $157.23, for a total transaction of $107,545.32. Following the transaction, the chief accounting officer now owns 17,704 shares of the company’s stock, valued at approximately $2,783,599.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,344 shares of company stock worth $4,529,897 in the last quarter. 0.61% of the stock is owned by insiders.

Institutional Investors Weigh In On GoDaddy

Large investors have recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new stake in GoDaddy during the third quarter valued at $27,000. Transcendent Capital Group LLC acquired a new stake in GoDaddy during the second quarter worth approximately $28,000. ORG Wealth Partners LLC bought a new stake in GoDaddy in the third quarter worth approximately $30,000. ORG Partners LLC acquired a new position in GoDaddy in the second quarter valued at approximately $32,000. Finally, International Assets Investment Management LLC acquired a new position in GoDaddy in the second quarter valued at approximately $36,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.

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.