Benchmark Forecasts Strong Price Appreciation for GoDaddy (NYSE:GDDY) Stock

GoDaddy (NYSE:GDDY) had its price objective boosted by investment analysts at Benchmark from $200.00 to $230.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Benchmark’s price objective indicates a potential upside of 10.70% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Piper Sandler increased their target price on shares of GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Jefferies Financial Group raised their price objective on GoDaddy from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Wells Fargo & Company assumed coverage on GoDaddy in a research report on Monday, February 3rd. They set an “equal weight” rating and a $198.00 target price for the company. Robert W. Baird increased their price objective on shares of GoDaddy from $200.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, Morgan Stanley lifted their price target on GoDaddy from $189.00 to $227.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Six analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $200.53.

GoDaddy Stock Performance

Shares of GDDY stock traded up $0.25 on Thursday, hitting $207.78. The company’s stock had a trading volume of 206,822 shares, compared to its average volume of 1,103,693. GoDaddy has a fifty-two week low of $108.00 and a fifty-two week high of $216.00. The company has a market capitalization of $29.17 billion, a PE ratio of 16.06 and a beta of 1.15. The stock’s 50 day moving average is $204.60 and its 200-day moving average is $179.11. The company has a debt-to-equity ratio of 10.61, a quick ratio of 0.56 and a current ratio of 0.56.

Insider Buying and Selling

In related news, CEO Amanpal Singh Bhutani sold 3,000 shares of GoDaddy stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $197.77, for a total transaction of $593,310.00. Following the completion of the transaction, the chief executive officer now owns 342,956 shares of the company’s stock, valued at $67,826,408.12. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $183.80, for a total transaction of $183,800.00. Following the sale, the chief operating officer now directly owns 185,632 shares in the company, valued at $34,119,161.60. This trade represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,483 shares of company stock valued at $4,893,633 in the last three months. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. boosted its position in shares of GoDaddy by 3.4% during the 3rd quarter. Principal Financial Group Inc. now owns 198,058 shares of the technology company’s stock valued at $31,052,000 after purchasing an additional 6,424 shares in the last quarter. Highland Capital Management LLC acquired a new position in GoDaddy in the third quarter valued at approximately $1,132,000. CWA Asset Management Group LLC boosted its holdings in shares of GoDaddy by 29.2% during the 4th quarter. CWA Asset Management Group LLC now owns 16,071 shares of the technology company’s stock worth $3,172,000 after buying an additional 3,631 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of GoDaddy by 28.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 44,054 shares of the technology company’s stock valued at $6,907,000 after acquiring an additional 9,631 shares in the last quarter. Finally, Dai ichi Life Insurance Company Ltd lifted its position in shares of GoDaddy by 39.6% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 60,022 shares of the technology company’s stock valued at $9,410,000 after acquiring an additional 17,021 shares during the period. 90.28% of the stock is owned by institutional investors.

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.