GoDaddy (NYSE:GDDY) Reaches New 12-Month High After Analyst Upgrade

GoDaddy Inc. (NYSE:GDDY)’s share price reached a new 52-week high during trading on Tuesday after Robert W. Baird raised their price target on the stock from $105.00 to $110.00. Robert W. Baird currently has an outperform rating on the stock. GoDaddy traded as high as $93.22 and last traded at $93.05, with a volume of 46960 shares changing hands. The stock had previously closed at $92.63.

Several other brokerages have also recently issued reports on GDDY. StockNews.com raised shares of GoDaddy from a “hold” rating to a “buy” rating in a research note on Friday, November 3rd. Oppenheimer began coverage on shares of GoDaddy in a report on Tuesday, October 17th. They issued a “market perform” rating for the company. Piper Sandler raised their target price on shares of GoDaddy from $84.00 to $100.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. Barclays cut their price target on GoDaddy from $98.00 to $95.00 and set an “overweight” rating for the company in a report on Friday, August 4th. Finally, UBS Group started coverage on GoDaddy in a research note on Friday, September 22nd. They set a “neutral” rating and a $80.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $94.45.

Insider Buying and Selling

In other news, CAO Nick Daddario sold 300 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $89.26, for a total value of $26,778.00. Following the sale, the chief accounting officer now directly owns 18,196 shares of the company’s stock, valued at approximately $1,624,174.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Nick Daddario sold 300 shares of the business’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $89.26, for a total value of $26,778.00. Following the sale, the chief accounting officer now owns 18,196 shares in the company, valued at approximately $1,624,174.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Roger Chen sold 11,125 shares of the firm’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $75.05, for a total value of $834,931.25. Following the transaction, the chief operating officer now owns 172,716 shares of the company’s stock, valued at $12,962,335.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,571 shares of company stock valued at $7,907,672. 0.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GoDaddy

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of GoDaddy by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 16,202,298 shares of the technology company’s stock worth $1,356,131,000 after purchasing an additional 107,949 shares during the last quarter. BlackRock Inc. raised its stake in GoDaddy by 23.6% in the second quarter. BlackRock Inc. now owns 10,522,511 shares of the technology company’s stock valued at $790,556,000 after buying an additional 2,010,233 shares in the last quarter. Starboard Value LP lifted its holdings in GoDaddy by 23.9% during the 4th quarter. Starboard Value LP now owns 10,233,055 shares of the technology company’s stock worth $765,637,000 after buying an additional 1,973,118 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of GoDaddy by 9.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 6,360,266 shares of the technology company’s stock worth $473,713,000 after acquiring an additional 561,614 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of GoDaddy by 517.4% in the 4th quarter. Morgan Stanley now owns 6,125,512 shares of the technology company’s stock valued at $458,311,000 after acquiring an additional 5,133,332 shares during the last quarter. Institutional investors and hedge funds own 95.03% of the company’s stock.

GoDaddy Stock Performance

The firm has a 50-day moving average price of $77.80 and a two-hundred day moving average price of $74.82. The firm has a market cap of $13.13 billion, a price-to-earnings ratio of 39.77 and a beta of 0.90.

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 hosting platform that allows customers to build and manage a faster and more secure WordPress site and offered with WooCommerce to sell online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business listings, and email and social media marketing designed to help businesses acquire and engage customers and create content.