GoDaddy (NYSE:GDDY) Now Covered by Analysts at Piper Sandler

Piper Sandler started coverage on shares of GoDaddy (NYSE:GDDY) in a research report report published on Thursday, Marketbeat.com reports. The brokerage issued a neutral rating and a $93.00 price objective on the technology company’s stock.

A number of other brokerages have also recently weighed in on GDDY. Morgan Stanley lowered their price target on GoDaddy from $159.00 to $145.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 15th. Evercore set a $95.00 price objective on GoDaddy in a report on Wednesday, February 25th. Citigroup reduced their target price on shares of GoDaddy from $195.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. UBS Group lowered their target price on shares of GoDaddy from $145.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Finally, Jefferies Financial Group cut their price target on shares of GoDaddy from $140.00 to $100.00 and set a “hold” rating for the company in a report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, GoDaddy currently has a consensus rating of “Moderate Buy” and an average price target of $125.57.

GoDaddy Stock Down 6.6%

NYSE GDDY opened at $80.84 on Thursday. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 17.50. The stock’s 50 day moving average is $98.21 and its two-hundred day moving average is $121.44. The company has a market capitalization of $10.78 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 0.79 and a beta of 0.96. GoDaddy has a 1-year low of $73.06 and a 1-year high of $193.55.

GoDaddy (NYSE:GDDY) last released its quarterly earnings data on Tuesday, February 24th. The technology company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.22. GoDaddy had a return on equity of 369.00% and a net margin of 17.67%.The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the company posted $1.36 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. Equities analysts forecast that GoDaddy will post 6.63 earnings per share for the current fiscal year.

Insider Buying and Selling at GoDaddy

In related news, CFO Mark Mccaffrey sold 17,406 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $88.99, for a total value of $1,548,959.94. Following the transaction, the chief financial officer directly owned 113,003 shares in the company, valued at $10,056,136.97. This represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Leah Sweet sold 650 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $86.86, for a total transaction of $56,459.00. Following the completion of the transaction, the director directly owned 11,414 shares in the company, valued at approximately $991,420.04. The trade was a 5.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 61,918 shares of company stock valued at $5,500,469. 0.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GoDaddy

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in GoDaddy by 0.8% in the third quarter. Vanguard Group Inc. now owns 18,912,182 shares of the technology company’s stock valued at $2,587,754,000 after purchasing an additional 150,045 shares during the last quarter. Geode Capital Management LLC boosted its holdings in GoDaddy by 2.2% during the second quarter. Geode Capital Management LLC now owns 3,779,220 shares of the technology company’s stock worth $677,726,000 after buying an additional 81,623 shares during the last quarter. WCM Investment Management LLC boosted its holdings in GoDaddy by 1.8% during the third quarter. WCM Investment Management LLC now owns 3,736,821 shares of the technology company’s stock worth $529,395,000 after buying an additional 66,144 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of GoDaddy by 47.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock worth $483,360,000 after buying an additional 1,128,646 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of GoDaddy by 11.0% during the 4th quarter. JPMorgan Chase & Co. now owns 3,216,382 shares of the technology company’s stock worth $399,089,000 after buying an additional 319,515 shares during the period. 90.28% of the stock is owned by institutional investors and hedge funds.

About GoDaddy

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.