GoDaddy (NYSE:GDDY) Stock Price Up 3.6% – Here’s What Happened

GoDaddy Inc. (NYSE:GDDY)’s stock price was up 3.6% on Thursday. The stock traded as high as $100.27 and last traded at $100.7530. Approximately 96,821 shares changed hands during trading, a decline of 96% from the average daily volume of 2,291,402 shares. The stock had previously closed at $97.21.

Analyst Ratings Changes

A number of research analysts have commented on GDDY shares. Weiss Ratings upgraded GoDaddy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. William Blair lowered shares of GoDaddy from an “outperform” rating to a “market perform” rating in a research note on Friday, July 31st. Raymond James Financial cut GoDaddy from a “strong-buy” rating to an “outperform” rating and set a $100.00 price target on the stock. in a research note on Friday, July 31st. Piper Sandler reiterated a “neutral” rating and set a $95.00 price objective (up from $93.00) on shares of GoDaddy in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. decreased their price target on GoDaddy from $154.00 to $124.00 and set an “overweight” rating for the company in a research note on Thursday, June 18th. Ten analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, GoDaddy has a consensus rating of “Hold” and an average price target of $110.69.

GoDaddy Trading Up 4.2%

The stock has a market cap of $12.83 billion, a P/E ratio of 15.00 and a beta of 0.94. The firm’s 50 day simple moving average is $96.64 and its two-hundred day simple moving average is $89.60. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 561.10.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings results on Thursday, July 30th. The technology company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.69 by $0.14. GoDaddy had a net margin of 17.83% and a return on equity of 660.96%. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the business posted $1.41 EPS. The company’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts predict that GoDaddy Inc. will post 7.23 earnings per share for the current fiscal year.

Insider Activity at GoDaddy

In other news, Director Sigal Zarmi sold 350 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.44, for a total transaction of $34,104.00. Following the sale, the director directly owned 8,283 shares in the company, valued at approximately $807,095.52. This represents a 4.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Phontip Palitwanon sold 2,261 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $91.81, for a total value of $207,582.41. Following the completion of the sale, the chief accounting officer directly owned 17,734 shares in the company, valued at approximately $1,628,158.54. This trade represents a 11.31% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 31,358 shares of company stock valued at $3,031,831. 0.93% of the stock is owned by insiders.

Hedge Funds Weigh In On GoDaddy

Several institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in shares of GoDaddy by 11.0% in the 4th quarter. JPMorgan Chase & Co. now owns 3,216,382 shares of the technology company’s stock worth $399,089,000 after acquiring an additional 319,515 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in GoDaddy by 2.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,821,379 shares of the technology company’s stock valued at $350,077,000 after purchasing an additional 56,086 shares during the period. WCM Investment Management LLC grew its position in GoDaddy by 1.0% in the 1st quarter. WCM Investment Management LLC now owns 3,314,456 shares of the technology company’s stock worth $270,924,000 after purchasing an additional 33,509 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of GoDaddy by 67.0% in the fourth quarter. Pacer Advisors Inc. now owns 1,256,998 shares of the technology company’s stock valued at $155,968,000 after purchasing an additional 504,374 shares during the period. Finally, Bank of America Corp DE grew its holdings in GoDaddy by 27.9% in the 1st quarter. Bank of America Corp DE now owns 1,383,615 shares of the technology company’s stock worth $114,383,000 after buying an additional 302,126 shares in the last quarter. Institutional investors own 90.28% of the company’s stock.

GoDaddy Company Profile

GoDaddy Inc (NYSE:GDDY) is a technology company that provides domain name registration and online services for individuals, entrepreneurs, and small businesses. Its platform enables customers to search for and manage domain names, establish an online presence, and build and maintain websites.

The company offers website and ecommerce tools, managed web hosting, business email, online marketing services, and website security products. GoDaddy also provides tools designed to help businesses manage digital content, customer engagement, appointments, payments, and other day-to-day online activities through an integrated platform.

Founded in 1997 as Jomax Technologies by entrepreneur Bob Parsons, the company later adopted the GoDaddy name and grew into a global provider of online services.