Morgan Stanley Issues Positive Forecast for GoDaddy (NYSE:GDDY) Stock Price

GoDaddy (NYSE:GDDY) had its target price increased by Morgan Stanley from $189.00 to $227.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

GDDY has been the topic of several other research reports. B. Riley raised their price target on GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Piper Sandler raised their target price on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Benchmark upped their price target on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Citigroup lifted their price objective on shares of GoDaddy from $240.00 to $251.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $230.00 price objective (up previously from $190.00) on shares of GoDaddy in a research note on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GoDaddy presently has an average rating of “Moderate Buy” and an average price target of $194.14.

GoDaddy Trading Up 0.3 %

Shares of GDDY opened at $193.46 on Monday. The firm has a market capitalization of $27.16 billion, a price-to-earnings ratio of 14.95 and a beta of 1.15. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. GoDaddy has a 1-year low of $103.64 and a 1-year high of $211.11. The company has a 50-day moving average of $196.82 and a 200 day moving average of $169.76.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The company’s revenue was up 7.3% on a year-over-year basis. On average, research analysts expect that GoDaddy will post 4.96 EPS for the current year.

Insider Buying and Selling

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $199.01, for a total transaction of $597,030.00. Following the sale, the chief executive officer now owns 333,153 shares in the company, valued at approximately $66,300,778.53. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Roger Chen sold 1,000 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $207.35, for a total value of $207,350.00. Following the completion of the transaction, the chief operating officer now directly owns 184,632 shares in the company, valued at $38,283,445.20. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,003 shares of company stock worth $4,462,363 in the last three months. Corporate insiders own 0.61% of the company’s stock.

Institutional Trading of GoDaddy

Several large investors have recently made changes to their positions in GDDY. State Street Corp raised its holdings in shares of GoDaddy by 2.2% during the third quarter. State Street Corp now owns 6,892,134 shares of the technology company’s stock worth $1,080,549,000 after purchasing an additional 147,105 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of GoDaddy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 3,423,622 shares of the technology company’s stock valued at $535,153,000 after buying an additional 84,550 shares during the last quarter. FMR LLC lifted its holdings in shares of GoDaddy by 19.8% in the 3rd quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock valued at $260,299,000 after buying an additional 274,014 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of GoDaddy by 17.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,368,693 shares of the technology company’s stock valued at $214,584,000 after buying an additional 203,909 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of GoDaddy by 37.7% in the second quarter. Dimensional Fund Advisors LP now owns 861,066 shares of the technology company’s stock worth $120,305,000 after buying an additional 235,934 shares during the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

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.