Wells Fargo & Company Initiates Coverage on GoDaddy (NYSE:GDDY)

Wells Fargo & Company initiated coverage on shares of GoDaddy (NYSE:GDDY) in a research report released on Monday, Marketbeat reports. The brokerage issued an equal weight rating and a $198.00 price target on the technology company’s stock.

A number of other equities analysts also recently commented on the stock. Raymond James boosted their target price on shares of GoDaddy from $185.00 to $230.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 21st. Citigroup boosted their price objective on shares of GoDaddy from $240.00 to $251.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. 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 note on Thursday, October 31st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $170.00 price target on shares of GoDaddy in a research report on Monday, October 7th. Finally, B. Riley raised their price objective on GoDaddy from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $198.07.

GoDaddy Trading Down 0.4 %

Shares of NYSE:GDDY opened at $209.64 on Monday. The company has a market capitalization of $29.43 billion, a PE ratio of 16.20 and a beta of 1.15. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 10.61. GoDaddy has a 12-month low of $107.92 and a 12-month high of $216.00. The business’s fifty day simple moving average is $203.64 and its 200-day simple moving average is $177.05.

Insider Buying and Selling

In other news, Director Brian Sharples sold 500 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $207.70, for a total value of $103,850.00. Following the sale, the director now owns 22,621 shares in the company, valued at $4,698,381.70. This represents a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $207.70, for a total transaction of $623,100.00. Following the transaction, the chief executive officer now directly owns 330,153 shares of the company’s stock, valued at approximately $68,572,778.10. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,983 shares of company stock valued at $4,983,133 over the last quarter. 0.61% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GoDaddy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new stake in shares of GoDaddy in the third quarter worth about $27,000. ORG Wealth Partners LLC acquired a new position in GoDaddy in the third quarter valued at approximately $30,000. Anchor Investment Management LLC purchased a new stake in GoDaddy in the 3rd quarter worth approximately $31,000. Versant Capital Management Inc acquired a new stake in shares of GoDaddy during the 4th quarter worth approximately $43,000. Finally, Friedenthal Financial purchased a new position in shares of GoDaddy during the 4th quarter valued at approximately $49,000. 90.28% of the stock is owned by institutional investors and hedge funds.

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.