JPMorgan Chase & Co. Boosts GoDaddy (NYSE:GDDY) Price Target to $240.00

GoDaddy (NYSE:GDDY) had its price objective hoisted by JPMorgan Chase & Co. from $231.00 to $240.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 31.61% from the company’s previous close.

Other research analysts have also issued reports about the stock. StockNews.com raised shares of GoDaddy from a “hold” rating to a “buy” rating in a report on Monday. Raymond James upped their price objective on GoDaddy from $185.00 to $230.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 21st. Jefferies Financial Group decreased their target price on GoDaddy from $200.00 to $185.00 and set a “hold” rating for the company in a research report on Monday, April 7th. Barclays dropped their price target on GoDaddy from $243.00 to $235.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Royal Bank of Canada decreased their price objective on shares of GoDaddy from $230.00 to $225.00 and set an “outperform” rating for the company in a report on Friday. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $214.86.

GoDaddy Stock Up 3.5 %

Shares of NYSE GDDY opened at $182.36 on Tuesday. The company has a debt-to-equity ratio of 5.46, a quick ratio of 0.56 and a current ratio of 0.72. GoDaddy has a 1 year low of $124.83 and a 1 year high of $216.00. The stock’s 50-day simple moving average is $176.54 and its 200-day simple moving average is $187.64. The firm has a market cap of $25.78 billion, a price-to-earnings ratio of 28.27 and a beta of 1.13.

GoDaddy (NYSE:GDDY) last announced its earnings results on Thursday, May 1st. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.08). The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.19 billion. GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.76 earnings per share. As a group, equities analysts anticipate that GoDaddy will post 6.63 earnings per share for the current fiscal year.

Insider Buying and Selling at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $180.66, for a total transaction of $541,980.00. Following the completion of the sale, the chief executive officer now directly owns 505,649 shares of the company’s stock, valued at $91,350,548.34. This represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brian Sharples sold 500 shares of GoDaddy stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $180.66, for a total value of $90,330.00. Following the completion of the transaction, the director now directly owns 22,121 shares in the company, valued at $3,996,379.86. This represents a 2.21 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 56,500 shares of company stock valued at $10,244,835. 0.61% of the stock is owned by insiders.

Institutional Investors Weigh In On GoDaddy

Hedge funds have recently bought and sold shares of the business. Barclays PLC increased its holdings in shares of GoDaddy by 28.7% in the 3rd quarter. Barclays PLC now owns 447,425 shares of the technology company’s stock valued at $70,147,000 after purchasing an additional 99,734 shares during the period. Franklin Resources Inc. increased its stake in GoDaddy by 10.2% in the 3rd quarter. Franklin Resources Inc. now owns 417,902 shares of the technology company’s stock valued at $68,565,000 after buying an additional 38,511 shares during the period. Principal Financial Group Inc. lifted its position in GoDaddy by 3.4% in the 3rd quarter. Principal Financial Group Inc. now owns 198,058 shares of the technology company’s stock worth $31,052,000 after buying an additional 6,424 shares in the last quarter. Versant Capital Management Inc acquired a new stake in shares of GoDaddy during the 4th quarter valued at $43,000. Finally, Nordea Investment Management AB grew its holdings in shares of GoDaddy by 2.4% during the 4th quarter. Nordea Investment Management AB now owns 12,804 shares of the technology company’s stock valued at $2,530,000 after acquiring an additional 303 shares in 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.