GoDaddy (NYSE:GDDY) Stock Price Up 5.6% – Should You Buy?

GoDaddy Inc. (NYSE:GDDY)’s stock price shot up 5.6% on Tuesday . The company traded as high as $90.00 and last traded at $90.4250. Approximately 229,985 shares were traded during trading, a decline of 90% from the average daily volume of 2,372,931 shares. The stock had previously closed at $85.61.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on GDDY shares. JPMorgan Chase & Co. cut their target price on GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Piper Sandler assumed coverage on GoDaddy in a research report on Thursday, March 12th. They set a “neutral” rating and a $93.00 price target for the company. UBS Group began coverage on GoDaddy in a research note on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 price objective for the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. Finally, Wells Fargo & Company increased their target price on GoDaddy from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.43.

GoDaddy Price Performance

The stock’s 50 day moving average is $84.94 and its two-hundred day moving average is $92.09. The stock has a market capitalization of $11.51 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 0.81 and a beta of 0.89. The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.07. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that GoDaddy Inc. will post 7.13 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Phontip Palitwanon sold 542 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $48,704.12. Following the completion of the transaction, the chief accounting officer owned 19,995 shares in the company, valued at approximately $1,796,750.70. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Mccaffrey sold 3,500 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $82.92, for a total value of $290,220.00. Following the completion of the transaction, the chief financial officer directly owned 105,728 shares in the company, valued at $8,766,965.76. This trade represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,751 shares of company stock valued at $1,480,228 in the last 90 days. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Ameriprise Financial Inc. lifted its stake in GoDaddy by 47.0% during the third quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock worth $483,360,000 after purchasing an additional 1,128,646 shares during the last quarter. WCM Investment Management LLC increased its stake in GoDaddy by 1.0% in the first quarter. WCM Investment Management LLC now owns 3,314,456 shares of the technology company’s stock valued at $270,924,000 after purchasing an additional 33,509 shares during the last quarter. JPMorgan Chase & Co. increased its stake in GoDaddy by 11.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,216,382 shares of the technology company’s stock valued at $399,089,000 after purchasing an additional 319,515 shares during the last quarter. AQR Capital Management LLC raised its holdings in GoDaddy by 117.5% during the fourth quarter. AQR Capital Management LLC now owns 2,989,931 shares of the technology company’s stock worth $370,991,000 after purchasing an additional 1,615,005 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of GoDaddy by 2.0% in 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 buying an additional 56,086 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

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.