Morgan Stanley Raises GoDaddy (NYSE:GDDY) Price Target to $132.00

GoDaddy (NYSE:GDDY) had its price target hoisted by research analysts at Morgan Stanley from $120.00 to $132.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 10.52% from the stock’s previous close.

Several other equities analysts have also issued reports on GDDY. B. Riley upped their price target on GoDaddy from $124.00 to $142.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. TheStreet raised GoDaddy from a “c+” rating to a “b-” rating in a research note on Tuesday, November 21st. Evercore ISI lowered GoDaddy from an “outperform” rating to an “in-line” rating and upped their price target for the company from $100.00 to $110.00 in a research note on Wednesday, February 14th. Robert W. Baird upped their price target on GoDaddy from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, February 14th. Finally, StockNews.com upgraded GoDaddy from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 14th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.22.

GoDaddy Price Performance

NYSE:GDDY traded up $2.24 during trading hours on Thursday, reaching $119.43. The company had a trading volume of 1,392,939 shares, compared to its average volume of 1,611,471. The stock has a 50-day moving average of $110.23 and a two-hundred day moving average of $94.97. GoDaddy has a one year low of $67.43 and a one year high of $119.75. The firm has a market capitalization of $17.02 billion, a PE ratio of 12.47 and a beta of 1.12. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 61.07.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. GoDaddy had a negative return on equity of 89.25% and a net margin of 32.74%. Analysts forecast that GoDaddy will post 4.61 earnings per share for the current year.

Insiders Place Their Bets

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 8,687 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $991,273.57. Following the completion of the sale, the chief executive officer now directly owns 454,031 shares in the company, valued at $51,809,477.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Mark Mccaffrey sold 505 shares of the stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $102.47, for a total transaction of $51,747.35. Following the completion of the transaction, the chief financial officer now directly owns 77,158 shares in the company, valued at $7,906,380.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Amanpal Singh Bhutani sold 8,687 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $114.11, for a total value of $991,273.57. Following the transaction, the chief executive officer now owns 454,031 shares of the company’s stock, valued at $51,809,477.41. The disclosure for this sale can be found here. Insiders sold 118,615 shares of company stock worth $13,157,935 over the last ninety days. 0.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in GoDaddy during the fourth quarter valued at approximately $28,000. Achmea Investment Management B.V. acquired a new position in GoDaddy during the first quarter valued at approximately $31,000. Frazier Financial Advisors LLC acquired a new position in GoDaddy during the fourth quarter valued at approximately $33,000. Quent Capital LLC boosted its position in GoDaddy by 2,113.6% during the third quarter. Quent Capital LLC now owns 487 shares of the technology company’s stock valued at $36,000 after purchasing an additional 465 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in GoDaddy by 140.4% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 351 shares of the technology company’s stock valued at $37,000 after purchasing an additional 205 shares during the last quarter. 95.03% of the stock is currently owned by 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.