GoDaddy (NYSE:GDDY) Sets New 52-Week High – Still a Buy?

GoDaddy Inc. (NYSE:GDDY)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $212.97 and last traded at $212.67, with a volume of 266068 shares. The stock had previously closed at $204.93.

Analysts Set New Price Targets

GDDY has been the subject of a number of research analyst reports. Piper Sandler upped their target price on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Jefferies Financial Group upped their price target on GoDaddy from $170.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Cantor Fitzgerald reissued a “neutral” rating and set a $170.00 price objective on shares of GoDaddy in a research note on Monday, October 7th. Benchmark boosted their target price on GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Morgan Stanley upped their target price on GoDaddy from $189.00 to $227.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, GoDaddy has a consensus rating of “Moderate Buy” and a consensus price target of $198.07.

GoDaddy Price Performance

The company’s 50-day simple moving average is $202.16 and its 200-day simple moving average is $174.74. The stock has a market capitalization of $29.85 billion, a price-to-earnings ratio of 16.50 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 (NYSE:GDDY) last posted its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.07. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. GoDaddy’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.89 earnings per share. Research analysts forecast that GoDaddy Inc. will post 4.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $167.79, for a total transaction of $503,370.00. Following the transaction, the chief executive officer now owns 345,956 shares in the company, valued at approximately $58,047,957.24. This represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Mccaffrey sold 480 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $201.29, for a total value of $96,619.20. Following the completion of the transaction, the chief financial officer now owns 83,254 shares in the company, valued at $16,758,197.66. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,483 shares of company stock valued at $4,759,553. 0.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GoDaddy

A number of institutional investors and hedge funds have recently bought and sold shares of GDDY. Susquehanna Fundamental Investments LLC bought a new position in shares of GoDaddy during the 2nd quarter valued at approximately $1,481,000. Ascent Group LLC bought a new stake in GoDaddy in the 2nd quarter valued at about $277,000. Creative Planning raised its stake in GoDaddy by 88.6% in the 2nd quarter. Creative Planning now owns 10,019 shares of the technology company’s stock valued at $1,400,000 after acquiring an additional 4,707 shares during the period. NewEdge Advisors LLC lifted its holdings in GoDaddy by 214.2% during the second quarter. NewEdge Advisors LLC now owns 9,105 shares of the technology company’s stock valued at $1,272,000 after purchasing an additional 6,207 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new position in GoDaddy during the second quarter worth about $245,000. 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.