Godaddy (NYSE:GDDY) Shares Gap Up After Analyst Upgrade

Godaddy Inc (NYSE:GDDY) shares gapped up before the market opened on Friday after Barclays raised their price target on the stock from $89.00 to $90.00. The stock had previously closed at $75.51, but opened at $73.03. Barclays currently has an overweight rating on the stock. Godaddy shares last traded at $69.71, with a volume of 1,519,172 shares.

Several other analysts also recently issued reports on GDDY. Raymond James decreased their price target on Godaddy from $86.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. ValuEngine downgraded Godaddy from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Wedbush reiterated a “neutral” rating on shares of Godaddy in a research note on Monday. SunTrust Banks reiterated a “buy” rating and set a $90.00 price target on shares of Godaddy in a research note on Friday, November 1st. Finally, Piper Jaffray Companies decreased their price target on Godaddy from $92.00 to $91.00 and set an “overweight” rating for the company in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $88.63.

In related news, Director Brian Sharples sold 745 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $62.86, for a total transaction of $46,830.70. Following the completion of the sale, the director now owns 13,498 shares in the company, valued at approximately $848,484.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Raymond E. Winborne, Jr. sold 449 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $62.86, for a total value of $28,224.14. Following the sale, the chief financial officer now owns 87,885 shares of the company’s stock, valued at approximately $5,524,451.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,351 shares of company stock valued at $469,536. 12.64% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of GDDY. BlackRock Inc. raised its holdings in Godaddy by 23.7% in the 2nd quarter. BlackRock Inc. now owns 14,344,269 shares of the technology company’s stock valued at $1,006,251,000 after acquiring an additional 2,747,523 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Godaddy by 3,070.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,805,367 shares of the technology company’s stock valued at $196,797,000 after acquiring an additional 2,716,877 shares in the last quarter. Marshall Wace LLP raised its holdings in Godaddy by 1,989.7% in the 2nd quarter. Marshall Wace LLP now owns 1,878,596 shares of the technology company’s stock valued at $131,784,000 after acquiring an additional 1,788,699 shares in the last quarter. Eminence Capital LP acquired a new position in Godaddy in the 2nd quarter valued at approximately $103,895,000. Finally, Waddell & Reed Financial Inc. acquired a new position in Godaddy in the 2nd quarter valued at approximately $61,997,000. 96.95% of the stock is owned by hedge funds and other institutional investors.

The firm has a fifty day simple moving average of $64.48 and a 200 day simple moving average of $69.62. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 2.64. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 109.79, a PEG ratio of 9.25 and a beta of 0.68.

Godaddy (NYSE:GDDY) last posted its quarterly earnings results on Wednesday, November 6th. The technology company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. The firm had revenue of $760.50 million during the quarter, compared to analysts’ expectations of $761.04 million. Godaddy had a return on equity of 11.44% and a net margin of 1.98%. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.08 EPS. On average, equities analysts expect that Godaddy Inc will post 0.48 earnings per share for the current year.

About Godaddy (NYSE:GDDY)

GoDaddy Inc designs and develops cloud-based technology products for small businesses, Web design professionals, and individuals in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity; and hosting products, including shared Website hosting, Website hosting on virtual private servers and virtual dedicated servers, managed hosting, and security.

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