Godaddy (GDDY) Upgraded by Citigroup to “Buy”

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Godaddy (NYSE:GDDY) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat reports.

Several other analysts also recently weighed in on the company. Wedbush reaffirmed a “neutral” rating and set a $85.00 target price on shares of Godaddy in a research note on Thursday, September 13th. Zacks Investment Research raised Godaddy from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a research note on Monday, October 1st. TheStreet raised Godaddy from a “c+” rating to a “b-” rating in a research note on Friday, August 24th. Barclays lifted their target price on Godaddy from $77.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, July 23rd. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and set a $90.00 target price on shares of Godaddy in a research note on Friday, July 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $77.60.

NYSE:GDDY opened at $75.44 on Thursday. Godaddy has a 12-month low of $43.40 and a 12-month high of $84.97. The company has a market cap of $14.37 billion, a P/E ratio of 179.62, a P/E/G ratio of 8.93 and a beta of 0.63. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 3.56.

Godaddy (NYSE:GDDY) last released its quarterly earnings data on Thursday, August 2nd. The technology company reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.03. Godaddy had a return on equity of 8.78% and a net margin of 5.83%. The business had revenue of $652.00 million during the quarter, compared to analyst estimates of $643.59 million. During the same quarter in the previous year, the firm posted $0.10 EPS. The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. Equities analysts expect that Godaddy will post 0.55 EPS for the current fiscal year.

In other news, Director Robert R. Parsons sold 3,890,942 shares of the business’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $75.61, for a total value of $294,194,124.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Brian Sharples sold 1,200 shares of the business’s stock in a transaction on Thursday, October 4th. The stock was sold at an average price of $81.94, for a total value of $98,328.00. Following the completion of the sale, the director now directly owns 14,982 shares in the company, valued at approximately $1,227,625.08. The disclosure for this sale can be found here. Insiders sold a total of 7,800,557 shares of company stock worth $590,768,080 in the last three months. Company insiders own 7.63% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of GDDY. LS Investment Advisors LLC bought a new stake in shares of Godaddy in the 2nd quarter worth $138,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Godaddy during the second quarter worth $169,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Godaddy during the second quarter worth $189,000. Redpoint Investment Management Pty Ltd acquired a new stake in shares of Godaddy during the second quarter worth $221,000. Finally, First Republic Investment Management Inc. acquired a new stake in shares of Godaddy during the second quarter worth $229,000. 93.61% of the stock is currently owned by institutional investors.

About Godaddy

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

Further Reading: Intrinsic Value and Stock Selection

Analyst Recommendations for Godaddy (NYSE:GDDY)

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