Godaddy (GDDY) Upgraded by Zacks Investment Research to Hold

Godaddy (NYSE:GDDY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “GoDaddy's new mobile-optimized website builder, GoCentral, has been gaining momentum and will be contribute to the company's top line growth. In the past 12-months, the stock has outperformed the industry it belongs to. The company intends to release additional new GoCentral verticals, markets and features throughout 2017. Growth in customers, new products and contribution from HEG acquisition are the drivers of the revenue of the company. The company’s investment in products, technology platform and customer care, as well as offering innovative and increasingly personalized products and services globally will drive shareholder value. However, significant competition, heavy debt burden along with controversies surrounding the company will pose major challenges.”

A number of other equities analysts have also recently issued reports on the company. Barclays upped their price objective on Godaddy from $53.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, January 30th. Morgan Stanley upped their price objective on Godaddy from $56.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, January 30th. B. Riley reiterated a “buy” rating and issued a $53.00 price objective on shares of Godaddy in a report on Wednesday, January 3rd. JPMorgan Chase & Co. cut Godaddy from an “overweight” rating to a “neutral” rating and set a $54.00 price objective for the company. in a report on Tuesday, December 12th. Finally, Wedbush assumed coverage on Godaddy in a report on Friday, December 8th. They issued a “neutral” rating and a $52.00 price objective for the company. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Godaddy currently has an average rating of “Buy” and a consensus target price of $51.80.

Godaddy (GDDY) traded up $0.94 on Tuesday, hitting $53.45. The stock had a trading volume of 1,733,686 shares, compared to its average volume of 1,044,967. Godaddy has a 1 year low of $34.58 and a 1 year high of $56.20. The company has a debt-to-equity ratio of 5.15, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market cap of $9,194.49, a PE ratio of 202.55, a P/E/G ratio of 5.78 and a beta of 0.72.

Godaddy (NYSE:GDDY) last posted its quarterly earnings data on Monday, November 6th. The technology company reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. Godaddy had a return on equity of 7.89% and a net margin of 2.34%. research analysts expect that Godaddy will post 0.27 EPS for the current fiscal year.

In related news, SVP Auguste Goldman sold 8,000 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $48.62, for a total transaction of $388,960.00. Following the completion of the sale, the senior vice president now directly owns 13,491 shares in the company, valued at approximately $655,932.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Blake Irving sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $48.53, for a total value of $2,426,500.00. Following the transaction, the chief executive officer now directly owns 53,106 shares of the company’s stock, valued at approximately $2,577,234.18. The disclosure for this sale can be found here. Insiders have sold a total of 7,836,121 shares of company stock valued at $370,899,553 over the last 90 days. 22.68% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its position in Godaddy by 7.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,476 shares of the technology company’s stock valued at $232,000 after purchasing an additional 397 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in Godaddy by 49.3% during the 3rd quarter. Public Employees Retirement Association of Colorado now owns 3,675 shares of the technology company’s stock valued at $160,000 after purchasing an additional 1,213 shares during the last quarter. Aperio Group LLC raised its position in Godaddy by 23.3% during the 3rd quarter. Aperio Group LLC now owns 8,624 shares of the technology company’s stock valued at $375,000 after purchasing an additional 1,631 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Godaddy by 43.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,624 shares of the technology company’s stock valued at $333,000 after purchasing an additional 2,019 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in Godaddy by 37.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 9,283 shares of the technology company’s stock valued at $404,000 after purchasing an additional 2,546 shares during the last quarter. 84.66% of the stock is owned by institutional investors and hedge funds.

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About Godaddy

GoDaddy Inc is a technology provider to small businesses, Web design professionals and individuals. The Company delivers cloud-based products and personalized customer care. It operates a domain marketplace, where its customers can find the digital real estate that matches their idea. It provides Website building, hosting and security tools to help customers construct and protect online presence.

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