GoDaddy Receives Price Target Upgrade from JPMorgan Chase

GoDaddy (NYSE:GDDY) has seen a significant upgrade in its target price from JPMorgan Chase & Co. The investment bank increased its target from $175.00 to $224.00, asserting an "overweight" rating in a research note published on Wednesday. This new target suggests a potential upside of 7.61% from the stock's last closing price.

Analysts Reactions

The upgrade by JPMorgan was not an isolated incident, as several other financial analysts have also evaluated GoDaddy's stock recently. Piper Sandler raised its price target from $172.00 to $176.00 and maintained a "neutral" rating. Cantor Fitzgerald echoed this sentiment with a "neutral" rating while setting a price target of $170.00. Meanwhile, the Royal Bank of Canada elevated its price target from $190.00 to $230.00, categorizing the stock as "outperform". Additionally, Robert W. Baird adjusted its price objective from $200.00 to $225.00, also granting an "outperform" rating. Jefferies Financial Group joined the chorus, upping its target from $170.00 to $200.00, with a "buy" rating attached. Overall, five analysts rate the stock as a hold, ten as a buy, and one as a strong buy, leading to an average rating of "Moderate Buy" and a consensus price target of $181.57.

GoDaddy Stock Overview

On Wednesday, GoDaddy's shares opened at $208.15. The stock has demonstrated a 50-day simple moving average of $173.43 and a 200-day simple moving average of $157.12. With a market capitalization of $29.22 billion, GoDaddy has a price-to-earnings ratio of 16.09, and it has fluctuated between a yearly low of $99.90 and a high of $208.71. In terms of financial health, the company exhibits a debt-to-equity ratio of 10.61, as well as current and quick ratios both standing at 0.56.

Recent Earnings Report

GoDaddy's latest quarterly earnings report, released on October 30th, revealed an earnings per share (EPS) of $1.32, which exceeded analysts' expectations of $1.25 by $0.07. The company reported a net margin of 41.74% and a remarkable return on equity of 267.29%, with quarterly revenue of $1.15 billion surpassing forecasts of $1.14 billion. Compared to the previous year, the revenue marked a 7.3% increase.

Insider Trading Activity

In related news, CFO Mark McCaffrey sold 5,500 shares at an average price of $155.60 on October 1st, receiving a total of $855,800 from the sale. After this transaction, he still holds 93,102 shares valued at approximately $14.49 million. CEO Amanpal Singh Bhutani also sold 3,000 shares on the same day. Following that transaction, he now retains a total of 348,956 shares valued at about $54.30 million. Over the last quarter, insiders sold a total of 24,925 shares valued at $4.24 million.

Institutional Investments

A significant portion of GoDaddy's shares are owned by institutional investors, who manage 90.28% of the company's stock. Recent changes in holdings include Cetera Investment Advisers, which boosted its position by 365.9% during the first quarter. Other firms, such as Cetera Advisors LLC and Park Avenue Securities LLC, have also increased their holdings during the same time frame.

Company Overview

GoDaddy Inc. specializes in the design and development of cloud-based products for customers both in the United States and internationally. It operates through two primary segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment offers products that enable customers to build websites and e-commerce platforms, as well as various marketing tools to engage clients and promote content.

GoDaddy, Stocks, Investment