Wedbush Reaffirms Neutral Rating for Godaddy (GDDY)

Wedbush restated their neutral rating on shares of Godaddy (NYSE:GDDY) in a research note released on Thursday morning, MarketBeat reports. They currently have a $85.00 target price on the technology company’s stock.

Several other brokerages have also issued reports on GDDY. TheStreet upgraded shares of Godaddy from a c+ rating to a b- rating in a research report on Friday, August 24th. Zacks Investment Research upgraded shares of Godaddy from a hold rating to a buy rating and set a $88.00 target price for the company in a research report on Wednesday, July 25th. Barclays boosted their target price on shares of Godaddy from $77.00 to $84.00 and gave the company an overweight rating in a research report on Monday, July 23rd. Piper Jaffray Companies restated an overweight rating and set a $90.00 target price on shares of Godaddy in a research report on Friday, July 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Godaddy to $80.00 and gave the company a neutral rating in a research report on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $77.00.

Shares of NYSE GDDY opened at $83.78 on Thursday. The company has a debt-to-equity ratio of 3.56, a current ratio of 0.73 and a quick ratio of 0.73. The company has a market cap of $14.29 billion, a P/E ratio of 267.58, a price-to-earnings-growth ratio of 8.89 and a beta of 0.63. Godaddy has a 12-month low of $42.54 and a 12-month high of $84.67.

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

In other Godaddy news, CFO Raymond E. Winborne, Jr. sold 50,000 shares of Godaddy stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $76.55, for a total transaction of $3,827,500.00. Following the transaction, the chief financial officer now owns 101,831 shares of the company’s stock, valued at $7,795,163.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Arne Josefsberg sold 45,000 shares of Godaddy stock in a transaction that occurred on Monday, June 25th. The shares were sold at an average price of $70.93, for a total transaction of $3,191,850.00. Following the transaction, the executive vice president now directly owns 28,348 shares in the company, valued at approximately $2,010,723.64. The disclosure for this sale can be found here. Insiders have sold 7,785,557 shares of company stock worth $588,964,102 in the last ninety days. Insiders own 7.63% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Public Employees Retirement Association of Colorado lifted its holdings in Godaddy by 4.2% during the second quarter. Public Employees Retirement Association of Colorado now owns 19,627 shares of the technology company’s stock valued at $1,386,000 after purchasing an additional 793 shares in the last quarter. Comerica Bank lifted its holdings in Godaddy by 16.9% during the second quarter. Comerica Bank now owns 5,832 shares of the technology company’s stock valued at $456,000 after purchasing an additional 842 shares in the last quarter. World Asset Management Inc lifted its holdings in Godaddy by 25.2% during the second quarter. World Asset Management Inc now owns 5,394 shares of the technology company’s stock valued at $381,000 after purchasing an additional 1,085 shares in the last quarter. Guggenheim Capital LLC lifted its holdings in shares of Godaddy by 7.1% in the first quarter. Guggenheim Capital LLC now owns 20,846 shares of the technology company’s stock worth $1,280,000 after buying an additional 1,390 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in shares of Godaddy by 10.5% in the first quarter. Great West Life Assurance Co. Can now owns 16,045 shares of the technology company’s stock worth $987,000 after buying an additional 1,526 shares in the last quarter. 93.62% of the stock is currently owned by institutional investors and hedge funds.

Godaddy Company Profile

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.

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