GoDaddy Inc. (NYSE:GDDY – Get Rating) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 3,090,000 shares, an increase of 12.4% from the August 15th total of 2,750,000 shares. Approximately 2.0% of the company's shares are short sold. Based on an average trading volume of 910,400 shares, the short-interest ratio is currently 3.4 days.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the company. Raymond James reduced their target price on GoDaddy from $108.00 to $100.00 and set a "strong-buy" rating on the stock in a report on Thursday, August 4th. Morgan Stanley upped their target price on GoDaddy from $91.00 to $93.00 and gave the stock an "equal weight" rating in a report on Thursday, August 4th. Barclays upped their target price on GoDaddy from $104.00 to $107.00 and gave the stock an "overweight" rating in a report on Thursday, August 4th. Jefferies Financial Group reduced their target price on GoDaddy from $110.00 to $100.00 in a report on Tuesday, May 31st. Finally, Evercore ISI upped their price target on GoDaddy to $91.00 in a research note on Tuesday, August 9th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $100.75.
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Insider Activity
In other GoDaddy news, CFO Mark Mccaffrey sold 2,700 shares of the company's stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $73.56, for a total transaction of $198,612.00. Following the completion of the transaction, the chief financial officer now owns 82,250 shares of the company's stock, valued at approximately $6,050,310. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other GoDaddy news, CFO Mark Mccaffrey sold 2,700 shares of the company's stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $73.56, for a total transaction of $198,612.00. Following the completion of the transaction, the chief financial officer now owns 82,250 shares of the company's stock, valued at approximately $6,050,310. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michele Lau sold 7,274 shares of the company's stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $73.88, for a total value of $537,403.12. Following the transaction, the insider now directly owns 63,009 shares of the company's stock, valued at approximately $4,655,104.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,431 shares of company stock valued at $1,613,907. Insiders own 0.37% of the company's stock.
Hedge Funds Weigh In On GoDaddy
Several hedge funds and other institutional investors have recently modified their holdings of GDDY. CAPROCK Group Inc. raised its holdings in GoDaddy by 4.9% in the 1st quarter. CAPROCK Group Inc. now owns 3,686 shares of the technology company's stock worth $309,000 after purchasing an additional 172 shares during the period. Quadrant Capital Group LLC raised its holdings in GoDaddy by 23.3% in the 1st quarter. Quadrant Capital Group LLC now owns 947 shares of the technology company's stock worth $79,000 after purchasing an additional 179 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its holdings in GoDaddy by 3.9% in the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,279 shares of the technology company's stock worth $367,000 after purchasing an additional 200 shares during the period. Wetherby Asset Management Inc. raised its holdings in GoDaddy by 3.3% in the 4th quarter. Wetherby Asset Management Inc. now owns 6,232 shares of the technology company's stock worth $529,000 after purchasing an additional 202 shares during the period. Finally, Tobam raised its holdings in GoDaddy by 31.7% in the 1st quarter. Tobam now owns 872 shares of the technology company's stock worth $73,000 after purchasing an additional 210 shares during the period. 96.50% of the stock is owned by institutional investors.
GoDaddy Stock Performance
GoDaddy stock opened at $75.43 on Wednesday. The company has a market capitalization of $11.82 billion, a P/E ratio of 36.44 and a beta of 0.93. GoDaddy has a twelve month low of $64.81 and a twelve month high of $88.32. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 46.37. The stock's 50 day moving average is $76.40 and its 200 day moving average is $76.58.
GoDaddy (NYSE:GDDY – Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The technology company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. The business had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.02 billion. GoDaddy had a negative return on equity of 147.44% and a net margin of 8.58%. On average, equities research analysts predict that GoDaddy will post 2.2 earnings per share for the current fiscal year.
GoDaddy Company Profile
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GoDaddy Inc engages in the design and development of cloud-based technology products 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. It also offers shared Website hosting products that provide various applications and products, such as web analytics, Secure Sockets Layer certificates, and WordPress; Website hosting on virtual private servers and virtual dedicated servers products, which allows customers to select the server configuration suited for their applications, requirements, and growth; managed hosting products to set up, monitor, maintain, secure, and patch software and servers for customers; and security products, a suite of tools designed to help secure customers' online presence.
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