GoDaddy Price Target Increased by JPMorgan Chase & Co.

GoDaddy (NYSE:GDDY) saw its target price raised significantly by analysts at JPMorgan Chase & Co., who adjusted it from $175.00 to $224.00 in a research note released on Wednesday. This adjustment places an "overweight" rating on the stock, reflecting positive expectations for GoDaddy's future performance. The new target price suggests a potential upside of 7.61% based on the company’s previous closing price.

Market Reactions

The rise in GoDaddy's target price comes as no surprise to those monitoring the web development sector, especially following the company's recent growth in revenue attributed to its artificial intelligence offerings. Analysts across the board have been actively reviewing their positions in GoDaddy, with varying perspectives.

• Recent Actions from Other Analysts

Piper Sandler also raised their price target from $172.00 to $176.00 while maintaining a "neutral" rating on October 31. Meanwhile, Cantor Fitzgerald reaffirmed a "neutral" rating but set a price objective of $170.00 on GoDaddy stock earlier in October. Royal Bank of Canada increased their price target to $230.00 from a previous $190.00 with an "outperform" rating. Robert W. Baird and Jefferies Financial Group have also increased their projections, with Baird moving from $200.00 to $225.00 and Jefferies moving from $170.00 to $200.00, both giving ratings of "outperform" and "buy," respectively.

Overall, research analysts are showing strong support for the stock, with five recommending a hold rating, ten giving it a buy rating, and one analyst designating it as a strong buy. Current data indicates an average rating of "Moderate Buy" for GoDaddy along with a consensus price target of $181.57, based on assessments from MarketBeat.

Current Stock Performance

On the day of analysis, GoDaddy stock opened at $208.15. The company’s performance shows a 50-day simple moving average of $173.43 and a 200-day simple moving average of $157.12. GoDaddy has a market capitalization of $29.22 billion and a price-to-earnings (P/E) ratio of 16.09, reflecting moderate volatility with a beta of 1.15. The stock's one-year range has varied between $99.90 and $208.71, indicating significant growth over the past year.

Recent Earnings Insights

The company recently reported its quarterly earnings on October 30, where it recorded an EPS of $1.32, exceeding the consensus estimate of $1.25. The report also showed a net margin of 41.74% and an impressive return on equity of 267.29%. GoDaddy's revenue for the specified quarter reached $1.15 billion, surpassing analyst predictions of $1.14 billion, marking a 7.3% year-over-year increase.

Insider Activities

In terms of insider trading, CFO Mark McCaffrey sold 5,500 shares of GoDaddy’s stock at $155.60 each on October 1, amounting to a total transaction of $855,800. This sale resulted in a 5.58% reduction in his holdings, leaving him with 93,102 shares valued at approximately $14.49 million. Additionally, CEO Amanpal Singh Bhutani sold 3,000 shares during the same transaction period, decreasing his ownership by 0.85% after selling at the same price point, which now leaves him with 348,956 shares valued at around $54.30 million.

Institutional Investor Actions

Recent activities by institutional investors show that various funds have made adjustments to their holdings in GoDaddy. For instance, Cetera Investment Advisers increased its stake in GoDaddy shares by 365.9% during the first quarter. Other notable increases come from Cetera Advisors and Park Avenue Securities as they increased their positions by 16.0% and 32.2% respectively in subsequent quarters.

Overview of GoDaddy

GoDaddy Inc. is known for its innovative cloud-based products that cater to customers in the United States and globally. The company operates through two main segments: Applications and Commerce, and Core Platform, offering a range of services including website development tools, e-commerce solutions, and marketing services.

GoDaddy, Stock, Analysts