Zacks Investment Research upgraded shares of Godaddy (NYSE:GDDY) from a sell rating to a hold rating in a 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.”

Several other research firms have also commented on GDDY. Jefferies Group lifted their price target on Godaddy from $55.00 to $58.00 and gave the stock a buy rating in a research report on Tuesday, November 7th. B. Riley reiterated a buy rating and issued a $53.00 price target on shares of Godaddy in a research report on Wednesday, January 3rd. Oppenheimer reiterated a buy rating on shares of Godaddy in a research report on Monday, November 20th. TheStreet upgraded Godaddy from a c- rating to a b- rating in a research report on Tuesday, November 7th. Finally, Wedbush started coverage on Godaddy in a research report on Friday, December 8th. They issued a neutral rating and a $52.00 price target for the company. Six analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $51.80.

Godaddy (NYSE GDDY) opened at $53.45 on Tuesday. The company has a market capitalization of $9,194.49, a PE ratio of 205.58, a P/E/G ratio of 5.78 and a beta of 0.72. Godaddy has a 12-month low of $34.58 and a 12-month 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.

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

In other news, CEO Blake Irving sold 50,000 shares of Godaddy stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $48.53, for a total transaction of $2,426,500.00. Following the completion of the sale, the chief executive officer now owns 53,106 shares of the company’s stock, valued at $2,577,234.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nima Kelly sold 699 shares of Godaddy stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $48.48, for a total transaction of $33,887.52. Following the sale, the executive vice president now directly owns 28,235 shares of the company’s stock, valued at approximately $1,368,832.80. The disclosure for this sale can be found here. In the last three months, insiders sold 7,793,121 shares of company stock valued at $368,837,243. 22.68% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Godaddy by 26.8% during the second quarter. Vanguard Group Inc. now owns 7,553,811 shares of the technology company’s stock valued at $320,434,000 after acquiring an additional 1,598,137 shares in the last quarter. Capital International Investors raised its stake in Godaddy by 628.1% in the third quarter. Capital International Investors now owns 3,715,574 shares of the technology company’s stock worth $161,665,000 after buying an additional 3,205,274 shares in the last quarter. BlackRock Inc. raised its stake in Godaddy by 33.1% in the second quarter. BlackRock Inc. now owns 2,773,646 shares of the technology company’s stock worth $117,659,000 after buying an additional 689,501 shares in the last quarter. First Trust Advisors LP raised its stake in Godaddy by 48.2% in the third quarter. First Trust Advisors LP now owns 2,634,529 shares of the technology company’s stock worth $114,628,000 after buying an additional 856,259 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Godaddy by 0.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,612,603 shares of the technology company’s stock worth $81,082,000 after buying an additional 14,245 shares in the last quarter. 84.66% of the stock is owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION WARNING: This piece of content was first reported by Watch List News and is the sole property of of Watch List News. If you are reading this piece of content on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this piece of content can be viewed at https://www.watchlistnews.com/zacks-investment-research-upgrades-godaddy-gddy-to-hold/1849667.html.

Godaddy Company Profile

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.

Get a free copy of the Zacks research report on Godaddy (GDDY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Godaddy (NYSE:GDDY)

Receive News & Ratings for Godaddy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Godaddy and related companies with MarketBeat.com's FREE daily email newsletter.