Analyst Price Target Update on GoDaddy Inc.
Shares gained 10.7% to $30.38 at 10 a.m.in New York, after reaching $30.60, the highest Intraday price since June 25. Piper Jaffray reissued an “overweight” rating and issued a $36.00 price objective on shares of Godaddy in a report on Tuesday, July 28th.
The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. Several Street analysts weighed in on the stock after its quarterly results. Deutsche Bank presently has a buy rating on the stock.
The Oppenheimer’s target price would indicate a potential upside of 20.36% from the company’s close price. The business is a technology provider to small businesses, Web design individuals and professionals, delivering cloud-established products and outcome-driven, personalized Customer Care.
“GoDaddy has been able to leverage its size and brand awareness as it has expanded into European and Latin American markets”, said Brian Essex, a Morgan Stanley analyst, in a report.
The target price could hit $37 on the higher end and $30 on the lower end. Bookings rose 14.1% Y/Y to $475.6M, putting them soundly above revenue of $411.1M (+15.2%). A total of 4,000 shares were purchased at an average price of $26.05.
On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, Kelpy Matthew B., officer (Chief Accounting Officer) of Godaddy Inc., executed a transaction worth $104,200 on August 11, 2015. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the company.
The third quarter saw revenue growth across its domains, hosting and presence, and business applications segments.
GoDaddy Inc. operates a Web domain name market, godaddy.com. It’s designed and developed a pair of cloud-based technology products which empower its customers to set up a presence that was digital, link with their clients and manage their business operations. “GoDaddy plans to roll out its localized core offerings in these geographies, including domains, hosting, website building and email productivity tools, starting in Q1 2016″.