B.Riley FBR analyst Sameet Sinha maintained a Buy rating on GoDaddy (GDDY) today and set a price target of $83. The company’s shares opened today at $61.64.
Sinha observed:
“We recently accompanied GoDaddy’s (GDDY) to investor meetings in Los Angeles. Although shares are down 26% from recent highs (vs. NASDAQ Composite at -16%), we believe there are multiple reasons to own the stock: 1) GDDY trades at 18.5x 2019 FCF which is almost in line with the takeout valuation of Web.com; 2) We expect an ARPU acceleration driven by product improvements, bundling, and penetration, which is the primary focus of the company’s conversational marketing initiatives; 3) GDDY has defensive characteristics in a volatile market; and 4) The company has the capacity to make another large, trajectory changing, accretive acquisition.”
According to TipRanks.com, Sinha is a 3-star analyst with an average return of 1.9% and a 46.4% success rate. Sinha covers the Technology sector, focusing on stocks such as Digital Turbine Inc, Limelight Networks, and Brightcove Inc.
Currently, the analyst consensus on GoDaddy is a Strong Buy with an average price target of $88.
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The company has a one-year high of $84.97 and a one-year low of $48.28. Currently, GoDaddy has an average volume of 1.77M.
Based on the recent corporate insider activity of 132 insiders, corporate insider sentiment is negative on the stock.
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GoDaddy, Inc. engages in the provision of domain name registration and web hosting services. It provides website building, hosting, and security tools. The company was founded by Robert R. Parsons on January 1997 and is headquartered in Scottsdale, AZ.
