GoDaddy Inc’s subsidiary, GoDaddy Registry, has acquired the .club and .design domain extensions along with 28 other domain extensions and additional business assets from Minds + Machines Group (MMX). The consideration for select assets acquired is $120 million, but the financial terms for the .club and .design acquisition were not disclosed.
GoDaddy (GDDY) Registry Vice President and General Manager, Nicolai Bezsonoff, said, “GoDaddy Registry is committed to making more meaningful, memorable domain extensions available to all registrars, so their customers can find the perfect domain names for their business, brand or big idea.”
Bezsonoff also noted, “All three acquisitions support our growth strategy in unique ways by expanding our portfolio of generic, geo-targeted, and vertically-focused top-level domains.” (See GoDaddy stock analysis on TipRanks)
GoDaddy Registry also received contracts to manage the .basketball and .rugby extensions along with the Ally Financial branded .ally domain.
Along with .club and .design, the total acquired domains also include descriptive domain extensions that cater to specific customer needs. These include location-based domains such as .miami and lifestyle, business and niche domains like .vip, .fashion, .yoga and .cooking.
Additionally, the company has been selected to support the market launch of .basketball and .rugby domains by ROAR leadership.
Recently, Rosenblatt Securities analyst Mark Zgutowicz reiterated a Buy rating on the stock and increased the price target to $120 (44.6% upside potential) from $100.
Zgutowicz commented, “With organic revenue expected to accelerate for the first time in 3 years and payments monetization just around the corner, there is a lot to be excited for the shares.”
The consensus among analysts is that GoDaddy is a Strong Buy, based on 8 Buys and 1 Hold. The average analyst price target of $104.89 implies an upside potential of 26.4%. Shares have gained about 41.1% over the past year.
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