Piper Jaffray Believes GoDaddy (NYSE: GDDY) Still Has Room to Grow

By Carrie Williams

Piper Jaffray analyst Samuel Kemp reiterated a Buy rating on GoDaddy (NYSE: GDDY) today and set a price target of $50. The company’s shares opened today at $39.30, close to its 52-week high of $40.27.

According to TipRanks.com, Kemp is a 4-star analyst with an average return of 25.5% and a 73.1% success rate. Kemp covers the Technology sector, focusing on stocks such as IAC/InterActiveCorp, Facebook Inc, and Alphabet Inc.

Currently, the analyst consensus on GoDaddy is Strong Buy and the average price target is $46, representing a 17.0% upside.

In a report issued on May 2, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $46 price target.

Based on GoDaddy’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $490 million and quarterly net profit of $600K. In comparison, last year the company earned revenue of $434 million and had a GAAP net loss of $10.5 million.

Based on the recent corporate insider activity of 122 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Kkr 2006 Fund L.P., a Major Shareholder at GDDY sold 5,311,591 shares for a total of $119,155,533.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.