GoDaddyNYSE: GDDY

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GoDaddy is quietly building a strong business, highlighted by growth across the top- and bottom lines. As the U.S. economy continues to add jobs in a post-COVID environment, I see GoDaddy as a major beneficiary.

TEMPE, Ariz. , June 27, 2024 /PRNewswire/ -- The board of directors of GoDaddy Inc. (NYSE: GDDY) unanimously elected Graham Smith as a new independent director effective June 26, 2024.

I believe GoDaddy Inc.'s valuation at approximately 15x forward free cash flow offers a positive risk-reward opportunity. Despite carrying over $3 billion in net debt, GoDaddy's strategic initiatives and product innovations position it well for future growth. The company's focus on enhancing customer experiences and simplifying tasks for entrepreneurs drives strong performance, particularly in the Applications and Commerce segment.

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GoDaddy's free cash flow is soaring as its customers adopt more products and services. Nice's customers are transitioning to the cloud, which is a higher-margin revenue source.

GoDaddy (NYSE: GDDY ) stock is a hot topic on Monday as investors learn that the company is going to join the S&P 500 later this month. Shares of GDDY stock are set to join the S&P 500 on June 24, 2024.

They are replacing Illumina and Comerica. Both GoDaddy and CrowdStrike have seen big stock gains in 2024.

Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.