A federal jury in Delaware has ordered tech company GoDaddy (GDDY) to pay $170 million to Express Mobile for violating its patents related to website-building technology. The verdict, which was made public on Friday, found that GoDaddy’s website design tools infringed two of Express Mobile’s patents. In response, GoDaddy said that it strongly disagrees with the ruling and plans to “vigorously fight it” in court and through appeals if necessary.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
It’s worth noting that Express Mobile owns patents created by its founder, former IBM (IBM) engineer Steven Rempell. In addition, the company sued GoDaddy in 2019, claiming that the domain registrar’s website-building tools copied technology it had already patented. GoDaddy denied the claims and argued that the patents were invalid. It also pointed out that it had previously won a separate trial in 2023 over related allegations brought by Express Mobile.
This case is part of a pattern of patent disputes involving Express Mobile. In 2022, the company won a $40 million verdict against Shopify (SHOP) in a similar lawsuit, though that ruling was later overturned by a Delaware judge. Despite those setbacks, Express Mobile’s lawyer, Jay Nuttall, called the latest decision “an outstanding result” that highlights the importance and value of the company’s patented technology.
Is GDDY Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GDDY stock based on 11 Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average GDDY price target of $172.71 per share implies 31% upside potential.
