GoDaddy (NYSE:GDDY) Shares Down 6.9% – Here’s What Happened

GoDaddy Inc. (NYSE:GDDY) shares traded down 6.9% on Tuesday . The stock traded as low as $93.80 and last traded at $94.3180. 556,038 shares were traded during trading, a decline of 75% from the average session volume of 2,254,857 shares. The stock had previously closed at $101.31.

Analysts Set New Price Targets

A number of brokerages have issued reports on GDDY. Raymond James Financial cut shares of GoDaddy from a “strong-buy” rating to an “outperform” rating and set a $100.00 target price on the stock. in a report on Friday, July 31st. B. Riley Financial lowered their target price on GoDaddy from $190.00 to $170.00 and set a “buy” rating for the company in a report on Friday, July 31st. Citigroup dropped their price target on GoDaddy from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Cantor Fitzgerald reissued a “neutral” rating and issued a $90.00 price target on shares of GoDaddy in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. reduced their price objective on GoDaddy from $154.00 to $124.00 and set an “overweight” rating for the company in a research report on Thursday, June 18th. Nine research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, GoDaddy presently has a consensus rating of “Hold” and an average target price of $110.07.

GoDaddy Price Performance

The company has a debt-to-equity ratio of 561.10, a quick ratio of 0.63 and a current ratio of 0.63. The business’s 50 day simple moving average is $94.16 and its 200-day simple moving average is $88.03. The stock has a market capitalization of $11.83 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 0.83 and a beta of 0.94.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings results on Thursday, July 30th. The technology company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.69 by $0.14. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. GoDaddy had a net margin of 17.83% and a return on equity of 660.96%. GoDaddy’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.41 earnings per share. Research analysts anticipate that GoDaddy Inc. will post 7.21 earnings per share for the current year.

Insider Transactions at GoDaddy

In related news, CFO Mark McCaffrey sold 5,873 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $100.91, for a total value of $592,644.43. Following the sale, the chief financial officer directly owned 99,855 shares in the company, valued at $10,076,368.05. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Leah Sweet sold 325 shares of GoDaddy stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $97.44, for a total value of $31,668.00. Following the sale, the director directly owned 13,689 shares in the company, valued at $1,333,856.16. The trade was a 2.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 26,858 shares of company stock worth $2,593,081 over the last quarter. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

A number of hedge funds and other institutional investors have recently modified their holdings of GDDY. Coldstream Capital Management Inc. grew its position in GoDaddy by 4.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 1,887 shares of the technology company’s stock valued at $258,000 after buying an additional 86 shares in the last quarter. Main Street Financial Solutions LLC lifted its stake in shares of GoDaddy by 1.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 12,136 shares of the technology company’s stock worth $2,185,000 after acquiring an additional 119 shares during the period. Lido Advisors LLC lifted its stake in shares of GoDaddy by 6.2% in the 4th quarter. Lido Advisors LLC now owns 2,083 shares of the technology company’s stock worth $283,000 after acquiring an additional 121 shares during the period. Vontobel Holding Ltd. boosted its holdings in shares of GoDaddy by 2.0% in the fourth quarter. Vontobel Holding Ltd. now owns 6,859 shares of the technology company’s stock valued at $851,000 after acquiring an additional 134 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of GoDaddy by 3.5% in the first quarter. Sequoia Financial Advisors LLC now owns 4,318 shares of the technology company’s stock valued at $357,000 after acquiring an additional 147 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors.

About GoDaddy

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.