GoDaddy (NYSE:GDDY) Stock Price Down 0.9% – Here’s What Happened

Shares of GoDaddy Inc. (NYSE:GDDY) dropped 0.9% during mid-day trading on Friday . The stock traded as low as $207.03 and last traded at $207.03. Approximately 107,974 shares traded hands during trading, a decline of 93% from the average daily volume of 1,457,319 shares. The stock had previously closed at $208.91.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of GoDaddy from $175.00 to $224.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. B. Riley raised their target price on GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. StockNews.com downgraded GoDaddy from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Benchmark increased their price objective on shares of GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $230.00 target price (up from $190.00) on shares of GoDaddy in a research note on Wednesday, December 4th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $181.57.

GoDaddy Price Performance

The firm has a market cap of $29.02 billion, a P/E ratio of 16.00 and a beta of 1.15. The company has a debt-to-equity ratio of 10.61, a current ratio of 0.56 and a quick ratio of 0.56. The company has a fifty day moving average of $179.62 and a 200-day moving average of $159.82.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings data on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the company posted $0.89 EPS. The business’s quarterly revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts anticipate that GoDaddy Inc. will post 4.96 EPS for the current fiscal year.

Insider Activity at GoDaddy

In other news, COO Roger Chen sold 1,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $152.17, for a total value of $152,170.00. Following the completion of the sale, the chief operating officer now directly owns 187,632 shares in the company, valued at $28,551,961.44. This represents a 0.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Phontip Palitwanon sold 1,554 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $203.90, for a total transaction of $316,860.60. Following the transaction, the chief accounting officer now owns 21,505 shares of the company’s stock, valued at approximately $4,384,869.50. This represents a 6.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,503 shares of company stock valued at $4,102,853 in the last three months. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. grew its holdings in GoDaddy by 35.6% in the 2nd quarter. Federated Hermes Inc. now owns 1,501,277 shares of the technology company’s stock valued at $209,743,000 after buying an additional 394,399 shares in the last quarter. Wedge Capital Management L L P NC lifted its holdings in GoDaddy by 2,279.5% during the 3rd quarter. Wedge Capital Management L L P NC now owns 401,249 shares of the technology company’s stock worth $62,908,000 after buying an additional 384,386 shares in the last quarter. Mizuho Securities USA LLC boosted its position in GoDaddy by 3,227.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 361,710 shares of the technology company’s stock valued at $56,709,000 after buying an additional 350,839 shares during the period. FMR LLC raised its stake in shares of GoDaddy by 19.8% in the third quarter. FMR LLC now owns 1,660,283 shares of the technology company’s stock valued at $260,299,000 after acquiring an additional 274,014 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in GoDaddy by 37.7% in the second quarter. Dimensional Fund Advisors LP now owns 861,066 shares of the technology company’s stock valued at $120,305,000 after purchasing an additional 235,934 shares during the period. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Company Profile

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.