GoDaddy (NYSE: GDDY) hits 1-year low after analyst downgrade

Shares of GoDaddy Inc. (NYSE: GDDY – Get Rating) hit a new 52-week low in Friday’s trading after Piper Sandler cut its price target on the stock to $100.00 from $110.00. Piper Sandler currently has an Overweight rating on the stock. GoDaddy traded as low as $64.64 and was last traded at $65.78 on volume of 22,593 shares. The stock had previously closed at $72.65.

Several other research analysts have also released reports on the company. Barclays raised its price target on GoDaddy to $107.00 from $104.00 in a research note on Thursday, Aug. 4, with an “overweight” rating on the stock. Raymond James cut his price target on GoDaddy to $88.00 from $100.00 and gave the company a “strong buy” rating in a research note on Friday. StockNews.com hypothesized its coverage of GoDaddy in a research report on Wednesday, October 12. They have a “buy” rating on the company. Evercore ISI raised its price target on GoDaddy to $91.00 in a report on Tuesday, Aug. 9. Finally, Morgan Stanley raised its price target on GoDaddy to $93.00 from $91.00 in a report on Thursday, Aug. 4, with an “equal weight” rating on the stock. One research analyst has a hold rating on the stock, four have a buy rating and one has a strong buy rating on the company. The stock currently has an average Buy rating and an average price target of $97.86, according to MarketBeat.com.

Insider Trading at GoDaddy

In related news, CAO Nick Daddario sold 600 shares of the company in trading on Monday, August 15. The stock sold at an average price of $82.00 for a total value of $49,200.00. Following the transaction, the chief accounting officer now owns 15,608 shares of the company, valued at $1,279,856. The transaction was disclosed in an SEC filing, which is available via this hyperlink. In related news, CAO Nick Daddario sold 600 shares of the company in trading on Monday, August 15. The stock sold at an average price of $82.00 for a total value of $49,200.00. Following the transaction, the chief accounting officer now owns 15,608 shares of the company, valued at $1,279,856. The transaction was disclosed in an SEC filing, which is available via this hyperlink. In addition, Chief Financial Officer Mark McCcaffrey sold 2,700 shares of the company in trading on Wednesday, September 7. Shares sold at an average price of $73.56 for a total value of $198,612.00. Following the transaction, the CFO now owns 82,250 shares of the company, worth approximately $6,050,310. Disclosures for this sale can be found here. Last quarter, insiders sold 6,202 shares of the company, worth $464,040. Insiders own 0.37% of the company.

Hedge Funds Weigh GoDaddy

Hedge funds and other institutional investors have overweight or underweight the stock recently. Achmea Investment Management BV bought a new position in GoDaddy worth about $31,000 in the first quarter. IndexIQ Advisors LLC acquired a new stake in GoDaddy for about $37,000 in the first quarter. Wipfli Financial Advisors LLC acquired approximately $33,000 worth of new GoDaddy shares in the third quarter. Steward Partners Investment Advisory LLC increased its position in GoDaddy stock by 179.0% in the first quarter. Steward Partners Investment Advisory LLC purchased another 358 shares during this period and now owns 558 shares of the tech company’s stock, valued at $47,000. Finally, Truvestments Capital LLC acquired a new stake in GoDaddy in the second quarter for about $41,000. Institutional investors hold 96.50% of the company.

GoDaddy Price Performance

The company has a market cap of $10.29 billion, a price-to-earnings ratio of 31.72, a price-to-earnings ratio of 2.40, and a beta of 0.95. The stock has a 50-day moving average of $75.30 and a 200-day moving average of $75.01.

GoDaddy (NYSE: GDDY – Get Rating) last reported quarterly earnings results on Wednesday, Aug. 3. The tech company reported earnings per share of $0.56 for the quarter, beating analysts’ consensus estimate of $0.47 by $0.09. The company’s revenue for the quarter was $1.02 billion, compared with analysts’ estimates of $1.02 billion. GoDaddy’s ROE is 147.44% and its net profit margin is 8.58%. Sell-side analysts expect GoDaddy Inc. to report earnings of 2.2 per share for the fiscal year.

About GoDaddy

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GoDaddy Inc designs and develops cloud-based technology products in the United States and internationally. The company offers domain registration products that can attract customers in the initial stages of establishing a digital identity. It also offers shared website hosting products that offer a variety of applications and products such as web analytics, Secure Sockets Layer certificates, and WordPress; websites hosted on virtual private servers and virtual private server products, allowing customers to choose the applications, requirements, and growing server configurations; managed products, which are used to set up, monitor, maintain, secure and patch software and servers for customers; and security products, a suite of tools designed to help protect customers’ online presence.

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