GoDaddy (NYSE:GDDY) Trading Down 0.7% – Here’s What Happened

GoDaddy Inc. (NYSE:GDDY) dropped 0.7% during trading on Wednesday . The stock traded as low as $197.07 and last traded at $198.33. Approximately 173,889 shares changed hands during trading, a decline of 88% from the average daily volume of 1,457,812 shares. The stock had previously closed at $199.73.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GDDY shares. Piper Sandler raised their price target on shares of GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Benchmark raised their target price on shares of GoDaddy from $186.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Barclays upped their price target on shares of GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Robert W. Baird raised their price objective on GoDaddy from $200.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada upped their target price on GoDaddy from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, GoDaddy has an average rating of “Moderate Buy” and a consensus target price of $173.31.

GoDaddy Stock Down 0.6 %

The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. The stock’s 50-day simple moving average is $168.48 and its 200 day simple moving average is $154.54. The firm has a market cap of $27.87 billion, a P/E ratio of 15.33 and a beta of 1.11.

GoDaddy (NYSE:GDDY) last announced its earnings results on Wednesday, October 30th. The technology company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.25 by $0.07. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. GoDaddy had a return on equity of 267.29% and a net margin of 41.74%. During the same quarter in the prior year, the company earned $0.89 EPS. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, research analysts forecast that GoDaddy Inc. will post 4.95 EPS for the current fiscal year.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $152.17, for a total value of $152,170.00. Following the transaction, the chief operating officer now directly owns 187,632 shares in the company, valued at $28,551,961.44. The trade was a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Nick Daddario sold 684 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $157.23, for a total transaction of $107,545.32. Following the transaction, the chief accounting officer now owns 17,704 shares of the company’s stock, valued at $2,783,599.92. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,345 shares of company stock valued at $3,897,255. Corporate insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. LBP AM SA purchased a new stake in GoDaddy in the first quarter worth $3,021,000. iA Global Asset Management Inc. grew its holdings in shares of GoDaddy by 7.6% in the first quarter. iA Global Asset Management Inc. now owns 2,653 shares of the technology company’s stock valued at $315,000 after purchasing an additional 187 shares in the last quarter. Plato Investment Management Ltd lifted its holdings in shares of GoDaddy by 2,471.0% in the 1st quarter. Plato Investment Management Ltd now owns 6,479 shares of the technology company’s stock valued at $769,000 after acquiring an additional 6,227 shares during the last quarter. New Covenant Trust Company N.A. bought a new stake in shares of GoDaddy in the 1st quarter worth about $45,000. Finally, Virtu Financial LLC purchased a new position in shares of GoDaddy during the first quarter valued at approximately $743,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

About GoDaddy

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.