GoDaddy (NYSE:GDDY – Get Rating) was downgraded by investment analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Tuesday, The Fly reports. They presently have a $88.00 price objective on the technology company’s stock, down from their prior price objective of $100.00. Piper Sandler’s price target indicates a potential upside of 18.28% from the company’s previous close.
Several other equities research analysts have also recently weighed in on the stock. Raymond James upped their price target on shares of GoDaddy from $88.00 to $94.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, February 15th. Barclays lowered their price target on shares of GoDaddy from $104.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, February 15th. StockNews.com assumed coverage on shares of GoDaddy in a research report on Thursday, March 16th. They issued a “buy” rating for the company. Jefferies Financial Group cut shares of GoDaddy from a “buy” rating to a “hold” rating and set a $80.00 target price for the company. in a research report on Monday, January 9th. Finally, Benchmark reissued a “buy” rating and set a $100.00 target price on shares of GoDaddy in a research report on Monday, February 13th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $93.56.
GoDaddy Price Performance
Shares of GDDY stock opened at $74.40 on Tuesday. The company has a market capitalization of $11.44 billion, a P/E ratio of 33.82, a P/E/G ratio of 1.80 and a beta of 0.97. The company’s 50-day simple moving average is $77.86 and its two-hundred day simple moving average is $75.85. GoDaddy has a one year low of $64.65 and a one year high of $88.32.
GoDaddy (NYSE:GDDY – Get Rating) last issued its earnings results on Tuesday, February 14th. The technology company reported $0.62 EPS for the quarter, hitting analysts’ consensus estimates of $0.62. GoDaddy had a net margin of 8.61% and a negative return on equity of 93.48%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.04 billion. On average, research analysts expect that GoDaddy will post 2.71 EPS for the current fiscal year.
Insider Buying and Selling at GoDaddy
In other GoDaddy news, CEO Amanpal Singh Bhutani sold 1,353 shares of the company’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $74.47, for a total transaction of $100,757.91. Following the transaction, the chief executive officer now owns 214,186 shares in the company, valued at approximately $15,950,431.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Mark Mccaffrey sold 5,000 shares of the stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $75.81, for a total value of $379,050.00. Following the sale, the chief financial officer now owns 94,106 shares in the company, valued at $7,134,175.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 1,353 shares of the stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $74.47, for a total transaction of $100,757.91. Following the completion of the sale, the chief executive officer now owns 214,186 shares in the company, valued at approximately $15,950,431.42. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,484 shares of company stock worth $2,237,822. 0.37% of the stock is owned by corporate insiders.
Institutional Trading of GoDaddy
A number of hedge funds and other institutional investors have recently made changes to their positions in GDDY. Morgan Stanley grew its position in GoDaddy by 517.4% during the fourth quarter. Morgan Stanley now owns 6,125,512 shares of the technology company’s stock valued at $458,311,000 after buying an additional 5,133,332 shares during the period. Starboard Value LP lifted its holdings in GoDaddy by 23.9% during the fourth quarter. Starboard Value LP now owns 10,233,055 shares of the technology company’s stock valued at $765,637,000 after purchasing an additional 1,973,118 shares in the last quarter. Norges Bank purchased a new position in GoDaddy during the fourth quarter valued at $116,303,000. Goldman Sachs Group Inc. lifted its holdings in GoDaddy by 108.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,396,699 shares of the technology company’s stock valued at $116,903,000 after purchasing an additional 727,582 shares in the last quarter. Finally, KBC Group NV lifted its holdings in GoDaddy by 2,598.6% during the third quarter. KBC Group NV now owns 634,390 shares of the technology company’s stock valued at $44,966,000 after purchasing an additional 610,882 shares in the last quarter. Institutional investors and hedge funds own 97.32% of the company’s stock.
About GoDaddy
GoDaddy, Inc engages in the provision of domain name registration and web hosting services. It provides website building, hosting, and security tools. It operates through the Applications and Commerce (A and C) and Core Platform (Core) segments. The A and C segment consists of sales of products containing proprietary software, commerce products and third-party email and productivity solutions.