Wedbush Cuts GoDaddy (NYSE:GDDY) Price Target to $93.00

GoDaddy (NYSE:GDDY) had its price objective cut by Wedbush from $109.00 to $93.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Several other research firms have also recently weighed in on GDDY. B. Riley Financial reduced their target price on shares of GoDaddy from $190.00 to $170.00 and set a “buy” rating for the company in a research note on Friday, July 31st. JPMorgan Chase & Co. decreased their target price on GoDaddy from $154.00 to $124.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Raymond James Financial lowered GoDaddy from a “strong-buy” rating to an “outperform” rating and set a $100.00 price target on the stock. in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft cut GoDaddy to a “buy” rating in a report on Friday, July 31st. Finally, Benchmark reduced their price objective on GoDaddy from $185.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $110.33.

GoDaddy Price Performance

NYSE:GDDY opened at $91.68 on Monday. The company has a debt-to-equity ratio of 561.10, a current ratio of 0.63 and a quick ratio of 0.67. GoDaddy has a one year low of $71.59 and a one year high of $157.40. The company has a fifty day moving average price of $86.71 and a 200 day moving average price of $88.24. The stock has a market cap of $12.14 billion, a P/E ratio of 13.60, a PEG ratio of 0.80 and a beta of 0.90.

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

Insider Buying and Selling at GoDaddy

In other news, CAO Phontip Palitwanon sold 542 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $48,704.12. Following the completion of the transaction, the chief accounting officer directly owned 19,995 shares of the company’s stock, valued at approximately $1,796,750.70. This trade represents a 2.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of GoDaddy stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $752,397.78. Following the sale, the chief executive officer owned 521,747 shares in the company, valued at approximately $46,884,185.42. This trade represents a 1.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 21,251 shares of company stock valued at $1,854,403 over the last quarter. 0.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GoDaddy

Institutional investors have recently added to or reduced their stakes in the stock. Rachor Investment Advisory Services LLC bought a new stake in shares of GoDaddy in the 4th quarter valued at approximately $25,000. Activest Wealth Management lifted its position in shares of GoDaddy by 6,600.0% during the 4th quarter. Activest Wealth Management now owns 201 shares of the technology company’s stock worth $25,000 after buying an additional 198 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of GoDaddy during the 4th quarter worth approximately $25,000. Brown Brothers Harriman & Co. boosted its stake in GoDaddy by 145.6% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 253 shares of the technology company’s stock valued at $35,000 after buying an additional 150 shares in the last quarter. Finally, Harbour Investments Inc. boosted its stake in GoDaddy by 191.0% in the 4th quarter. Harbour Investments Inc. now owns 259 shares of the technology company’s stock valued at $32,000 after buying an additional 170 shares in the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting GoDaddy

Here are the key news stories impacting GoDaddy this week:

• Positive Sentiment: Momentum remains a supporting factor. Zacks highlighted GoDaddy as a strong momentum stock, suggesting favorable recent trading and/or market-performance characteristics. Here’s Why GoDaddy Is a Strong Momentum Stock
• Neutral Sentiment: Management will present to investors on Aug. 11. CFO Mark McCaffrey is scheduled to speak at the Oppenheimer Technology, Internet & Communications Conference, creating a potential opportunity for GoDaddy to discuss business trends and outlook. GoDaddy Conference Presentation
• Neutral Sentiment: CEO Amanpal Singh Bhutani sold 4,500 shares. The approximately $374,000 sale reduced his holdings by 0.86% and was conducted under a pre-arranged Rule 10b5-1 trading plan, which makes it a limited signal of his current outlook. SEC Insider Trading Filing
• Negative Sentiment: Analysts expressed greater caution. Wedbush issued a pessimistic forecast, while Citigroup lowered its expectations for GoDaddy’s stock, potentially weighing on valuation and investor confidence. Wedbush Forecast Citigroup Expectations
• Negative Sentiment: Law firms announced investigations into potential securities-law violations. Rosen Law Firm and Kaplan Fox said they are investigating allegations that GoDaddy may have provided materially misleading business information. These announcements do not establish wrongdoing, but they add litigation and reputational risk and may increase volatility. Rosen Law Firm Investigation Kaplan Fox Investigation

GoDaddy Company Profile

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.