GoDaddy (NYSE:GDDY) Hits New 12-Month Low Following Analyst Downgrade

GoDaddy Inc. (NYSE:GDDY)’s share price reached a new 52-week low during trading on Monday after Benchmark lowered their price target on the stock from $240.00 to $210.00. Benchmark currently has a buy rating on the stock. GoDaddy traded as low as $86.78 and last traded at $87.40, with a volume of 1101845 shares trading hands. The stock had previously closed at $90.64.

Several other brokerages have also commented on GDDY. Weiss Ratings reaffirmed a “hold (c)” rating on shares of GoDaddy in a research report on Wednesday, January 28th. B. Riley Financial decreased their price target on shares of GoDaddy from $225.00 to $215.00 and set a “buy” rating for the company in a report on Friday, October 31st. JPMorgan Chase & Co. lowered their price objective on shares of GoDaddy from $222.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. Morgan Stanley dropped their price objective on shares of GoDaddy from $159.00 to $145.00 and set an “equal weight” rating on the stock in a report on Thursday, January 15th. Finally, Royal Bank Of Canada set a $70.00 target price on GoDaddy in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, GoDaddy currently has a consensus rating of “Moderate Buy” and a consensus price target of $161.21.

Insider Buying and Selling

In related news, CAO Phontip Palitwanon sold 2,397 shares of GoDaddy stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $128.44, for a total value of $307,870.68. Following the sale, the chief accounting officer owned 17,055 shares of the company’s stock, valued at approximately $2,190,544.20. The trade was a 12.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 6,932 shares of GoDaddy stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $127.94, for a total transaction of $886,880.08. Following the completion of the transaction, the chief executive officer owned 399,133 shares of the company’s stock, valued at $51,065,076.02. This represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,615 shares of company stock valued at $1,743,102 over the last 90 days. 0.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in GoDaddy by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 18,912,182 shares of the technology company’s stock valued at $2,587,754,000 after acquiring an additional 150,045 shares during the period. Geode Capital Management LLC increased its stake in shares of GoDaddy by 2.2% in the second quarter. Geode Capital Management LLC now owns 3,779,220 shares of the technology company’s stock worth $677,726,000 after buying an additional 81,623 shares during the period. WCM Investment Management LLC raised its holdings in GoDaddy by 1.8% during the 3rd quarter. WCM Investment Management LLC now owns 3,736,821 shares of the technology company’s stock valued at $529,395,000 after buying an additional 66,144 shares during the last quarter. Ameriprise Financial Inc. boosted its position in GoDaddy by 47.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock valued at $483,360,000 after buying an additional 1,128,646 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in GoDaddy by 11.0% in the 4th quarter. JPMorgan Chase & Co. now owns 3,216,382 shares of the technology company’s stock worth $399,089,000 after acquiring an additional 319,515 shares during the last quarter. 90.28% of the stock is owned by institutional investors.

GoDaddy Trading Down 3.9%

The stock has a market capitalization of $11.77 billion, a P/E ratio of 15.06, a P/E/G ratio of 0.82 and a beta of 0.94. The firm’s 50 day moving average price is $108.75 and its 200 day moving average price is $126.57. The company has a debt-to-equity ratio of 41.06, a current ratio of 0.57 and a quick ratio of 0.57.

About GoDaddy

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.