GoDaddy (NYSE:GDDY) Sets New 52-Week Low – Here’s Why

GoDaddy Inc. (NYSE:GDDY) hit a new 52-week low on Friday . The company traded as low as $72.42 and last traded at $72.3890, with a volume of 80997 shares trading hands. The stock had previously closed at $75.17.

Analyst Upgrades and Downgrades

Several brokerages have commented on GDDY. Raymond James Financial reiterated a “strong-buy” rating and issued a $100.00 price target on shares of GoDaddy in a research report on Wednesday, February 25th. Piper Sandler began coverage on shares of GoDaddy in a research report on Thursday, March 12th. They issued a “neutral” rating and a $93.00 price target on the stock. Evercore set a $95.00 price target on shares of GoDaddy in a research report on Wednesday, February 25th. Benchmark dropped their price target on shares of GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, April 28th. Finally, Royal Bank Of Canada dropped their price target on shares of GoDaddy from $200.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $120.57.

GoDaddy Price Performance

The stock has a 50 day moving average of $85.54 and a two-hundred day moving average of $98.13. The stock has a market cap of $9.92 billion, a PE ratio of 11.84, a PEG ratio of 0.73 and a beta of 0.90. The company has a debt-to-equity ratio of 15.86, a quick ratio of 0.67 and a current ratio of 0.67.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.07. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.26 billion. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.GoDaddy’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the business posted $1.51 EPS. Equities analysts anticipate that GoDaddy Inc. will post 7.14 EPS for the current year.

Insider Buying and Selling

In other GoDaddy news, Director Sigal Zarmi sold 350 shares of GoDaddy stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $87.84, for a total transaction of $30,744.00. Following the transaction, the director owned 5,708 shares of the company’s stock, valued at $501,390.72. The trade was a 5.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Phontip Palitwanon sold 542 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 value of $48,704.12. Following the transaction, the chief accounting officer directly owned 19,995 shares in the company, valued at approximately $1,796,750.70. This trade represents a 2.64% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 16,751 shares of company stock worth $1,480,228. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

Several institutional investors and hedge funds have recently bought and sold shares of GDDY. Sivia Capital Partners LLC grew its stake in GoDaddy by 90.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,271 shares of the technology company’s stock valued at $589,000 after acquiring an additional 1,552 shares in the last quarter. Cerity Partners LLC grew its stake in shares of GoDaddy by 50.0% in the 2nd quarter. Cerity Partners LLC now owns 27,189 shares of the technology company’s stock valued at $4,896,000 after buying an additional 9,062 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in shares of GoDaddy by 83.0% in the 2nd quarter. Treasurer of the State of North Carolina now owns 155,593 shares of the technology company’s stock valued at $28,016,000 after buying an additional 70,585 shares in the last quarter. Osterweis Capital Management Inc. bought a new stake in shares of GoDaddy in the 2nd quarter valued at approximately $152,000. Finally, Main Street Financial Solutions LLC grew its stake in shares of GoDaddy by 1.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 12,136 shares of the technology company’s stock valued at $2,185,000 after buying an additional 119 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

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.