GoDaddy (NYSE:GDDY) Stock Price Down 5% After Insider Selling

Shares of GoDaddy Inc. (NYSE:GDDY) fell 5% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $76.69 and last traded at $76.3030. 236,539 shares traded hands during trading, a decline of 90% from the average session volume of 2,298,929 shares. The stock had previously closed at $80.28.

Specifically, CFO Mark Mccaffrey sold 3,500 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.92, for a total transaction of $290,220.00. Following the transaction, the chief financial officer owned 105,728 shares of the company’s stock, valued at approximately $8,766,965.76. This represents a 3.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

A number of brokerages have recently commented on GDDY. Evercore set a $95.00 price objective on GoDaddy in a report on Wednesday, February 25th. Benchmark lowered their price objective on GoDaddy from $195.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. Piper Sandler began coverage on GoDaddy in a report on Thursday, March 12th. They set a “neutral” rating and a $93.00 price objective on the stock. Raymond James Financial reissued a “strong-buy” rating and set a $100.00 price objective on shares of GoDaddy in a report on Wednesday, February 25th. Finally, Citigroup lowered their price objective on GoDaddy from $195.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $120.57.

GoDaddy Trading Down 5.4%

The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market capitalization of $10.06 billion, a price-to-earnings ratio of 12.07, a price-to-earnings-growth ratio of 0.73 and a beta of 0.90. The business has a fifty day moving average price of $85.68 and a 200 day moving average price of $98.49.

GoDaddy (NYSE:GDDY) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.07. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.26 billion. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. GoDaddy’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the company posted $1.51 earnings per share. On average, equities analysts expect that GoDaddy Inc. will post 7.17 EPS for the current fiscal year.

Institutional Investors Weigh In On GoDaddy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of GoDaddy by 0.8% in the third quarter. Vanguard Group Inc. now owns 18,912,182 shares of the technology company’s stock worth $2,587,754,000 after acquiring an additional 150,045 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of GoDaddy by 47.0% in the third quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock worth $483,360,000 after acquiring an additional 1,128,646 shares during the last quarter. WCM Investment Management LLC grew its stake in shares of GoDaddy by 1.0% in the first quarter. WCM Investment Management LLC now owns 3,314,456 shares of the technology company’s stock worth $270,924,000 after acquiring an additional 33,509 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of GoDaddy by 11.0% in the fourth 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. Finally, AQR Capital Management LLC lifted its position in shares of GoDaddy by 117.5% in the 4th quarter. AQR Capital Management LLC now owns 2,989,931 shares of the technology company’s stock worth $370,991,000 after acquiring an additional 1,615,005 shares during the period. Institutional investors and hedge funds own 90.28% of the company’s stock.

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.