GoDaddy (NYSE:GDDY) Price Target Cut to $93.00 by Analysts at Wedbush

GoDaddy (NYSE:GDDY) had its target price cut by Wedbush from $109.00 to $93.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Wedbush’s price objective indicates a potential upside of 12.33% from the company’s current price.

Other analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of GoDaddy in a research report on Tuesday, June 16th. Cantor Fitzgerald restated a “neutral” rating and issued a $90.00 target price on shares of GoDaddy in a report on Friday. B. Riley Financial decreased their price target on shares of GoDaddy from $190.00 to $170.00 and set a “buy” rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft downgraded shares of GoDaddy to a “buy” rating in a report on Friday. Finally, UBS Group began coverage on shares of GoDaddy in a research report on Tuesday, May 5th. They issued a “neutral” rating and a $100.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $110.67.

GoDaddy Price Performance

GDDY stock opened at $82.79 on Monday. The stock’s 50 day moving average price is $86.64 and its 200 day moving average price is $88.62. The firm has a market cap of $10.96 billion, a P/E ratio of 12.28, a PEG ratio of 0.74 and a beta of 0.90. The company has a debt-to-equity ratio of 561.10, a quick ratio of 0.67 and a current ratio of 0.63. GoDaddy has a 1 year low of $71.59 and a 1 year high of $158.58.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, July 30th. The technology company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.14. GoDaddy had a return on equity of 660.96% and a net margin of 17.83%.The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the business posted $1.41 earnings per share. GoDaddy’s revenue was up 6.6% compared to the same quarter last year. On average, sell-side analysts expect that GoDaddy will post 7.18 earnings per share for the current fiscal year.

Insider Activity at GoDaddy

In other news, CEO Amanpal Singh Bhutani sold 8,373 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the sale, the chief executive officer directly owned 521,747 shares in the company, valued at $46,884,185.42. This represents a 1.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Mccaffrey sold 3,958 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value of $355,665.88. Following the completion of the transaction, the chief financial officer owned 109,228 shares in the company, valued at approximately $9,815,228.08. This trade represents a 3.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 16,751 shares of company stock worth $1,480,228. 0.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GoDaddy

Institutional investors have recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of GoDaddy in the fourth quarter worth $25,000. Rachor Investment Advisory Services LLC acquired a new position in shares of GoDaddy during the 4th quarter valued at $25,000. Activest Wealth Management boosted its position in 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 purchasing an additional 198 shares during the period. International Assets Investment Management LLC boosted its position in GoDaddy by 93.8% during the 1st quarter. International Assets Investment Management LLC now owns 372 shares of the technology company’s stock worth $30,000 after purchasing an additional 180 shares during the period. Finally, Harbour Investments Inc. increased its holdings 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 purchasing an additional 170 shares in the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

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.