GoDaddy (NYSE:GDDY) Stock Price Down 5.3% – Time to Sell?

GoDaddy Inc. (NYSE:GDDY) shares were down 5.3% on Tuesday . The stock traded as low as $98.97 and last traded at $99.1960. Approximately 1,853,111 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 2,265,449 shares. The stock had previously closed at $104.77.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GDDY shares. JPMorgan Chase & Co. decreased their price objective on shares of GoDaddy from $154.00 to $124.00 and set an “overweight” rating for the company in a report on Thursday, June 18th. Benchmark decreased their target price on GoDaddy from $185.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $90.00 target price on shares of GoDaddy in a report on Friday, July 31st. Piper Sandler reaffirmed a “neutral” rating and issued a $95.00 price target (up from $93.00) on shares of GoDaddy in a research report on Friday, July 31st. Finally, B. Riley Financial cut their price target on GoDaddy from $190.00 to $170.00 and set a “buy” rating for the company in a report on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $110.07.

GoDaddy Price Performance

The stock has a fifty day moving average of $96.27 and a 200-day moving average of $88.82. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 561.10. The firm has a market capitalization of $12.22 billion, a P/E ratio of 14.32, a PEG ratio of 0.88 and a beta of 0.94.

GoDaddy (NYSE:GDDY) last released its quarterly earnings results on Thursday, July 30th. The technology company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.69 by $0.14. The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. GoDaddy had a net margin of 17.83% and a return on equity of 660.96%. GoDaddy’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 earnings per share. Equities analysts predict that GoDaddy Inc. will post 7.21 EPS for the current fiscal year.

Insider Activity

In other news, CAO Phontip Palitwanon sold 2,261 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $91.81, for a total transaction of $207,582.41. Following the completion of the sale, the chief accounting officer owned 17,734 shares of the company’s stock, valued at $1,628,158.54. This represents a 11.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sigal Zarmi sold 350 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.44, for a total transaction of $34,104.00. Following the transaction, the director directly owned 8,283 shares of the company’s stock, valued at $807,095.52. This represents a 4.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 26,858 shares of company stock valued at $2,593,081. Company insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

Several hedge funds have recently added to or reduced their stakes in GDDY. Norges Bank acquired a new position in GoDaddy in the 4th quarter valued at about $250,020,000. Pacer Advisors Inc. lifted its position in GoDaddy by 67.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,256,998 shares of the technology company’s stock worth $155,968,000 after acquiring an additional 504,374 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in GoDaddy by 79.9% during the first quarter. Assenagon Asset Management S.A. now owns 970,543 shares of the technology company’s stock worth $80,235,000 after acquiring an additional 431,094 shares during the last quarter. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in shares of GoDaddy during the second quarter worth approximately $28,938,000. Finally, JPMorgan Chase & Co. grew its position 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 valued at $399,089,000 after purchasing an additional 319,515 shares during the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.

About GoDaddy

GoDaddy Inc (NYSE: GDDY) is a technology company that provides online tools and services for entrepreneurs, small businesses and individuals. Its offerings are designed to help customers establish, manage and grow an online presence, including domain-name registration, domain search and management, website hosting, professional email and online security services.

The company also provides website-building and commerce solutions that support online stores, appointment scheduling, digital marketing, search-engine optimization, social media management and payment acceptance.