Barclays Cuts GoDaddy (NYSE:GDDY) Price Target to $200.00

Key Points

• Barclays has reduced its price target for GoDaddy (NYSE:GDDY) from $235.00 to $200.00, while maintaining an "overweight" rating, indicating a potential upside of 39.81% from the previous close.
• The stock has a current consensus rating of "Moderate Buy" with an average price target of $212.50, as assessed by a variety of research analysts.
• GoDaddy's stock has seen a decrease of 4.8%, with share values fluctuating between a low of $140.48 and a high of $216.00 over the past year.

GoDaddy (NYSE:GDDY - Free Report) had its price objective reduced by Barclays from $235.00 to $200.00 in a research note published on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company's stock.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. upped their target price on shares of GoDaddy from $231.00 to $240.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Citigroup dropped their price target on shares of GoDaddy from $260.00 to $234.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Wall Street Zen lowered shares of GoDaddy from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Benchmark reiterated a "buy" rating on shares of GoDaddy in a research note on Monday, April 28th. Finally, Piper Sandler set a $182.00 price target on shares of GoDaddy and gave the stock an "overweight" rating in a research note on Friday. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GoDaddy currently has an average rating of "Moderate Buy" and a consensus price target of $202.43.

GoDaddy Stock Down 11.2%

Shares of GoDaddy stock traded down $16.87 during trading on Friday, hitting $133.38. 5,238,112 shares of the stock were exchanged, compared to its average volume of 1,721,502. The stock has a market cap of $19.01 billion, a price-to-earnings ratio of 23.82 and a beta of 1.08. The firm's 50-day moving average price is $171.43 and its 200 day moving average price is $179.67. GoDaddy has a 12-month low of $132.73 and a 12-month high of $216.00. The company has a debt-to-equity ratio of 18.91, a current ratio of 0.56 and a quick ratio of 0.56.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.34 by $0.07. GoDaddy had a net margin of 17.01% and a return on equity of 188.09%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the business earned $1.01 EPS. GoDaddy's revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, analysts forecast that GoDaddy will post 6.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GoDaddy news, CAO Phontip Palitwanon sold 2,173 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $177.87, for a total value of $386,511.51. Following the sale, the chief accounting officer owned 21,198 shares of the company's stock, valued at $3,770,488.26. This represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amanpal Singh Bhutani sold 6,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $159.46, for a total transaction of $956,760.00. Following the completion of the sale, the chief executive officer directly owned 419,015 shares in the company, valued at $66,816,131.90. This trade represents a 1.41% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,257 shares of company stock valued at $5,827,280. 0.61% of the stock is owned by company insiders.

Hedge Funds Weigh In On GoDaddy

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of GoDaddy by 2.6% during the first quarter. Vanguard Group Inc. now owns 18,134,214 shares of the technology company's stock valued at $3,266,697,000 after buying an additional 462,807 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of GoDaddy by 11.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,808,975 shares of the technology company's stock valued at $751,778,000 after buying an additional 395,160 shares during the period. Geode Capital Management LLC lifted its stake in shares of GoDaddy by 2.2% during the second quarter. Geode Capital Management LLC now owns 3,779,220 shares of the technology company's stock valued at $677,726,000 after buying an additional 81,623 shares during the period. WCM Investment Management LLC lifted its stake in shares of GoDaddy by 5.7% during the second quarter. WCM Investment Management LLC now owns 3,670,677 shares of the technology company's stock valued at $660,979,000 after buying an additional 199,459 shares during the period. Finally, Invesco Ltd. raised its stake in GoDaddy by 13.8% during the first quarter. Invesco Ltd. now owns 3,315,848 shares of the technology company's stock worth $597,317,000 after purchasing an additional 401,918 shares during the period. Hedge funds and other institutional investors own 90.28% of the company's stock.

About GoDaddy

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.