GoDaddy (NYSE:GDDY) Price Target Cut to $124.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its price target on GoDaddy from $154 to $124, while keeping an overweight rating on the stock.
• Other analysts have also turned more cautious, with several lowering their targets; the current consensus rating is Moderate Buy and the average target price is $118.43.
• GoDaddy recently reported better-than-expected quarterly results, including EPS of $1.60 versus $1.53 expected and revenue of $1.27 billion, though the stock was trading at $76.77, well below recent analyst targets.

GoDaddy (NYSE:GDDY - Get Free Report) had its target price decreased by analysts at JPMorgan Chase & Co. from $154.00 to $124.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 61.52% from the company's previous close.

A number of other brokerages have also recently issued reports on GDDY. Raymond James Financial restated a "strong-buy" rating and issued a $100.00 target price on shares of GoDaddy in a report on Wednesday, February 25th. Barclays reduced their target price on GoDaddy from $200.00 to $118.00 and set an "overweight" rating for the company in a report on Thursday, February 26th. Citigroup decreased their price target on GoDaddy from $195.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. Wells Fargo & Company lifted their price target on GoDaddy from $77.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Friday, May 1st. Finally, Cantor Fitzgerald cut their price objective on GoDaddy from $130.00 to $90.00 and set a "neutral" rating on the stock in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $118.43.

GoDaddy Price Performance

NYSE:GDDY traded up $0.66 during trading hours on Thursday, reaching $76.77. 1,396,624 shares of the company's stock were exchanged, compared to its average volume of 2,324,882. The company has a market capitalization of $10.17 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 0.71 and a beta of 0.90. GoDaddy has a 12 month low of $71.59 and a 12 month high of $181.49. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 15.86. The business's 50-day simple moving average is $85.17 and its two-hundred day simple moving average is $96.74.

GoDaddy (NYSE:GDDY - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.26 billion. GoDaddy had a net margin of 17.32% and a return on equity of 366.90%. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.51 earnings per share. Sell-side analysts expect that GoDaddy will post 7.14 EPS for the current fiscal year.

Insider Activity

In other GoDaddy news, CEO Amanpal Singh Bhutani sold 8,373 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $752,397.78. Following the sale, the chief executive officer directly owned 521,747 shares of the company's stock, valued at $46,884,185.42. The trade was a 1.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sigal Zarmi sold 350 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $87.84, for a total transaction of $30,744.00. Following the sale, the director directly owned 5,708 shares in the company, valued at approximately $501,390.72. This trade represents a 5.78% 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 have sold 16,751 shares of company stock valued at $1,480,228. 0.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Coldstream Capital Management Inc. boosted its position in GoDaddy by 4.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 1,887 shares of the technology company's stock worth $258,000 after acquiring an additional 86 shares during the period. Clearstead Advisors LLC increased its holdings in shares of GoDaddy by 0.9% in the 3rd quarter. Clearstead Advisors LLC now owns 12,324 shares of the technology company's stock valued at $1,686,000 after purchasing an additional 104 shares during the period. Main Street Financial Solutions LLC increased its holdings 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 purchasing an additional 119 shares during the period. Lido Advisors LLC lifted its position in shares of GoDaddy by 6.2% in the fourth quarter. Lido Advisors LLC now owns 2,083 shares of the technology company's stock worth $283,000 after purchasing an additional 121 shares in the last quarter. Finally, Martin Capital Advisors LLP lifted its position in shares of GoDaddy by 1.5% in the fourth quarter. Martin Capital Advisors LLP now owns 9,082 shares of the technology company's stock worth $1,127,000 after purchasing an additional 130 shares in the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

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.

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