GoDaddy (NYSE:GDDY) Price Target Cut to $214.00 by Analysts at Citigroup

Key Points

• Citigroup has lowered its price target for GoDaddy from $234.00 to $214.00, while maintaining a "buy" rating, suggesting a potential upside of 60.44% from its current stock price.
• GoDaddy's stock price fell by 11.2% recently, trading at $133.38, with a consensus rating of "Moderate Buy" and an average price target of $202.43 from various analysts.
• The company reported quarterly earnings of $1.41 EPS, exceeding expectations, with a net revenue of $1.22 billion, reflecting an 8.3% year-over-year growth.

GoDaddy (NYSE:GDDY - Get Free Report) had its price target reduced by stock analysts at Citigroup from $234.00 to $214.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Citigroup's price objective would suggest a potential upside of 60.44% from the stock's current price.

GDDY has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price target on shares of GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Wall Street Zen cut shares of GoDaddy from a "buy" rating to a "hold" rating in a report on Tuesday, May 13th. Wells Fargo & Company lowered their price target on shares of GoDaddy from $198.00 to $157.00 and set an "equal weight" rating for the company in a report on Friday. Piper Sandler set a $182.00 price objective on shares of GoDaddy and gave the stock an "overweight" rating in a research report on Friday. Finally, Royal Bank Of Canada reduced their price objective on shares of GoDaddy from $225.00 to $200.00 and set an "outperform" rating for the company in a research report on Friday. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $202.43.

GoDaddy Stock Down 11.2%

NYSE GDDY traded down $16.87 on Friday, hitting $133.38. 5,238,112 shares of the stock were exchanged, compared to its average volume of 1,535,357. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 18.91. GoDaddy has a fifty-two week low of $132.73 and a fifty-two week high of $216.00. The company has a market cap of $19.01 billion, a PE ratio of 25.65 and a beta of 1.08. The company has a 50-day moving average price of $172.41 and a 200-day moving average price of $180.34.

GoDaddy (NYSE:GDDY - Get Free Report) last posted 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 16.20% and a return on equity of 211.09%. The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.21 billion. During the same quarter in the previous year, the business posted $1.01 EPS. The firm's revenue was up 8.3% on a year-over-year basis. Sell-side analysts anticipate that GoDaddy will post 6.63 EPS for the current fiscal year.

Insider Transactions at GoDaddy

In related news, COO Roger Chen sold 1,000 shares of the company's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $169.59, for a total value of $169,590.00. Following the completion of the sale, the chief operating officer owned 253,949 shares in the company, valued at $43,067,210.91. This represents a 0.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Mccaffrey sold 625 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $177.08, for a total transaction of $110,675.00. Following the completion of the sale, the chief financial officer owned 73,459 shares of the company's stock, valued at approximately $13,008,119.72. This trade represents a 0.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,257 shares of company stock worth $5,827,280 over the last 90 days. Company insiders own 0.61% of the company's stock.

Institutional Trading of GoDaddy

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in GoDaddy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 18,134,214 shares of the technology company's stock valued at $3,266,697,000 after purchasing an additional 462,807 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in GoDaddy by 11.6% in the 4th 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 increased its stake in GoDaddy by 2.2% in the 2nd 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 increased its stake in GoDaddy by 5.7% in the 2nd 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. increased its stake in GoDaddy by 13.8% in the 1st quarter. Invesco Ltd. now owns 3,315,848 shares of the technology company's stock valued at $597,317,000 after buying 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.

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