GoDaddy (NYSE:GDDY) Price Target Lowered to $157.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered GoDaddy's target price from $198.00 to $157.00, retaining an "equal weight" rating for the stock.
• GoDaddy's stock has experienced a decline of 10.3%, trading at $134.83 after hitting a 12-month low.
• The company reported $1.41 earnings per share in its latest quarterly results, surpassing estimates and showing an 8.3% year-over-year revenue increase.

GoDaddy (NYSE:GDDY - Get Free Report) had its target price decreased by stock analysts at Wells Fargo & Company from $198.00 to $157.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the technology company's stock. Wells Fargo & Company's price target suggests a potential upside of 16.45% from the company's current price.

Several other research analysts have also recently commented on GDDY. Benchmark reiterated a "buy" rating on shares of GoDaddy in a report on Monday, April 28th. Citigroup lowered their target price on shares of GoDaddy from $260.00 to $234.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Wall Street Zen cut GoDaddy from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. upped their price objective on GoDaddy from $231.00 to $240.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $225.00 price objective on shares of GoDaddy in a report on Monday, June 23rd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GoDaddy currently has an average rating of "Moderate Buy" and a consensus target price of $205.64.

GoDaddy Stock Down 10.3%

NYSE:GDDY traded down $15.43 during midday trading on Friday, reaching $134.83. The company had a trading volume of 2,343,958 shares, compared to its average volume of 1,514,713. GoDaddy has a 12-month low of $135.41 and a 12-month high of $216.00. The firm has a market capitalization of $19.21 billion, a price-to-earnings ratio of 25.89 and a beta of 1.08. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 18.91. The stock's fifty day simple moving average is $172.41 and its 200-day simple moving average is $180.34.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.07. GoDaddy had a return on equity of 211.09% and a net margin of 16.20%. The business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.21 billion. During the same quarter last year, the business posted $1.01 EPS. The business's quarterly revenue was up 8.3% compared to the same quarter last year. On average, sell-side analysts anticipate that GoDaddy will post 6.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GoDaddy news, COO Roger Chen sold 1,000 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $188.21, for a total transaction of $188,210.00. Following the completion of the transaction, the chief operating officer owned 255,949 shares in the company, valued at approximately $48,172,161.29. This represents a 0.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Mccaffrey sold 3,317 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $179.81, for a total transaction of $596,429.77. Following the transaction, the chief financial officer owned 74,084 shares in the company, valued at approximately $13,321,044.04. This trade represents a 4.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,257 shares of company stock worth $5,827,280. Corporate insiders own 0.61% of the company's stock.

Institutional Investors Weigh In On GoDaddy

A number of large investors have recently added to or reduced their stakes in GDDY. Cornerstone Planning Group LLC grew its stake in GoDaddy by 123.4% in the 1st quarter. Cornerstone Planning Group LLC now owns 143 shares of the technology company's stock worth $25,000 after acquiring an additional 79 shares during the period. Bayforest Capital Ltd acquired a new stake in shares of GoDaddy during the second quarter worth $26,000. Park Square Financial Group LLC purchased a new stake in shares of GoDaddy in the first quarter valued at $27,000. NewSquare Capital LLC grew its position in shares of GoDaddy by 170.9% in the second quarter. NewSquare Capital LLC now owns 149 shares of the technology company's stock valued at $27,000 after purchasing an additional 94 shares during the period. Finally, Private Trust Co. NA lifted its position in GoDaddy by 591.3% during the first quarter. Private Trust Co. NA now owns 159 shares of the technology company's stock worth $29,000 after buying an additional 136 shares during the period. 90.28% of the stock is owned by institutional investors and hedge funds.

GoDaddy Company Profile

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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