Raymond James Financial Has Lowered Expectations for GoDaddy (NYSE:GDDY) Stock Price

Key Points

• Raymond James Financial has lowered its price target for GoDaddy (NYSE:GDDY) from $225.00 to $175.00, while maintaining a "strong-buy" rating, suggesting a potential upside of 29.17% from the stock's previous close.
• GoDaddy's recent earnings report surpassed expectations, with a reported $1.41 EPS for the quarter and revenue of $1.22 billion, up 8.3% year-over-year.
• Multiple analysts have varied opinions on GoDaddy, with ratings ranging from "buy" to "hold," and the stock currently holds an average rating of "Moderate Buy" with a price target of $205.64.

GoDaddy (NYSE:GDDY - Get Free Report) had its price target decreased by equities research analysts at Raymond James Financial from $225.00 to $175.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "strong-buy" rating on the technology company's stock. Raymond James Financial's target price suggests a potential upside of 31.20% from the stock's current price.

Several other equities analysts have also recently weighed in on the company. Barclays cut their price objective on GoDaddy from $235.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday. Citigroup decreased their price objective on GoDaddy from $260.00 to $234.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Wall Street Zen downgraded GoDaddy from a "buy" rating to a "hold" rating in a research report 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, Benchmark reiterated a "buy" rating on shares of GoDaddy in a research report on Monday, April 28th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $202.43.

GoDaddy Stock Down 11.2%

Shares of NYSE GDDY traded down $16.87 during mid-day trading on Friday, reaching $133.38. The company had a trading volume of 5,238,112 shares, compared to its average volume of 1,721,502. The stock has a fifty day moving average of $171.43 and a two-hundred day moving average of $179.67. The company has a debt-to-equity ratio of 18.91, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 23.82 and a beta of 1.08. GoDaddy has a 12-month low of $132.73 and a 12-month high of $216.00.

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, topping the consensus estimate of $1.34 by $0.07. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.21 billion. GoDaddy had a net margin of 17.01% and a return on equity of 188.09%. GoDaddy's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company posted $1.01 earnings per share. As a group, equities research analysts expect that GoDaddy will post 6.63 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Phontip Palitwanon sold 2,173 shares of GoDaddy stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $177.87, for a total transaction of $386,511.51. Following the completion of the sale, the chief accounting officer owned 21,198 shares in the company, valued at approximately $3,770,488.26. This trade represents a 9.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Roger Chen sold 1,000 shares of GoDaddy stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $188.21, for a total value of $188,210.00. Following the sale, the chief operating officer owned 255,949 shares of the company's stock, valued at approximately $48,172,161.29. This trade represents a 0.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,257 shares of company stock worth $5,827,280 in the last ninety days. Company insiders own 0.61% of the company's stock.

Hedge Funds Weigh In On GoDaddy

Large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its position in shares of GoDaddy by 257.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,236,850 shares of the technology company's stock valued at $402,946,000 after purchasing an additional 1,610,890 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in GoDaddy by 1,412.1% in the first quarter. Assenagon Asset Management S.A. now owns 1,347,434 shares of the technology company's stock worth $242,727,000 after acquiring an additional 1,258,324 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of GoDaddy by 107.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,386,137 shares of the technology company's stock worth $273,582,000 after purchasing an additional 719,000 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of GoDaddy by 41.1% in the first quarter. JPMorgan Chase & Co. now owns 2,439,905 shares of the technology company's stock worth $439,525,000 after purchasing an additional 710,842 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of GoDaddy by 893.4% in the first quarter. Pacer Advisors Inc. now owns 647,747 shares of the technology company's stock worth $116,685,000 after purchasing an additional 582,539 shares during the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

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.