GoDaddy (NYSE:GDDY) Downgraded to "Hold" Rating by StockNews.com

GoDaddy (NYSE:GDDY - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued on Tuesday.

Several other brokerages have also issued reports on GDDY. Royal Bank of Canada cut their price objective on shares of GoDaddy from $230.00 to $225.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Barclays reduced their target price on shares of GoDaddy from $243.00 to $235.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. UBS Group lifted their price objective on shares of GoDaddy from $172.00 to $225.00 and gave the company a "neutral" rating in a report on Friday, February 14th. Wells Fargo & Company started coverage on shares of GoDaddy in a research note on Monday, February 3rd. They set an "equal weight" rating and a $198.00 target price for the company. Finally, Morgan Stanley decreased their target price on shares of GoDaddy from $228.00 to $206.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $214.86.

GoDaddy Price Performance

GoDaddy stock traded up $0.32 during mid-day trading on Tuesday, hitting $190.27. The stock had a trading volume of 1,204,177 shares, compared to its average volume of 1,481,357. The firm's 50 day moving average is $178.47 and its 200 day moving average is $189.13. GoDaddy has a one year low of $135.03 and a one year high of $216.00. The firm has a market capitalization of $27.11 billion, a P/E ratio of 29.50 and a beta of 1.13. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 5.46.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $1.27 EPS for the quarter, missing analysts' consensus estimates of $1.35 by ($0.08). GoDaddy had a net margin of 20.49% and a return on equity of 176.06%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the business posted $2.76 EPS. The firm's revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts forecast that GoDaddy will post 6.63 earnings per share for the current fiscal year.

Insider Buying and Selling at GoDaddy

In related news, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $190.86, for a total transaction of $572,580.00. Following the completion of the sale, the chief executive officer now directly owns 440,947 shares in the company, valued at approximately $84,159,144.42. This trade represents a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brian Sharples sold 500 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $180.66, for a total transaction of $90,330.00. Following the sale, the director now owns 22,121 shares of the company's stock, valued at approximately $3,996,379.86. This represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,500 shares of company stock worth $10,050,555 in the last ninety days. 0.61% of the stock is owned by insiders.

Institutional Trading of GoDaddy

A number of institutional investors and hedge funds have recently modified their holdings of GDDY. WCM Investment Management LLC increased its position in GoDaddy by 7,083.4% during the fourth quarter. WCM Investment Management LLC now owns 3,404,066 shares of the technology company's stock worth $678,941,000 after acquiring an additional 3,356,678 shares during the period. Norges Bank acquired a new position in GoDaddy during the 4th quarter valued at about $356,038,000. Goldman Sachs Group Inc. lifted its position in GoDaddy by 257.3% during the 1st 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 during the period. Assenagon Asset Management S.A. increased its stake in shares of GoDaddy by 1,412.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,347,434 shares of the technology company's stock valued at $242,727,000 after acquiring an additional 1,258,324 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in GoDaddy by 107.8% during the 4th 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 in the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

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.