Wedbush Has Lowered Expectations for GoDaddy (NYSE:GDDY) Stock Price

Key Points

• Wedbush lowered its GoDaddy price target from $109 to $93 while maintaining an “outperform” rating, implying 12.33% upside from the prior close.
• Analyst sentiment has weakened, with several firms cutting ratings or price targets; however, coverage still reflects a “Moderate Buy” consensus and an average target of $110.67.
• GoDaddy exceeded quarterly expectations, reporting $1.83 in adjusted EPS versus $1.69 expected and $1.30 billion in revenue, up 6.6% year over year.

GoDaddy (NYSE:GDDY - Get Free Report) had its price target lowered by stock analysts at Wedbush from $109.00 to $93.00 in a report released on Monday,Benzinga reports. The firm currently has an "outperform" rating on the technology company's stock. Wedbush's price target suggests a potential upside of 12.33% from the company's previous close.

Several other research analysts have also recently issued reports on GDDY. William Blair cut shares of GoDaddy from an "outperform" rating to a "market perform" rating in a report on Friday. Deutsche Bank Aktiengesellschaft lowered GoDaddy to a "buy" rating in a report on Friday. Wells Fargo & Company dropped their target price on GoDaddy from $83.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Friday. Raymond James Financial downgraded GoDaddy from a "strong-buy" rating to an "outperform" rating and set a $100.00 target price for the company. in a research note on Friday. Finally, JPMorgan Chase & Co. reduced their price target on GoDaddy from $154.00 to $124.00 and set an "overweight" rating for the company in a report on Thursday, June 18th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $110.67.

GoDaddy Price Performance

Shares of NYSE GDDY opened at $82.79 on Monday. The stock has a fifty day moving average price of $86.64 and a 200 day moving average price of $88.62. GoDaddy has a 1-year low of $71.59 and a 1-year high of $158.58. The company has a debt-to-equity ratio of 561.10, a current ratio of 0.63 and a quick ratio of 0.67. The company has a market cap of $10.96 billion, a PE ratio of 12.28, a P/E/G ratio of 0.74 and a beta of 0.90.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The technology company reported $1.83 EPS for the quarter, topping analysts' consensus estimates of $1.69 by $0.14. GoDaddy had a net margin of 17.83% and a return on equity of 660.96%. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm earned $1.41 EPS. GoDaddy's quarterly revenue was up 6.6% on a year-over-year basis. Sell-side analysts forecast that GoDaddy will post 7.18 EPS for the current year.

Insider Activity at GoDaddy

In other GoDaddy news, Director Sigal Zarmi sold 350 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $87.84, for a total value of $30,744.00. Following the completion of the transaction, the director directly owned 5,708 shares of the company's stock, valued at approximately $501,390.72. This trade represents a 5.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Mccaffrey sold 3,958 shares of GoDaddy stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $89.86, for a total transaction of $355,665.88. Following the sale, the chief financial officer owned 109,228 shares of the company's stock, valued at approximately $9,815,228.08. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 16,751 shares of company stock valued at $1,480,228. 0.93% of the stock is owned by corporate insiders.

Institutional Trading of GoDaddy

Institutional investors have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of GoDaddy in the fourth quarter valued at $25,000. Rachor Investment Advisory Services LLC purchased a new stake in shares of GoDaddy in the 4th quarter worth about $25,000. Activest Wealth Management boosted its position in shares of GoDaddy by 6,600.0% in the 4th quarter. Activest Wealth Management now owns 201 shares of the technology company's stock worth $25,000 after buying an additional 198 shares in the last quarter. International Assets Investment Management LLC grew its stake in GoDaddy by 93.8% in the 1st quarter. International Assets Investment Management LLC now owns 372 shares of the technology company's stock valued at $30,000 after acquiring an additional 180 shares during the last quarter. Finally, Harbour Investments Inc. grew its stake in GoDaddy by 191.0% in the 4th quarter. Harbour Investments Inc. now owns 259 shares of the technology company's stock valued at $32,000 after acquiring an additional 170 shares during the last quarter. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

GoDaddy Company Profile

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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