GoDaddy (NYSE:GDDY) Sets New 52-Week Low – Here’s Why

GoDaddy Inc. (NYSE:GDDY) hit a new 52-week low during trading on Friday . The stock traded as low as $72.42 and last traded at $72.3890, with a volume of 80997 shares changing hands. The stock had previously closed at $75.17.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GDDY shares. Royal Bank Of Canada lowered their price target on GoDaddy from $200.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. Jefferies Financial Group lowered their price target on GoDaddy from $140.00 to $100.00 and set a “hold” rating for the company in a research note on Monday, February 23rd. Benchmark reduced their target price on GoDaddy from $195.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, April 28th. Citigroup reduced their target price on GoDaddy from $195.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, Cantor Fitzgerald reduced their target price on GoDaddy from $130.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, GoDaddy has an average rating of “Moderate Buy” and a consensus target price of $120.57.

GoDaddy Trading Down 0.3%

The company has a market capitalization of $9.92 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 0.73 and a beta of 0.90. The business has a fifty day moving average price of $85.54 and a 200 day moving average price of $98.13. The company has a debt-to-equity ratio of 15.86, a current ratio of 0.67 and a quick ratio of 0.67.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.07. GoDaddy had a return on equity of 366.90% and a net margin of 17.32%.The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the company earned $1.51 earnings per share. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities analysts expect that GoDaddy Inc. will post 7.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Amanpal Singh Bhutani sold 8,373 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $752,397.78. Following the completion of the transaction, the chief executive officer directly owned 521,747 shares in the company, valued at $46,884,185.42. The trade was a 1.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sigal Zarmi sold 350 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $87.84, for a total value of $30,744.00. Following the transaction, the director 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 16,751 shares of company stock valued at $1,480,228 in the last three months. 0.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GDDY. Norges Bank acquired a new position in shares of GoDaddy during the fourth quarter worth approximately $250,020,000. AQR Capital Management LLC raised its stake in shares of GoDaddy by 117.5% in the fourth quarter. AQR Capital Management LLC now owns 2,989,931 shares of the technology company’s stock valued at $370,991,000 after purchasing an additional 1,615,005 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of GoDaddy by 47.0% in the third quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock valued at $483,360,000 after purchasing an additional 1,128,646 shares in the last quarter. Two Sigma Investments LP raised its stake in shares of GoDaddy by 99.7% in the third quarter. Two Sigma Investments LP now owns 1,631,100 shares of the technology company’s stock valued at $223,183,000 after purchasing an additional 814,360 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of GoDaddy by 318.6% in the third quarter. Victory Capital Management Inc. now owns 735,452 shares of the technology company’s stock valued at $100,632,000 after purchasing an additional 559,757 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

About GoDaddy

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.