Citigroup Cuts GoDaddy (NYSE:GDDY) Price Target to $105.00

GoDaddy (NYSE:GDDY) had its target price reduced by Citigroup from $110.00 to $105.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other equities analysts have also issued reports on GDDY. Raymond James Financial lowered GoDaddy from a “strong-buy” rating to an “outperform” rating and set a $100.00 price target for the company. in a research note on Friday, July 31st. Benchmark cut their price objective on GoDaddy from $185.00 to $140.00 and set a “buy” rating for the company in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft cut GoDaddy to a “buy” rating in a research note on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of GoDaddy in a report on Tuesday, June 16th. Finally, William Blair cut shares of GoDaddy from an “outperform” rating to a “market perform” rating in a research report on Friday, July 31st. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $110.33.

GoDaddy Trading Up 2.9%

NYSE:GDDY opened at $91.68 on Monday. GoDaddy has a 1 year low of $71.59 and a 1 year high of $157.40. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 0.80 and a beta of 0.90. The business has a fifty day moving average of $86.71 and a 200-day moving average of $88.24. The company has a debt-to-equity ratio of 561.10, a quick ratio of 0.67 and a current ratio of 0.63.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Thursday, July 30th. The technology company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.14. The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. GoDaddy had a net margin of 17.83% and a return on equity of 660.96%. The company’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.41 earnings per share. Equities analysts predict that GoDaddy will post 7.21 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Phontip Palitwanon sold 542 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total transaction of $48,704.12. Following the completion of the sale, the chief accounting officer directly owned 19,995 shares of the company’s stock, valued at $1,796,750.70. This trade represents a 2.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Amanpal Singh Bhutani sold 8,373 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $89.86, for a total value of $752,397.78. Following the sale, the chief executive officer directly owned 521,747 shares of the company’s stock, valued at approximately $46,884,185.42. This represents a 1.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 21,251 shares of company stock worth $1,854,403 over the last three months. Corporate insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On GoDaddy

Several hedge funds have recently modified their holdings of the stock. Sivia Capital Partners LLC boosted its position in shares of GoDaddy by 90.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,271 shares of the technology company’s stock valued at $589,000 after purchasing an additional 1,552 shares during the period. Cerity Partners LLC raised its holdings in GoDaddy by 50.0% during the 2nd quarter. Cerity Partners LLC now owns 27,189 shares of the technology company’s stock worth $4,896,000 after buying an additional 9,062 shares during the period. Treasurer of the State of North Carolina raised its holdings in GoDaddy by 83.0% during the 2nd quarter. Treasurer of the State of North Carolina now owns 155,593 shares of the technology company’s stock worth $28,016,000 after buying an additional 70,585 shares during the period. Osterweis Capital Management Inc. purchased a new stake in GoDaddy during the second quarter valued at about $152,000. Finally, Main Street Financial Solutions LLC lifted its stake in GoDaddy by 1.0% during the second quarter. Main Street Financial Solutions LLC now owns 12,136 shares of the technology company’s stock valued at $2,185,000 after buying an additional 119 shares in the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about GoDaddy

Here are the key news stories impacting GoDaddy this week:

• Positive Sentiment: Momentum remains a supporting factor. Zacks highlighted GoDaddy as a strong momentum stock, suggesting favorable recent trading and/or market-performance characteristics. Here’s Why GoDaddy Is a Strong Momentum Stock
• Neutral Sentiment: Management will present to investors on Aug. 11. CFO Mark McCaffrey is scheduled to speak at the Oppenheimer Technology, Internet & Communications Conference, creating a potential opportunity for GoDaddy to discuss business trends and outlook. GoDaddy Conference Presentation
• Neutral Sentiment: CEO Amanpal Singh Bhutani sold 4,500 shares. The approximately $374,000 sale reduced his holdings by 0.86% and was conducted under a pre-arranged Rule 10b5-1 trading plan, which makes it a limited signal of his current outlook. SEC Insider Trading Filing
• Negative Sentiment: Analysts expressed greater caution. Wedbush issued a pessimistic forecast, while Citigroup lowered its expectations for GoDaddy’s stock, potentially weighing on valuation and investor confidence. Wedbush Forecast Citigroup Expectations
• Negative Sentiment: Law firms announced investigations into potential securities-law violations. Rosen Law Firm and Kaplan Fox said they are investigating allegations that GoDaddy may have provided materially misleading business information. These announcements do not establish wrongdoing, but they add litigation and reputational risk and may increase volatility. Rosen Law Firm Investigation Kaplan Fox Investigation

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.