GoDaddy (NYSE:GDDY) Hits New 12-Month Low After Analyst Downgrade

GoDaddy Inc. (NYSE:GDDY)’s share price reached a new 52-week low during mid-day trading on Monday after Benchmark lowered their price target on the stock from $240.00 to $210.00. Benchmark currently has a buy rating on the stock. GoDaddy traded as low as $86.78 and last traded at $87.40, with a volume of 1101845 shares changing hands. The stock had previously closed at $90.64.

A number of other equities analysts also recently commented on the stock. Citigroup cut their target price on shares of GoDaddy from $214.00 to $195.00 and set a “buy” rating on the stock in a research note on Friday, October 31st. JPMorgan Chase & Co. cut their price objective on GoDaddy from $222.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of GoDaddy in a research report on Wednesday, January 28th. Jefferies Financial Group dropped their target price on GoDaddy from $140.00 to $100.00 and set a “hold” rating on the stock in a report on Monday. Finally, UBS Group decreased their price target on GoDaddy from $160.00 to $145.00 and set a “neutral” rating for the company in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and an average target price of $161.21.

Insider Buying and Selling at GoDaddy

In related news, CEO Amanpal Singh Bhutani sold 6,932 shares of the company’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $127.94, for a total value of $886,880.08. Following the sale, the chief executive officer directly owned 399,133 shares of the company’s stock, valued at $51,065,076.02. This represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Phontip Palitwanon sold 2,397 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $128.44, for a total transaction of $307,870.68. Following the transaction, the chief accounting officer directly owned 17,055 shares of the company’s stock, valued at approximately $2,190,544.20. This represents a 12.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,615 shares of company stock valued at $1,743,102 in the last three months. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GDDY. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in GoDaddy by 20.9% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 99,344 shares of the technology company’s stock worth $17,888,000 after purchasing an additional 17,200 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in GoDaddy by 14.0% during the second quarter. Nomura Asset Management Co. Ltd. now owns 86,648 shares of the technology company’s stock valued at $15,602,000 after buying an additional 10,631 shares in the last quarter. GDS Wealth Management boosted its holdings in shares of GoDaddy by 16.3% in the second quarter. GDS Wealth Management now owns 59,940 shares of the technology company’s stock worth $10,793,000 after buying an additional 8,388 shares during the period. Neo Ivy Capital Management purchased a new position in shares of GoDaddy in the second quarter worth approximately $470,000. Finally, Quantbot Technologies LP acquired a new stake in shares of GoDaddy during the second quarter valued at approximately $15,659,000. 90.28% of the stock is currently owned by institutional investors.

GoDaddy Trading Down 3.1%

The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 41.06. The firm has a market cap of $11.87 billion, a PE ratio of 15.17, a P/E/G ratio of 0.82 and a beta of 0.94. The company’s 50-day moving average is $108.03 and its 200 day moving average is $126.13.

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.