GoDaddy (NYSE:GDDY) Trading Down 2.2% - Here's Why

GoDaddy Inc. (NYSE:GDDY - Get Free Report) dropped 2.2% during mid-day trading on Monday . The stock traded as low as $201.68 and last traded at $202.02. Approximately 660,015 shares traded hands during trading, a decline of 55% from the average daily volume of 1,459,995 shares. The stock had previously closed at $206.56.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Barclays raised their price objective on shares of GoDaddy from $165.00 to $185.00 and gave the company an "overweight" rating in a research report on Wednesday, September 25th. StockNews.com downgraded GoDaddy from a "strong-buy" rating to a "buy" rating in a research note on Friday, November 8th. Benchmark increased their price objective on GoDaddy from $186.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Robert W. Baird boosted their target price on shares of GoDaddy from $200.00 to $225.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th. Finally, Piper Sandler increased their price target on shares of GoDaddy from $172.00 to $176.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $181.57.

GoDaddy Stock Performance

The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 10.61. The stock has a fifty day moving average price of $175.50 and a two-hundred day moving average price of $158.22. The company has a market capitalization of $28.77 billion, a price-to-earnings ratio of 15.61 and a beta of 1.15.

GoDaddy (NYSE:GDDY - Get Free Report) last announced its earnings results on Wednesday, October 30th. The technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. GoDaddy had a net margin of 41.74% and a return on equity of 267.29%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the company posted $0.89 EPS. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. As a group, analysts forecast that GoDaddy Inc. will post 4.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other GoDaddy news, CFO Mark Mccaffrey sold 2,678 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $196.64, for a total value of $526,601.92. Following the transaction, the chief financial officer now directly owns 89,800 shares of the company's stock, valued at $17,658,272. This trade represents a 2.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Amanpal Singh Bhutani sold 3,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $155.60, for a total value of $466,800.00. Following the completion of the sale, the chief executive officer now owns 348,956 shares of the company's stock, valued at approximately $54,297,553.60. This trade represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,949 shares of company stock valued at $3,785,993. Insiders own 0.61% of the company's stock.

Institutional Investors Weigh In On GoDaddy

A number of large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in shares of GoDaddy by 3.4% in the 3rd quarter. Principal Financial Group Inc. now owns 198,058 shares of the technology company's stock worth $31,052,000 after purchasing an additional 6,424 shares during the last quarter. Highland Capital Management LLC acquired a new position in shares of GoDaddy in the 3rd quarter worth approximately $1,132,000. Swedbank AB increased its holdings in shares of GoDaddy by 3.5% in the 2nd quarter. Swedbank AB now owns 153,353 shares of the technology company's stock valued at $21,425,000 after acquiring an additional 5,247 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of GoDaddy by 28.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 44,054 shares of the technology company's stock valued at $6,907,000 after acquiring an additional 9,631 shares during the last quarter. Finally, Dai ichi Life Insurance Company Ltd raised its position in shares of GoDaddy by 39.6% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 60,022 shares of the technology company's stock valued at $9,410,000 after acquiring an additional 17,021 shares in the last quarter. 90.28% of the stock is 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.

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