GoDaddy (NYSE:GDDY) Hits New 1-Year Low – What’s Next?

GoDaddy Inc. (NYSE:GDDY)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $91.29 and last traded at $91.1740, with a volume of 474400 shares traded. The stock had previously closed at $96.09.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on GDDY shares. JPMorgan Chase & Co. lowered their price objective on shares of GoDaddy from $222.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of GoDaddy in a report on Wednesday, January 28th. Morgan Stanley decreased their price target on shares of GoDaddy from $159.00 to $145.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. B. Riley Financial dropped their price target on shares of GoDaddy from $225.00 to $215.00 and set a “buy” rating for the company in a research note on Friday, October 31st. Finally, Royal Bank Of Canada set a $70.00 price objective on GoDaddy in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $166.21.

GoDaddy Stock Performance

The stock’s 50-day simple moving average is $114.82 and its 200 day simple moving average is $130.52. The company has a market capitalization of $12.36 billion, a PE ratio of 15.79, a P/E/G ratio of 0.89 and a beta of 0.94. The company has a debt-to-equity ratio of 41.06, a quick ratio of 0.57 and a current ratio of 0.57.

Insider Activity at GoDaddy

In other GoDaddy news, CAO Phontip Palitwanon sold 2,397 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $128.44, for a total value of $307,870.68. Following the transaction, the chief accounting officer directly owned 17,055 shares in the company, valued at $2,190,544.20. This represents a 12.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Mccaffrey sold 3,317 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $127.94, for a total transaction of $424,376.98. Following the sale, the chief financial officer directly owned 66,816 shares in the company, valued at approximately $8,548,439.04. The trade was a 4.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,615 shares of company stock valued at $1,743,102 over the last three months. 0.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GoDaddy

Several hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of GoDaddy in the 4th quarter valued at about $250,020,000. Ameriprise Financial Inc. increased its position in GoDaddy by 47.0% during the third quarter. Ameriprise Financial Inc. now owns 3,532,548 shares of the technology company’s stock worth $483,360,000 after buying an additional 1,128,646 shares during the period. Qube Research & Technologies Ltd lifted its stake in GoDaddy by 2,289.5% in the second quarter. Qube Research & Technologies Ltd now owns 873,626 shares of the technology company’s stock valued at $157,305,000 after buying an additional 837,065 shares during the last quarter. Two Sigma Investments LP boosted its holdings 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 acquiring an additional 814,360 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of GoDaddy by 3.5% during the second quarter. Vanguard Group Inc. now owns 18,762,137 shares of the technology company’s stock worth $3,378,310,000 after acquiring an additional 627,923 shares during the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

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.