JPMorgan Chase & Co. Lowers GoDaddy (NYSE:GDDY) Price Target to $124.00

GoDaddy (NYSE:GDDY) had its target price cut by investment analysts at JPMorgan Chase & Co. from $154.00 to $124.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 61.52% from the stock’s previous close.

A number of other research firms have also recently issued reports on GDDY. Citigroup reduced their price objective on GoDaddy from $195.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Cantor Fitzgerald dropped their target price on GoDaddy from $130.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Benchmark cut their price target on GoDaddy from $195.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, April 28th. Piper Sandler started coverage on GoDaddy in a report on Thursday, March 12th. They set a “neutral” rating and a $93.00 price target for the company. Finally, 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. 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $118.43.

GoDaddy Stock Up 0.9%

Shares of NYSE:GDDY traded up $0.66 during trading on Thursday, reaching $76.77. 1,396,624 shares of the company traded hands, compared to its average volume of 2,324,882. The firm has a fifty day simple moving average of $85.17 and a 200 day simple moving average of $96.74. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 15.86. GoDaddy has a 1-year low of $71.59 and a 1-year high of $181.49. The firm has a market cap of $10.17 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 0.71 and a beta of 0.90.

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

Insider Buying and Selling at GoDaddy

In other GoDaddy news, Director Sigal Zarmi sold 350 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $87.84, for a total value of $30,744.00. Following the completion of the sale, the director owned 5,708 shares of the company’s stock, valued at $501,390.72. The trade was a 5.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Mccaffrey sold 3,500 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.92, for a total value of $290,220.00. Following the sale, the chief financial officer owned 105,728 shares of the company’s stock, valued at approximately $8,766,965.76. This trade represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 16,751 shares of company stock valued at $1,480,228. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC lifted its holdings in GoDaddy by 49.6% in the 1st quarter. NewEdge Advisors LLC now owns 4,422 shares of the technology company’s stock worth $366,000 after purchasing an additional 1,466 shares during the last quarter. Henshaw Capital LLC grew its holdings in GoDaddy by 19.4% during the first quarter. Henshaw Capital LLC now owns 36,064 shares of the technology company’s stock valued at $2,981,000 after purchasing an additional 5,871 shares during the last quarter. Glenmede Trust Co. NA raised its position in shares of GoDaddy by 26.1% in the first quarter. Glenmede Trust Co. NA now owns 3,787 shares of the technology company’s stock valued at $313,000 after purchasing an additional 783 shares during the period. Groupama Asset Managment bought a new position in shares of GoDaddy in the first quarter valued at approximately $204,000. Finally, Bank of America Corp DE lifted its stake in shares of GoDaddy by 27.9% in the first quarter. Bank of America Corp DE now owns 1,383,615 shares of the technology company’s stock worth $114,383,000 after buying an additional 302,126 shares during the last quarter. 90.28% of the stock is owned by institutional investors.

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.