Godaddy (NYSE:GDDY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “GoDaddy faces significant competition and the company’s heavy debt burden along with surrounding controversies poses major challenges. Also, over the last one year, the stock has underperformed the industry it belongs to. However, GoDaddy's new mobile-optimized website builder, GoCentral, has been gaining momentum and will be contributing to the company's top line growth. The company intends to release additional new GoCentral verticals, markets and features throughout 2017. Additionally, we believe that the company’s investment in products, technology platform and customer care, as well as offering innovative and increasingly personalized products and services globally will drive shareholder value.”
GDDY has been the topic of a number of other reports. Royal Bank of Canada reaffirmed a “buy” rating and issued a $53.00 price target on shares of Godaddy in a research note on Wednesday, November 22nd. William Blair initiated coverage on shares of Godaddy in a research note on Thursday, October 5th. They issued an “outperform” rating on the stock. Piper Jaffray Companies upped their price target on shares of Godaddy from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, November 13th. Oppenheimer reaffirmed a “buy” rating on shares of Godaddy in a research note on Monday, November 20th. Finally, Wedbush initiated coverage on shares of Godaddy in a research note on Friday, December 8th. They issued a “neutral” rating and a $52.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Godaddy currently has an average rating of “Buy” and a consensus target price of $50.43.
Shares of Godaddy (NYSE GDDY) traded up $1.00 during trading hours on Thursday, reaching $51.13. 729,900 shares of the company’s stock traded hands, compared to its average volume of 1,040,864. The company has a debt-to-equity ratio of 5.15, a quick ratio of 0.57 and a current ratio of 0.57. Godaddy has a 52 week low of $34.58 and a 52 week high of $52.11. The firm has a market cap of $8,550.00 and a P/E ratio of 393.31.
Godaddy (NYSE:GDDY) last posted its quarterly earnings results on Monday, November 6th. The technology company reported $0.07 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.07. Godaddy had a net margin of 2.34% and a return on equity of 7.89%. analysts expect that Godaddy will post 0.28 EPS for the current year.
In other Godaddy news, insider Barbara J. Rechterman sold 35,000 shares of the stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $45.26, for a total transaction of $1,584,100.00. Following the transaction, the insider now directly owns 50,427 shares of the company’s stock, valued at $2,282,326.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Blake Irving sold 50,000 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $50.95, for a total transaction of $2,547,500.00. Following the transaction, the director now directly owns 53,106 shares in the company, valued at $2,705,750.70. The disclosure for this sale can be found here. Insiders have sold 7,817,345 shares of company stock worth $369,319,962 over the last three months. Company insiders own 22.68% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its holdings in Godaddy by 7.8% during the second quarter. The Manufacturers Life Insurance Company now owns 5,476 shares of the technology company’s stock valued at $232,000 after acquiring an additional 397 shares during the period. Public Employees Retirement Association of Colorado boosted its holdings in Godaddy by 49.3% during the third quarter. Public Employees Retirement Association of Colorado now owns 3,675 shares of the technology company’s stock valued at $160,000 after acquiring an additional 1,213 shares during the period. Aperio Group LLC boosted its holdings in Godaddy by 23.3% during the third quarter. Aperio Group LLC now owns 8,624 shares of the technology company’s stock valued at $375,000 after acquiring an additional 1,631 shares during the period. Teacher Retirement System of Texas boosted its holdings in Godaddy by 37.8% during the third quarter. Teacher Retirement System of Texas now owns 9,283 shares of the technology company’s stock valued at $404,000 after acquiring an additional 2,546 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Godaddy during the second quarter valued at about $118,000. Institutional investors own 84.43% of the company’s stock.
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GoDaddy Inc is a technology provider to small businesses, Web design professionals and individuals. The Company delivers cloud-based products and personalized customer care. It operates a domain marketplace, where its customers can find the digital real estate that matches their idea. It provides Website building, hosting and security tools to help customers construct and protect online presence.
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