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Zacks Investment Research downgrades GoDaddy (NYSE: GDDY) to sell

GoDaddy (NYSE: GDDY) Downgrade by Zacks Investment Research From “buy” rating to “sale” rating in the survey report published on Friday Zacks.com Report. They currently have a $ 77.00 price target for tech company stock. Zacks Investment ResearchPrice target suggests a potential increase of 8.30% from the company’s previous closing price.

According to Zacks, “GoDaddy reported second-quarter results and revenue and revenue increased year-over-year. Revenue growth was driven by strong demand for products across all segments. GoDaddy Payments, GoDaddy The introduction of new products such as Studios and Job Postings features remained a tailwind: increased subscriptions to website + marketing, WordPress management services, international expansion, powerful feature engagement, strong updates and registrations, The expansion of the GoDaddy registry, and GoCentral’s strengths, continue to be important catalysts, and we also benefit from the expanded partnership. In particular, the uncertainties associated with the stock coronavirus pandemic remain a concern. High costs are a headwind, and the company’s heavy debt burden remains a risk. “

Several other equity analysts have also commented on the company. Evercore ISI began covering GoDaddy in a research note on Tuesday, April 13th. They announced an “inline” valuation and a stock price target of $ 87.00. JMP Securities lowered GoDaddy’s price target from $ 108.00 to $ 100.00 and set an “outperform” valuation for its shares in its report Thursday. Raymond James raised GoDaddy’s target price from $ 107.00 to $ 108.00, giving the company a “strong buy” rating in a Thursday report. Morgan Stanley undertook GoDaddy coverage in a report on Monday, July 19th. They issued an “equal weight” valuation and a stock price target of $ 95.00. Finally, Berkeley raised GoDaddy’s target price from $ 107.00 to $ 115.00, giving the company a “overweight” rating in a report Monday, June 28. One research analyst evaluated the stock on a sell valuation, four assigned a pending valuation, eight assigned a buy valuation, and one gave the stock a strong buy valuation. The average stock rating is “buy” and the consensus price target is $ 97.47.

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Share NYSE: GDDY It fell $ 2.02 during trading on Friday to reach $ 71.10. The trading volume of this stock was 24,228, compared to an average of 1,233,563. The 50-day moving average of stocks is $ 84.57. The company has a market capitalization of $ 11.96 billion, a price-earnings ratio of -2211, a price-earnings ratio of 2.05, and a beta of 0.99. GoDaddy has a minimum annual price of $ 68.66 and a maximum annual price of $ 93.75.

GoDaddy (NYSE: GDDY) announced its quarterly financial results on Wednesday, August 4th. Technology companies reported quarterly earnings per share (EPS) of $ 0.27, which is below Sachs’ consensus estimate of $ 0.30 ($ 0.03). Revenue for the quarter was $ 931.3 million, compared to analysts’ estimated $ 926.26 million. GoDaddy had a return on equity of 142.59% and a net return of 15.39%. Business revenue increased 15.5% year-on-year. During the same period of the previous year, the company earned earnings per share ($ 4.06). On average, equity analysts expect GoDaddy to have earnings per share of 1.17 this year.

In other news, CEO Amanpal Singh Bhutani sold 2,980 shares in a transaction that took place on Friday, July 2. The stock sold at an average price of $ 88.69 and the total transaction value was $ 264,296.20. After closing the transaction, the CEO now directly owns 156,094 shares of the company (equivalent to approximately $ 13,843,976.86). The sale was disclosed in a document filed with the SEC. This link.. CAO Nick Daddario also sold 900 shares of the company in a transaction that took place on Thursday, June 17th. The shares were sold for an average price of $ 86.00 and a total price of $ 77,400.00. After closing the transaction, the Chief Accountant now directly owns 7,882 shares of the company (equivalent to $ 677,852).Disclosure of this sale can be found here.. In the last three months, insiders have sold 4,014 shares of the company worth $ 352,963. Company insiders own a 0.38% stake in the company.

Recently, many hedge funds and other institutional investors have increased or decreased their equity stakes. Rockefeller Capital Management LP increased its position in GoDaddy by 176.6% in the first quarter. Rockefeller Capital Management LP owns 390 shares of a technology company worth $ 30,000 after purchasing an additional 249 shares in the previous quarter. Ellevest Inc. increased its position in GoDaddy by 238.2% in the first quarter. Ellevest Inc. owns 443 shares of a technology company worth $ 34,000 after purchasing an additional 312 shares in the previous quarter. Barrett Asset Management LLC purchased a new GoDaddy position worth $ 55,000 in the first quarter. Sowell Financial Services LLC increased its position in GoDaddy by 737.7% in the first quarter. Sowell Financial Services LLC owns 1,022 shares of a technology company worth $ 83,000 after purchasing an additional 900 shares in the previous quarter. Finally, Exchange Traded Concepts LLC increased its position in GoDaddy by 54.8% in the second quarter. Exchange Traded Concepts LLC owns 1,214 shares of a technology company worth $ 106,000 after purchasing an additional 430 shares in the previous quarter. 94.98% of the shares are owned by hedge funds and other institutional investors.

About GoDaddy

GoDaddy and Inc provide domain name registration and web hosting services. Provides website building, hosting, and security tools. The company was Robert R in January 1997. Founded by Parsons, it is headquartered in Scottsdale, Arizona.

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Analyst Recommendations for GoDaddy (NYSE: GDDY)

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Zacks Investment Research downgrades GoDaddy (NYSE: GDDY) to sell

Source link Zacks Investment Research downgrades GoDaddy (NYSE: GDDY) to sell

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