GoDaddy (NYSE:GDDY) Shares Down 6.9% - Here's What Happened

GoDaddy Inc. (NYSE:GDDY - Get Free Report) traded down 6.9% on Tuesday . The stock traded as low as $93.80 and last traded at $94.3180. 556,038 shares were traded during trading, a decline of 75% from the average session volume of 2,254,857 shares. The stock had previously closed at $101.31. A number of research analysts have weighed in on GDDY shares. Citigroup cut their price objective on shares of GoDaddy from $110.00 to $105.00 and set a "buy" rating on the stock in a research report on Monday, August 3rd. Wells Fargo & Company downgraded GoDaddy from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $80.00 to $76.00 in a report on Wednesday, August 26th. Cantor Fitzgerald restated a "neutral" rating and set a $90.00 price objective on shares of GoDaddy in a report on Friday, July 31st. JPMorgan Chase & Co. cut their price objective on GoDaddy from $154.00 to $124.00 and set an "overweight" rating on the stock in a research report on Thursday, June 18th. Finally, William Blair lowered GoDaddy from an "outperform" rating to a "market perform" rating in a research note on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, GoDaddy has a consensus rating of "Hold" and an average price target of $110.07. View Our Latest Stock Analysis on GDDY The business has a 50 day moving average of $93.87 and a two-hundred day moving average of $87.98. The stock has a market capitalization of $11.97 billion, a PE ratio of 14.01, a PEG ratio of 0.91 and a beta of 0.94. The company has a debt-to-equity ratio of 561.10, a quick ratio of 0.63 and a current ratio of 0.63. GoDaddy (NYSE:GDDY - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The technology company reported $1.83 earnings per share for the quarter, topping analysts' consensus estimates of $1.69 by $0.14. GoDaddy had a return on equity of 660.96% and a net margin of 17.83%.The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. The company's revenue was up 6.6% on a year-over-year basis. Analysts predict that GoDaddy Inc. will post 7.21 EPS for the current year. In other GoDaddy news, CFO Mark McCaffrey sold 5,873 shares of the company's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $100.91, for a total value of $592,644.43. Following the completion of the transaction, the chief financial officer owned 99,855 shares in the company, valued at approximately $10,076,368.05. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sigal Zarmi sold 350 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.44, for a total value of $34,104.00. Following the transaction, the director owned 8,283 shares in the company, valued at $807,095.52. This represents a 4.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 26,858 shares of company stock worth $2,593,081. 0.93% of the stock is currently owned by corporate insiders. Several hedge funds and other institutional investors have recently modified their holdings of GDDY. Sivia Capital Partners LLC boosted its holdings in shares of GoDaddy by 90.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,271 shares of the technology company's stock worth $589,000 after purchasing an additional 1,552 shares during the last quarter. Cerity Partners LLC lifted its position in GoDaddy by 50.0% during the second quarter. Cerity Partners LLC now owns 27,189 shares of the technology company's stock worth $4,896,000 after buying an additional 9,062 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in GoDaddy by 83.0% during the second quarter. Treasurer of the State of North Carolina now owns 155,593 shares of the technology company's stock worth $28,016,000 after buying an additional 70,585 shares during the last quarter. Osterweis Capital Management Inc. purchased a new stake in GoDaddy in the 2nd quarter valued at $152,000. Finally, Main Street Financial Solutions LLC grew its holdings in GoDaddy by 1.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 12,136 shares of the technology company's stock valued at $2,185,000 after buying an additional 119 shares in the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors. 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. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Before you consider GoDaddy, you'll want to hear this. 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