GoDaddy Inc. (GDDY) shares tumbled 5.38% in pre-market trading on Friday, following the release of its first-quarter earnings report and subsequent analyst downgrades. The web hosting and domain registration company reported mixed results that failed to impress investors and prompted several Wall Street firms to revise their price targets.

According to the earnings summary, GoDaddy reported adjusted earnings of $1.51 per share for the quarter ended March 31, beating the mean analyst expectation of $1.38 per share. However, this figure was significantly lower than the $2.76 per share reported in the same quarter last year. Revenue rose 7.7% to $1.19 billion, meeting analysts' expectations but potentially falling short of more optimistic projections.

In response to the earnings report, several analysts adjusted their outlook on GoDaddy. Barclays cut its price target to $235 from $243, while RBC trimmed its target to $225 from $230, maintaining an Outperform rating. Piper Sandler kept its Hold rating on the stock, with a price target of $180. These downgrades, coupled with the mixed earnings results, appear to be driving the pre-market sell-off as investors reassess the company's near-term growth prospects and valuation.