GoDaddy (NYSE:GDDY) Announces Earnings Results, Beats Estimates By $0.07 EPS

GoDaddy (NYSE:GDDY) posted its earnings results on Wednesday. The technology company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.07, Briefing.com reports. GoDaddy had a net margin of 41.12% and a negative return on equity of 709.73%. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the business posted $0.89 earnings per share. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. GoDaddy updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

GoDaddy Stock Performance

Shares of GDDY traded up $5.20 during trading hours on Thursday, hitting $166.80. The company had a trading volume of 2,680,619 shares, compared to its average volume of 1,467,717. The business has a fifty day moving average of $159.08 and a 200-day moving average of $146.68. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 24.13. The firm has a market cap of $23.80 billion, a price-to-earnings ratio of 13.97 and a beta of 1.12. GoDaddy has a 12 month low of $72.14 and a 12 month high of $171.93.

Insider Activity at GoDaddy

In other news, Director Sigal Zarmi sold 400 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $157.61, for a total value of $63,044.00. Following the transaction, the director now owns 4,661 shares of the company’s stock, valued at approximately $734,620.21. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other GoDaddy news, CEO Amanpal Singh Bhutani sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $166.91, for a total transaction of $500,730.00. Following the transaction, the chief executive officer now owns 358,773 shares in the company, valued at $59,882,801.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sigal Zarmi sold 400 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $157.61, for a total value of $63,044.00. Following the sale, the director now directly owns 4,661 shares in the company, valued at approximately $734,620.21. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,744 shares of company stock worth $4,089,571. Insiders own 0.61% of the company’s stock.

Wall Street Analysts Forecast Growth

GDDY has been the subject of a number of research analyst reports. StockNews.com cut GoDaddy from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $170.00 price target on shares of GoDaddy in a research note on Monday, October 7th. Barclays raised their price objective on shares of GoDaddy from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Piper Sandler upped their price objective on GoDaddy from $172.00 to $176.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Benchmark lifted their target price on GoDaddy from $186.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $170.23.

About GoDaddy

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.