GoDaddy (NYSE:GDDY) Announces Earnings Results

GoDaddy (NYSE:GDDY) released its quarterly earnings results on Wednesday. The technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07, Briefing.com reports. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. GoDaddy had a return on equity of 313.25% and a net margin of 41.74%. GoDaddy’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.89 EPS. GoDaddy updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

GoDaddy Price Performance

Shares of GDDY stock traded down $0.55 during mid-day trading on Friday, reaching $166.25. The company’s stock had a trading volume of 434,373 shares, compared to its average volume of 1,462,555. The firm’s 50-day moving average is $159.17 and its two-hundred day moving average is $146.82. The company has a debt-to-equity ratio of 24.13, a quick ratio of 0.48 and a current ratio of 0.48. GoDaddy has a 1-year low of $74.12 and a 1-year high of $171.93. The company has a market cap of $23.44 billion, a P/E ratio of 12.88 and a beta of 1.12.

Analysts Set New Price Targets

Several research firms have recently commented on GDDY. Barclays increased their target price on GoDaddy from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. Royal Bank of Canada increased their target price on GoDaddy from $145.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Cantor Fitzgerald reiterated a “neutral” rating and set a $170.00 target price on shares of GoDaddy in a research note on Monday, October 7th. Piper Sandler upped their price target on GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Benchmark increased their target price on GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $170.23.

Insider Transactions at GoDaddy

In related news, COO Roger Chen sold 1,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $164.16, for a total value of $164,160.00. Following the sale, the chief operating officer now directly owns 186,632 shares in the company, valued at $30,637,509.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Roger Chen sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $164.16, for a total transaction of $164,160.00. Following the completion of the transaction, the chief operating officer now directly owns 186,632 shares of the company’s stock, valued at $30,637,509.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sigal Zarmi sold 400 shares of the firm’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 transaction of $63,044.00. Following the transaction, the director now directly owns 4,661 shares of the company’s stock, valued at $734,620.21. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,744 shares of company stock valued at $4,089,571. 0.61% of the stock is owned by insiders.

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.